Steelcase's Stock Plunges After Results, Outlook Disappoint
Steelcase Inc.'s stock plunged 21% in after-hours trade Monday, after the office products company missed fiscal third-quarter profit and sales expectations, and provided a downbeat outlook for the current quarter. The was trading at levels not seen during regular session hours since August 2014. For the quarter ended Nov. 27, earnings rose to $35.6 million, or 28 cents a share, from $11.8 million, or 9 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 30 cents, below the FactSet consensus of 33 cents. Revenue slipped to $787.6 million from $800 million, missing the FactSet consensus of $813 million, as declines in the Europe, Middle East and Africa region offset growth in the Americas and other regions. For the current quarter, the company expects revenue in the range of $720 million to $745 million and EPS of 20 cents to 24 cents, below the FactSet consensus estimates of $772 million and 26 cents, respectively. The stock has gained 5.2% year to date, while the S&P 500 has lost 1.8%.
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