Steelcase (SCS) Misses Q2 EPS by 3c; Raises Q3

Steelcase (NYSE: SCS) reported Q2 EPS of $0.21, $0.03 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $724.8 million versus the consensus estimate of $763.62 million.

"Our second quarter order growth of 24 percent was better than we expected, and in some parts of our business, orders approached or exceeded fiscal 2020 levels," said Jim Keane, president and CEO. "A significant number of industry-wide supply chain disruptions have caused us to extend lead times and delay some shipments, which negatively impacted our second quarter revenue. We have not experienced any significant order cancellations as a result of these delays."

GUIDANCE:

Steelcase sees Q3 2022 EPS of $0.07-$0.11, versus the consensus of $0.10. Steelcase sees Q3 2022 revenue of $755-785 million, versus the consensus of $720.8 million.

For earnings history and earnings-related data on Steelcase (SCS) click here.

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