Steelcase Reports on Fourth Quarter and Fiscal 2020 Results and Actions to Maximize Liquidity and Conserve Capital
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Steelcase (SCS) Tops Q4 EPS by 7c, taking steps to maximize liquidity
March 24, 2020 4:30 PM EDTSteelcase (NYSE: SCS) reported Q4 EPS of $0.39, $0.07 better than the analyst estimate of $0.32. Revenue for the quarter came in at $946.2 million versus the consensus estimate of $914.8 million.
Liquidity
The company is taking steps to maximize liquidity in recognition of the increased risk and uncertainty related to the COVID-19 crisis. At year end, total liquidity, comprised of cash, cash equivalents and the cash surrender value of company-owned life insurance, aggregated to $701.0 million. This represents the company's highest year-end liquidity in more than 10 years. In addition, during March, as the virus began to affect EMEA... More
