Why Steelcase Stock Popped 21.3% This Week
Shares of Steelcase (NYSE: SCS) are up 19.6% this week as of 3:10 p.m. ET Friday, according to data provided by S&P Global Market Intelligence, after the furniture manufacturer announced better-than-expected fiscal second-quarter results.
To be sure, Steelcase stock popped more than 16% on Wednesday alone after the company's earnings release hit the wires. For its fiscal Q2 ended Aug. 25, 2023, revenue declined 1% year over year to $854.6 million, translating to a 35.3% increase in earnings to $0.23 per share. Adjusted for one-time items such as restructuring costs, Steelcase's (non-GAAP) earnings rose nearly 48% year over year to $0.31 per share.
Analysts, on average, were only expecting adjusted earnings of $0.20 per share on revenue closer to $829 million.
Source Fool.com
Steelcase Inc. A Stock
Our community is currently high on Steelcase Inc. A with 4 Buy predictions and 0 Sell predictions.
As a result the target price of 16 € shows a positive potential of 21.21% compared to the current price of 13.2 € for Steelcase Inc. A.
