Shares of office-furniture supplier Steelcase Inc. rose on Wednesday reported first-quarter results that beat estimates, but its second-quarter sales...
Shares of office-furniture supplier Steelcase Inc. SCS rose on Wednesday reported first-quarter results that beat estimates, but its second-quarter sales forecast came up short of Wall Street’s expectations, as demand remains in flux even as more corporate staff return to offices. The company reported first-quarter net income of $1.5 million, or 1 cent per share, contrasting with a loss of $11.4 million, or 10 cents a share, in the same quarter last year. Sales rose to $751.
5 million, or 1 cent per share, contrasting with a loss of $11.4 million, or 10 cents a share, in the same quarter last year. Sales rose to $751.9 million, compared with $740.7 million in the prior-year quarter. Adjusted for amortization and restructuring costs, Steelcase earned 9 cents a share. Analysts polled by FactSet expected adjusted earnings per share of 1 cent, on revenue of $719 million.
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