Steelcase (NYSE:SCS) earnings for the furniture company’s fiscal first quarter of 2021 have SCS stock falling hard after markets closed on Tuesday. That’s due to its adjusted losses per share of 18 cents being worse than Wall Street’s -14 cents estimate. Its revenue of $482.8 million also misses analysts’ estimates of $530.3 million.
Let’s take a more in-depth look at the most recent Steelcase earnings report below.
- Adjusted per-share losses are worse than its adjusted EPS of 15 cents from the same time last year.
- Revenue for the quarter comes in 41.4% lower than the $824.3 million reported in the fiscal first quarter of 2020.
- Operating loss of $52.3 million is a negative switch year-over-year from an operating income of $27.6 million.
- The Steelcase earnings report also has net loss coming in at $38.1 million.
- That doesn’t look good next to its net income of $17.8 million from the same period of the year prior.
Dave Sylvester, senior vice president and CFO of Steelcase, said this in the earnings report.
“The significant restrictions on our factories necessitated the speed and depth of our actions to implement temporary layoffs of our manufacturing and distribution employees, significantly reduce salaries and semi-variable costs, and curtail project and other discretionary spending. As our factories were forced to idle, the layoffs allowed our variable margins to largely remain intact.”
Steelcase doesn’t discuss guidance in its earnings report but plans to during its conference call. That call will take place at 8:30 a.m. eastern time on Wednesday.
SCS stock was down 6.8% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/06/steelcase-earnings-hammer-scs-stock/.
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