Steelcase (SCS) Reports Preliminary Q3 EPS In-Line with Views, Revs Light
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Revenue Growth %: -1.2%
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Cost of sales: 494.9M
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Steelcase (NYSE: SCS) reported preliminary Q3 EPS of $0.34, in-line with the analyst estimate of $0.34. Revenue for the quarter came in at $787 million versus the consensus estimate of $807.9 million.
“In the Americas, our revenue growth exceeded industry trends during the first two months of the quarter, as reported by our industry association,” said Jim Keane, president and CEO. “Our project pipeline continued to show year-over-year strength. We expect the success of our new product introductions and other strategic actions implemented over the past twelve months to sustain our momentum in the market.”
“EMEA operating results were better than expected. A significant improvement in gross margin led to the achievement of operating income for the quarter compared to a significant operating loss in the prior year,” said Dave Sylvester, senior vice-president and CFO. “EMEA also benefited from modest organic revenue growth (driven by timing of customer deliveries), lower than expected operating expenses (as some spending was deferred to the fourth quarter), and a favorable adjustment to accrued liabilities (which was non-recurring in nature).”
For earnings history and earnings-related data on Steelcase (SCS) click here.
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