Steelcase Reports on Fourth Quarter and Fiscal 2020 Results and Actions to Maximize Liquidity and Conserve Capital

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Go back to Steelcase Reports on Fourth Quarter and Fiscal 2020 Results and Actions to Maximize Liquidity and Conserve Capital

Steelcase (SCS) Tops Q4 EPS by 7c, taking steps to maximize liquidity

March 24, 2020 4:30 PM EDT

Steelcase (NYSE: SCS) reported Q4 EPS of $0.39, $0.07 better than the analyst estimate of $0.32. Revenue for the quarter came in at $946.2 million versus the consensus estimate of $914.8 million.

Liquidity

The company is taking steps to maximize liquidity in recognition of the increased risk and uncertainty related to the COVID-19 crisis. At year end, total liquidity, comprised of cash, cash equivalents and the cash surrender value of company-owned life insurance, aggregated to $701.0 million. This represents the company's highest year-end liquidity in more than 10 years. In addition, during March, as the virus began to affect EMEA... More