Shares of furniture company Steelcase (NYSE:SCS) are up today after reporting earnings for its fourth quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.19, which beat analysts’ consensus estimate of $0.11 per share. Sales increased by 6.5% year-over-year, with revenue hitting $801.7 million. This was more than $50 million above expectations.
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Looking forward, management now expects revenue and adjusted EPS for Q1 2024 to be in the ranges of $710 to $735 million and $0.01 to $0.05, respectively. For Fiscal Year 2024, the firm anticipates adjusted earnings per share of between $0.55 to $0.75.
A look at the past five trading days shows the impact that today’s earnings report had on SCS stock. Shares mostly traded sideways as they hovered around the $7.30 to $7.40 per share range. As a result of today’s news, investors are now up over 13% during this timeframe.