Steelcase (NYSE:SCS) Releases Earnings Results, Beats Expectations By $0.06 EPS

Steelcase (NYSE:SCS) posted its quarterly earnings data on Thursday. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06, Briefing.com reports. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The firm had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. During the same quarter in the previous year, the business earned $0.09 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Steelcase updated its Q2 guidance to $0.36-0.40 EPS.

Steelcase Stock Down 3.3 %

Shares of NYSE:SCS opened at $12.18 on Friday. The firm has a 50 day simple moving average of $12.69 and a 200-day simple moving average of $12.82. Steelcase has a twelve month low of $7.10 and a twelve month high of $14.54. The company has a current ratio of 1.58, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $1.40 billion, a PE ratio of 17.91, a P/E/G ratio of 1.37 and a beta of 1.35.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, July 3rd. Steelcase’s dividend payout ratio (DPR) is 58.82%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Benchmark upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Friday, June 14th. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the sale, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 12.96% of the company’s stock.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.