SCS - Why Steelcase Stock Rocketed 8% Higher on Thursday
2023-06-22 17:33:00 ET
Steelcase (NYSE: SCS) was a standout stock on the exchange Thursday. The veteran office furniture maker saw a share-price pop of more than 8% thanks almost entirely to a very encouraging quarterly-earnings report. By contrast, the S&P 500 index rose less than 0.4% on the day.
After market hours Wednesday, Steelcase published its first quarter of fiscal 2024 results. These showed that the company's revenue inched up 2% year over year to land at $751.9 million.
On a generally accepted accounting principles ( GAAP) basis, it flipped to a profit on the bottom line of $1.5 million against the year-ago loss of $11.4 million. According to non-GAAP (adjusted) standards, the company's per-share earnings were $0.09; the first quarter 2023 result was a loss of $0.05 per share.
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Why Steelcase Stock Rocketed 8% Higher on Thursday