SCS - Why Steelcase Stock Swooned by 10% Today
Office-furniture specialist Steelcase (NYSE: SCS) might have wished it stayed home from the office on Thursday. Investors reacted sharply to the company's latest set of quarterly results, and not in a good way. They collectively traded the stock down by just over 10% on the day.
For its second quarter of fiscal 2023, Steelcase's revenue came in at slightly more than $863 million, for a sturdy year-over-year improvement of 19%. On the other hand, the company's headline net income sank to $19.6 million ($0.17 per share) from the year-ago figure of $24.7 million. On a non- GAAP (adjusted) basis, that bottom-line figure for the latest quarter was $0.21.
That represented a mixed quarter for Steelcase. The average analyst estimate for revenue was more than $887 million. However, those prognosticators were anticipating a much lower adjusted net profit at $0.13 per share.
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Why Steelcase Stock Swooned by 10% Today