We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Steelcase (SCS - Free Report) came out with quarterly earnings of $0.30 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 76.47%. A quarter ago, it was expected that this office furniture maker would post earnings of $0.17 per share when it actually produced earnings of $0.31, delivering a surprise of 82.35%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Steelcase, which belongs to the Zacks Business - Office Products industry, posted revenues of $777.9 million for the quarter ended November 2023, missing the Zacks Consensus Estimate by 0.80%. This compares to year-ago revenues of $826.9 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Steelcase shares have added about 76.9% since the beginning of the year versus the S&P 500's gain of 23.5%.
What's Next for Steelcase?
While Steelcase has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Steelcase: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.18 on $784.5 million in revenues for the coming quarter and $0.71 on $3.18 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Office Products is currently in the top 2% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Accolade (ACCD - Free Report) , another stock in the broader Zacks Business Services sector, has yet to report results for the quarter ended November 2023. The results are expected to be released on January 8.
This company is expected to post quarterly loss of $0.46 per share in its upcoming report, which represents a year-over-year change of +17.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Accolade's revenues are expected to be $96.47 million, up 6.1% from the year-ago quarter.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Steelcase (SCS) Q3 Earnings Surpass Estimates
Steelcase (SCS - Free Report) came out with quarterly earnings of $0.30 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 76.47%. A quarter ago, it was expected that this office furniture maker would post earnings of $0.17 per share when it actually produced earnings of $0.31, delivering a surprise of 82.35%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Steelcase
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Steelcase shares have added about 76.9% since the beginning of the year versus the S&P 500's gain of 23.5%.
What's Next for Steelcase?
While Steelcase has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Steelcase: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.18 on $784.5 million in revenues for the coming quarter and $0.71 on $3.18 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Office Products is currently in the top 2% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Accolade (ACCD - Free Report) , another stock in the broader Zacks Business Services sector, has yet to report results for the quarter ended November 2023. The results are expected to be released on January 8.
This company is expected to post quarterly loss of $0.46 per share in its upcoming report, which represents a year-over-year change of +17.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Accolade's revenues are expected to be $96.47 million, up 6.1% from the year-ago quarter.