Steelcase Reports First Quarter Fiscal 2021 Results
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Steelcase (SCS) Misses Q1 EPS by 19c, Revenues Miss
June 30, 2020 4:07 PM EDTSteelcase (NYSE: SCS) reported Q1 EPS of ($0.33), $0.19 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $482.8 million versus the consensus estimate of $530.3 million.
Revenue and orders declined significantly as a result of government restrictions and economic uncertainty associated with the global pandemicCost reduction actions and discretionary spending controls reduced operating loss by approximately $70 millionQuarter-end backlog totaled $751 million; most expected to ship in second quarterLiquidity position very strong at $799 million"The global pandemic dramatically interrupted our momentum from a very strong fiscal 2020,"... More
