Steelcase jumps on strong annual profit forecast

Steelcase

22/03/2023 21:07

** Shares of office furniture maker Steelcase Inc  SCS.N  up
~11% at $8 after the bell
    ** Company forecasts full-year adjusted profit above
analysts' expectations, signaling benefit from higher pricing
that would help cushion rising costs
    ** SCS sees 2024 adjusted EPS between 55 cents and 75 cents,
vs analysts' estimate of 59 cents - Refinitiv
    ** Company expects Q1 revenue of $710 mln to $735 mln,
compared with analysts' estimate of $693.8 mln
    ** SCS sees Q1 adjusted EPS between 1 cent and 5 cents, vs
analysts' estimate of a breakeven
    ** Company also beat Q4 revenue and profit estimates
    ** Stock has fallen ~41% in the last 12 months

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))