Why Steelcase Stock Tanked After-Hours

Steelcase Inc. SCS shares are trading lower in Tuesday's after-hours session after the company reported mixed third-quarter financial results.

What To Know: Steelcase reported adjusted quarterly earnings of 30 cents per share which topped the analyst consensus estimate of 23 cents, an increase of 50% compared to earnings of 20 cents per share from the same period last year.

Revenue of $777.9 million missed expectations of $796.425 million, representing a decline of 6% compared to revenue of $826.9 million from the same period last year.

Orders increased by 15% in the quarter, compared to the same quarter last year. Additionally, total liquidity aggregated to $424.6 million at the end of the quarter, an increase of $110.1 million from the end of the previous quarter.

Fourth-quarter adjusted earnings per share are anticipated to be between 19 cents and 23 cents, versus the estimate of 20 cents. Revenue is expected to be between $765 million and $790 million, versus the $789.05 million estimate.

"Consistent with our expectations, orders remained relatively stable on a sequential basis this quarter and reflected strong growth versus the prior year," said Sara Armbruster, president and CEO.

"Our 16 percent year-over-year growth in the Americas was driven by our large corporate customers, which we believe is representative of the strength of our offering as companies invest in their workplaces to support new ways of working."

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SCS Price Action: Shares of SCS were down 9.77% at $11.45 in the after-hours session at the time of publication Tuesday, according to Benzinga Pro.

Photo: Steve Buissinne from Pixabay