Steelcase Shares Gain 10% After Q3 Results

Steelcase (NYSE:SCS) released its third-quarter earnings report, which led to a more than 10% share price gain intra-day today.

The company posted revenue of $777.9 million for the quarter, a 5.9% decline from the same period last year and short of the consensus estimate of $796.5 million. On a brighter note, Steelcase's adjusted earnings per share (EPS) for Q3 were better than anticipated, coming in at 30 cents versus the expected 22 cents.

Steelcase attributed its 16% year-over-year growth in the Americas primarily to significant purchases by large corporate customers. The company interprets this trend as a sign of the strength of its offerings, as businesses invest in their workplaces to accommodate new working styles.

Looking ahead to the fourth quarter, Steelcase expects its adjusted EPS to be between 19 cents and 23 cents, compared to the Street estimate of 20 cents. The projected revenue for the quarter is forecasted to be between $765 million and $790 million, compared to the Street estimate of $789.3 million.