Why Steelcase Shares Are Rising Today

Steelcase Inc. SCS shares are trading higher after the company reported better-than-expected Q4 financial results and issued Q1 EPS and revenue guidance above estimates.

What Happened: On Wednesday, Steelcase reported its fourth quarter and full-year results for the period ended Feb. 25, 2023. The company also provided guidance for the fiscal year 2024.

The Details: Steelcase reported quarterly earnings of $0.19 per share compared to the analyst consensus estimate of $0.11, representing a 72.7% positive earnings surprise. The company reported sales of $801.70 million compared to the analyst consensus estimate of $751.37 million, representing a 6.7% positive earnings surprise.

Steelcase also shared fiscal year 2023 highlights, including:

• Yearly adjusted earnings of $0.30 per share
• $3.2 billion in revenue

Additionally, Steelcase released its guidance for full-year and Q1 2024:

• Q1 earnings in the range of $0.01-$0.05 per share compared to the analyst estimate of $0.00 per share.
• Q1 revenue in the range of $710-$735 million compared to the analyst estimate of $693.77 million.
• Fiscal year 2024 earnings in the range of $0.55-$0.75 per share compared to the analyst estimate of $0.59 per share.

"Building off the momentum of our improved performance in fiscal 2023, our fiscal 2024 targets reflect the continuation of our profitability improvement efforts and investments in our strategy to drive broader revenue growth," said Sara Armbruster, president and CEO of Steelcase.

Established in 1912, Steelcase is a global design and thought leader in the world of work. Steelcase researches, designs, and manufactures furnishings and solutions for the many places where work happens — including learning, health, and work from home.

According to data from Benzinga Pro, Steelcase shares were up 10.0%, trading at $7.90 at the time of publication. The stock has a 52-week high of $12.43 and a 52-week low of $6.21.