Steelcase drops as delays in return-to-office plans hit demand

Steelcase

22/09/2021 21:47

** Shares of office furniture company Steelcase Inc  SCS.N 
slip 5.1% to $12.67 in extended trading - set to open near
nine-month low
    ** SCS forecasts Q3 rev of $755 mln-$785 mln, below
analysts' estimates of $713 mln, saying rising Delta variant
cases has caused some U.S. customers to delay their
return-to-office plans and may explain a recent softening in
demand
    ** Stock on course for its worst day since early Jan 
    ** Co also misses Q2 revenue estimates, blaming supply chain
disruptions that are expected to persist into third quarter
 urn:newsml:reuters.com:*:nGNX9YZP3j
    ** "A significant number of industry-wide supply chain
disruptions have caused us to extend lead times and delay some
shipments, which negatively impacted our second quarter
revenue"- CEO Jim Keane
    ** Reports Q2 revenue of $724.8 mln vs. est. of $761.3 mln
    ** SCS up 1.5% so far this year

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday  ;))