Why Steelcase Shares Are Soaring Today
Shares of Steelcase (NYSE: SCS) jumped 10% on Friday after the office furniture maker reported quarterly results that came in ahead of expectations. The results marked a reversal after Steelcase posted disappointing numbers three months ago, and they back up management's assertion at the time that the shortfall was only a temporary blip.
After markets closed Thursday, Steelcase reported fiscal second-quarter earnings of $0.50 per share on revenue of $998 million, topping analyst estimates for $0.43 per share in earnings on sales of $980 million. The earnings-per-share number grew 22% year over year, while operating margin was up 70 basis points to 8.5%.
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Source Fool.com
