Why Steelcase Stock Is Rising Today

Steelcase Inc. (NYSE:SCS) shares are trading higher Wednesday after the company reported better-than-expected second-quarter financial results and issued third-quarter and full-year 2024 earnings per share guidance above estimates.

What To Know: After the close of the market Tuesday, Steelcase posted second-quarter earnings results. The company reported quarterly earnings of 31 cents per share which beat the analyst consensus estimate of 20 cents, a 47.62% increase over earnings of 21 cents per share from the same period last year. The company reported quarterly sales of $854.60 million which beat the analyst consensus estimate of $828.82 million, a 1.01% decrease over sales of $863.30 million the same period last year.

Steelcase also issued third-quarter earnings per share guidance in a range between 23 cents and 27 cents, versus the estimate of 19 cents. Full-year 2024 earnings per share is expected to be between 80 cents and 90 cents, versus the estimate of 67 cents.

Shares of the stock rose nearly 30% Wednesday following Tuesday's excellent earnings numbers and guidance.

SCS Price Action: Shares of SCS were up 22.1% at $10.76 at the time of publication, according to Benzinga Pro.

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