Steelcase Inc gains on Q1 results, forecast

Steelcase

22/06/2022 21:32

** Office furniture company Steelcase Inc's shares  SCS.N 
up 8.3% at $11.34 after market
    ** Company reports Q1 revenue of $740.7 mln vs est $691 mln
- Refinitiv  urn:newsml:reuters.com:*:nGNX14xK84
    ** Posts Q1 adj loss of 10 cents/shr vs est of a loss of 18
cents/shr
    ** Company expects Q2 revenue between $875 mln and $900 mln
vs est $873.1 mln
    ** "Inflationary pressures continued to grow this quarter
across a number of commodities, and we responded by announcing
our fifth price increase over the past 16 months, to be
effective in July" - CFO Dave Sylvester
    ** As of last close, company's shares down ~11% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti))