Why Steelcase Stock Is Down Today
The return-to-work push can't happen soon enough for (NYSE: SCS). Shares of the office furniture manufacturer traded down 10% as of 12:30 p.m. ET after the company provided a modest outlook for what lies ahead.
Steelcase's core office furniture business was thrown into flux by the pandemic and the recovery has taken longer than investors had hoped. The company earned $0.23 per share in its fiscal fourth quarter ending Feb. 23 on sales of $775.25 million, a mixed result relative to Wall Street's estimate of $0.21 per share on sales of $780.25 million.
Orders grew 4% in the quarter, with 8% growth in the Americas offsetting continued declines internationally. CEO Sara Armbruster said the domestic strength was driven by large corporate customers and reflect a call for "a stronger in-office presence."
Source Fool.com
