Steelcase Stock Falls After Q2 Revenue Miss: Details

Steelcase Inc. SCS shares are falling after the company reported its second-quarter financial results after Wednesday's closing bell. Here's a look at the details from the report. 

The Details: Steelcase reported quarterly earnings of 39 cents per share, which beat the analyst consensus estimate of 37 cents. Quarterly revenue of $855.8 million missed the analyst consensus estimate of $864.1 million by 0.96%.

The company saw growth in the Americas, driven by higher volume from large corporate, education and government customers, while International business declined, primarily driven by continued weakness in China.

“Our business continued to improve this quarter as our adjusted earnings grew 26% and we drove 3% order growth in the Americas,” said Sara Armbruster, president and CEO. “Our education business had especially strong results this quarter, which reflected the benefits of our strategy to diversify the customers and markets we serve.

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Outlook: Steelcase sees third-quarter revenue in a range of $785 million to $810 million and adjusted earnings of between 21 cents and 25 cents per share.

SCS Price Action: According to Benzinga Pro, Steelcase shares are down 10.21% after-hours at $12.67 at the time of publication Wednesday. 

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Photo: Oleg Gamulinskii from Pixabay