Steelcase Inc. will be releasing its Q1 earnings report soon – here’s what to expect.
Steelcase, a market-leading office furniture manufacturer publicly traded under the ticker SCS on the New York Stock Exchange, is gearing up to release its Q1 earnings report after the closing bell tomorrow. Investors and analysts alike are closely watching the company’s financial performance and guidance for the upcoming quarter.
In the previous quarter, Steelcase managed to meet analysts’ revenue projections, raking in total revenues of $794.9 million, marking a noteworthy 2.2% annual incline. Despite meeting revenue expectations, the quarter presented some challenges, particularly evident in the subdued revenue forecast for the subsequent quarter, which fell short of analysts’ estimates. This less-than-stellar outlook has left market participants speculating about the company’s future path.
Heading into the imminent earnings call, industry analysts are forecasting a 2% expansion in Steelcase’s revenue compared to Q1 of the prior year, looking at an estimated figure of $790.9 million. Additionally, adjusted earnings per share (EPS) are anticipated to come in at $0.21, reflecting the market’s estimates. Over the past month, analysts who cover Steelcase have largely stood by their projections, indicating a somewhat stable trajectory leading up to the earnings announcement. Notably, Steelcase has experienced some difficulty in meeting revenue forecasts in recent years, falling short of Wall Street expectations on five occasions.
Steelcase stands out as a frontrunner among its competitors, spearheading the season’s earnings releases within the business services and supplies sector. Amid a sector-wide downturn observed in the preceding month, Steelcase’s industry peers have seen their stock prices take a hit, collectively witnessing an average decline of 5.6%. Concurrently, Steelcase’s stock has faltered by 14.1%, positioning it just below the average of its peer group. Surpassing the industry’s current share price of $10.98, analysts have pegged the average price target at $16.50, indicating potential upside on the horizon.
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