SCS - Why Steelcase Stock Popped 21.3% This Week
2023-09-22 16:05:00 ET
Shares of Steelcase (NYSE: SCS) are up 19.6% this week as of 3:10 p.m. ET Friday, according to data provided by S&P Global Market Intelligence , after the furniture manufacturer announced better-than-expected fiscal second-quarter results.
To be sure, Steelcase stock popped more than 16% on Wednesday alone after the company's earnings release hit the wires. For its fiscal Q2 ended Aug. 25, 2023, revenue declined 1% year over year to $854.6 million, translating to a 35.3% increase in earnings to $0.23 per share. Adjusted for one-time items such as restructuring costs, Steelcase's ( non-GAAP ) earnings rose nearly 48% year over year to $0.31 per share.
Analysts, on average, were only expecting adjusted earnings of $0.20 per share on revenue closer to $829 million.
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Why Steelcase Stock Popped 21.3% This Week