Steelcase (NYSE:SCS) Releases FY 2023 Earnings Guidance

Steelcase (NYSE:SCSGet Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.500-$0.700 for the period, compared to the Thomson Reuters consensus estimate of $0.610. The company issued revenue guidance of -.Steelcase also updated its Q1 2023 guidance to $-0.200-$-0.150 EPS.

Shares of SCS opened at $11.73 on Wednesday. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 391.13 and a beta of 1.27. Steelcase has a 1 year low of $10.66 and a 1 year high of $15.84. The business’s 50 day simple moving average is $11.84 and its 200-day simple moving average is $12.01. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.70 and a quick ratio of 1.21.

Steelcase (NYSE:SCSGet Rating) last announced its quarterly earnings data on Wednesday, March 23rd. The business services provider reported ($0.02) earnings per share (EPS) for the quarter. The firm had revenue of $753.10 million during the quarter, compared to the consensus estimate of $751.68 million. Steelcase had a return on equity of 0.45% and a net margin of 0.14%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.06 EPS. On average, sell-side analysts expect that Steelcase will post 0.6 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Monday, April 4th were issued a $0.145 dividend. The ex-dividend date was Friday, April 1st. This represents a $0.58 dividend on an annualized basis and a yield of 4.94%. Steelcase’s dividend payout ratio is presently 1,933.98%.

Separately, StockNews.com began 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 bought and sold shares of SCS. Millennium Management LLC boosted its position in Steelcase by 156.4% in the fourth quarter. Millennium Management LLC now owns 1,858,448 shares of the business services provider’s stock valued at $21,781,000 after buying an additional 1,133,571 shares during the last quarter. Norges Bank purchased a new stake in Steelcase in the 4th quarter worth approximately $9,103,000. Morgan Stanley boosted its position in Steelcase by 27.5% in the 2nd quarter. Morgan Stanley now owns 1,608,779 shares of the business services provider’s stock worth $24,309,000 after purchasing an additional 346,540 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Steelcase by 720.0% during the 4th quarter. Cubist Systematic Strategies LLC now owns 193,514 shares of the business services provider’s stock valued at $2,268,000 after buying an additional 169,914 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Steelcase by 13.6% during the 4th quarter. Invesco Ltd. now owns 966,070 shares of the business services provider’s stock valued at $11,323,000 after buying an additional 115,372 shares in the last quarter. Hedge funds and other institutional investors own 79.17% of the company’s stock.

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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