SCS - Why Steelcase Stock Jumped Today
2023-09-20 12:58:04 ET
Shares of Steelcase (NYSE: SCS) were soaring today after the office furniture maker delivered strong second-quarter results in its earnings report last night.
The stock was up 24.9% as of 11:18 a.m. ET on the news.
Steelcase has struggled with the remote-work trend that began with the pandemic, but the company was able to top a low bar in the second quarter. Organic sales growth was down 1% in the quarter, up 1% in the Americas but down 8% in the international segment. Overall revenue slipped 1% to $854.6 million, but that topped the analyst consensus of $828.8 million.
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Why Steelcase Stock Jumped Today