Steelcase Inc (SCS) Shares Surge 12%

Shares of Grand Rapids, Michigan based Steelcase Inc. SCS are currently up 12% at $7.32 per share during Thursday afternoon trading. Today's trading range for shares of Steelcase Inc has been between $6.88 and $7.93 per share. The consensus price target of analysts covering the company's stock is $10.67 per share. Steelcase Inc (SCS) reported 2nd quarter adjusted earnings per share of 8 cents on Wednesday after the market closed. That was well above the average analyst estimate of 5 cents earnings per share. The company also forecast that 3rd quarter adjusted earnings would rise to somewhere in the range of 10 cents to 14 cents per share. President and CEO James P. Hackett said, "We are pleased to report positive momentum in our second quarter, with a highlight being organic revenue from our International customers rising 15 percent over the prior year. Our International and North America segments expect a solid third quarter, fueled by double-digit order growth this quarter compared to the prior year." Volume of 2.4 million shares is already far above the daily average volume of 678,000 shares. Read more from Benzinga's Company news.