Steelcase Inc. (NYSE:SCS) had a surge in its stock price on September 20, 2023, after the company announced impressive second-quarter financial results and gave optimistic earnings per share guidance for the third quarter and full-year 2024. Following the market’s closure on Tuesday, the company surpassed expectations with second-quarter earnings of 31 cents per share; the analyst consensus estimate had been 20 cents. This represents a significant increase of 47.62% compared to earnings of 21 cents per share during the same period last year. Additionally, Steelcase reported quarterly sales of $854.60 million, surpassing the analyst consensus estimate of $828.82 million.
In terms of future projections, Steelcase provided third-quarter earnings per share guidance ranging from 23 cents to 27 cents, surpassing the estimated 19 cents. Furthermore, the company expects earnings per share for the full-year 2024 to range between 80 cents and 90 cents, surpassing the estimated 67 cents. As a result of these impressive earnings numbers and guidance, the company’s stock rose by nearly 30% on September 20, 2023. At the time of publication, Steelcase shares were trading at $10.76, reflecting a 22.1% increase.
The company’s earnings growth last year was +778.72%, indicating a substantial increase in profitability. This year, SCS has also experienced positive earnings growth of +16.07%. Looking ahead, the company is projected to maintain steady earnings growth of +10.00% over the next five years.
In terms of revenue growth, SCS achieved a solid growth rate of +16.59% last year.
The Steelcase mix of new products includes options for hybrid and flex working spaces, and continuing the high-end style the company is known for.
