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Steelcase shares started soaring after Q2 earnings results

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Steelcase shares started soaring after Q2 earnings results

Steelcase is a United States-based furniture company which was founded in 1912 by Peter M. Wege.

According to the company, earnings per share was 50 cents which exceeded the estimated EPS by 7 Cents.  They had sales of $998 million which went above the estimates by $17.13 million.

“We delivered one of our strongest quarters in the past 20 years, exceeding our expectations. These results demonstrate the effectiveness of our growth strategies and reflect the efforts of our employees around the world. Our new products are strengthening our portfolio in all geographies, our acquisitions and partnerships are providing additional solutions to our dealers and customers, and the war for talent continues to motivate organizations to invest in workspaces that inspire their people,” CEO Jim Keane stated.

The revenue of the company has grown 14%, EPS added 22% and the operating margin ascended 70 basis points to 8.5%. As a result, Steelcase shares rose 4.5% in Thursday’s after-hours session.

The share price of Steelcase was closed at 16.74 USD on September 19, 2019.

According to the 12-month forecast offered by the 3 analysts (as per CNN Business), Steelcase Inc have a median target of USD 18.00, with a high estimate and low estimate of USD 21.00 and USD 17.00 respectively.

(Reference: CNBC, Yahoo Finance, CNN Business)
(Image source: Daniel Acker | Bloomberg | Getty Images)