Steelcase (NYSE:SCS) Updates Q1 2023 Earnings Guidance

Steelcase (NYSE:SCSGet Rating) issued an update on its first quarter 2023 earnings guidance on Wednesday morning. The company provided EPS guidance of $-0.200-$-0.150 for the period, compared to the Thomson Reuters consensus EPS estimate of $-0.070. The company issued revenue guidance of $680 million-$705 million, compared to the consensus revenue estimate of $689.47 million.Steelcase also updated its FY 2023 guidance to $0.500-$0.700 EPS.

SCS traded up $0.18 during trading on Wednesday, reaching $11.36. 7,641 shares of the company were exchanged, compared to its average volume of 819,340. The company has a current ratio of 1.70, a quick ratio of 1.21 and a debt-to-equity ratio of 0.56. The stock has a market cap of $1.27 billion, a P/E ratio of 378.79 and a beta of 1.27. Steelcase has a 52 week low of $10.66 and a 52 week high of $15.84. The firm has a 50 day moving average of $11.89 and a 200 day moving average of $12.05.

Steelcase (NYSE:SCSGet Rating) last released its quarterly earnings data on Wednesday, March 23rd. The business services provider reported ($0.02) earnings per share for the quarter. The firm had revenue of $753.10 million during the quarter, compared to analyst estimates of $751.68 million. Steelcase had a return on equity of 0.45% and a net margin of 0.14%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same period last year, the business earned $0.06 EPS. As a group, analysts forecast that Steelcase will post 0.6 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 14th. Stockholders of record on Monday, April 4th will be paid a $0.145 dividend. The ex-dividend date is Friday, April 1st. This represents a $0.58 annualized dividend and a dividend yield of 5.11%. Steelcase’s payout ratio is 1,933.98%.

Separately, initiated coverage on shares of Steelcase in a report on Thursday, March 31st. They issued a hold rating for the company.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Levin Capital Strategies L.P. purchased a new stake in shares of Steelcase during the fourth quarter valued at $117,000. Schonfeld Strategic Advisors LLC purchased a new stake in Steelcase during the fourth quarter valued at about $133,000. Toroso Investments LLC purchased a new position in shares of Steelcase in the fourth quarter worth approximately $149,000. Squarepoint Ops LLC increased its position in shares of Steelcase by 8.3% in the fourth quarter. Squarepoint Ops LLC now owns 20,280 shares of the business services provider’s stock worth $238,000 after acquiring an additional 1,546 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Steelcase by 13.6% in the 4th quarter. MetLife Investment Management LLC now owns 30,212 shares of the business services provider’s stock valued at $354,000 after acquiring an additional 3,610 shares in the last quarter. 79.17% of the stock is currently owned by institutional investors.

About Steelcase (Get Rating)

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products in the United States and internationally. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes panels, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools and screens.

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