Why Steelcase Stock Fell Today
Shares of office furniture maker Steelcase (NYSE: SCS) fell as much as 14.3% on Wednesday due to a disappointing first-quarter earnings report. The stock recovered to a milder 11.8% drop as of 2:50 p.m. EDT.
Steelcase's first-quarter sales fell 41% year over year to $483 million. The bottom line swung from a modest profit in the year-ago period to an adjusted net loss of $0.18 per diluted share. Your average Wall Street analyst had been looking for a net loss of $0.14 per share on revenue in the neighborhood of $530 million.
Empty offices are a nightmare for Steelcase. Image source: Getty Images.
Source Fool.com
