Bullish Results, Guidance Boost Steelcase Shares 18%
Investing.com – Shares of office furniture maker Steelcase (NYSE:SCS) were up 18% Wednesday after the company reported better-than-expected earnings and revenue in its fiscal third quarter and guided higher in the fourth.
The company, one of the largest suppliers of office furniture, said its performance was due primarily to strong growth in the Americas, including the United States, Canada and Latin America. The segment accounts for more than 72% of sales.
The stock's big gain Wednesday boosted its gain for the year to nearly 52%, compared with 27.4% for the S&P 500 Index. Steelcase's business often signals what the economy's prospects are looking like.
Based in Grand Rapids, Mich., Steelcase earned 46 cents a share in the third quarter, up from an adjusted 36 cents a year ago. Revenue grew $955.2 million from $901 million. For the fourth quarter, the company sees earnings per share at 30 cents to 34 cents with revenue at $905 to $930 million.
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