Steelcase (SCS) Misses Q3 EPS by 2c; Guides Q4 EPS Below the Street

Steelcase (NYSE: SCS) reported Q3 EPS of $0.30, $0.02 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $787.6 million versus the consensus estimate of $812.95 million.

"The Americas improved profitability in the third quarter despite slowing top line growth, and that helped to offset deeper losses than we expected in EMEA, as we continue to work through our major restructuring actions," said Jim Keane, president and CEO. "EMEA orders grew 20 percent organically in the quarter, driven by improved economies in Western Europe and strong demand for some of our new products. Asia Pacific posted record profitability for the quarter compared to a loss in the prior year."

GUIDANCE:

Steelcase sees Q4 2016 EPS of $0.20-$0.24, versus the consensus of $0.25.

For earnings history and earnings-related data on Steelcase (SCS) click here.

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