Steelcase (SCS) Shares Fall 6% Following Q3 Miss and Lower Q4 Guidance

Steelcase (NYSE: SCS) shares were trading more than 6% lower after-hours following the company’s Q3 results, with EPS coming in at $0.08, missing the consensus estimate of $0.09.

Quarterly revenue grew 20% year-over-year to $738.2 million, below the consensus estimate of $767.62 million. Growth was broad-based across all segments, with 20% growth in the Americas, 17% growth in EMEA and 21% growth in the Other category.

According to Sara Armbruster, the president and CEO of Steelcase, the company’s orders increased 40% year-over-year in Q3, which was better than expected. However, Armbruster also mentioned that the company continued to be impacted by supply chain disruptions that resulted in lead times extensions and some shipment delays, which affected Q3 revenues worse than anticipated.

The company expects Q4 EPS of $0.00, lower than the consensus estimate of $0.12 and revenue of $740-765 million, compared to the consensus estimate of $770.77 million.

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