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Why Steelcase Stock Is Rising Today

Why Steelcase Stock Is Rising Today

Steelcase Inc. (NYSE: SCS) saw a significant rise in its stock price today after announcing strong second-quarter financial results and providing optimistic earnings guidance for the third quarter and full year 2024.

What You Need to Know: After market close on Tuesday, Steelcase reported second-quarter earnings, exceeding expectations. The company recorded earnings of 31 cents per share, surpassing the consensus estimate of 20 cents by a remarkable 47.62%. This represents a 47.62% increase compared to earnings of 21 cents per share during the same period last year. Steelcase also reported quarterly sales of $854.60 million, beating the analyst consensus estimate of $828.82 million. Although this reflects a 1.01% decrease from sales of $863.30 million in the same period last year, it still exceeded expectations.

Furthermore, Steelcase issued an encouraging earnings per share guidance range of 23 cents to 27 cents for the third quarter, higher than the estimated 19 cents. Moreover, for the full year 2024, the company expects earnings per share in the range of 80 cents to 90 cents, surpassing the estimate of 67 cents.

Investors responded positively to these outstanding financial results and promising guidance, with the stock surging nearly 30% today.

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SCS Price Action: As of the time of publication, Steelcase stock (SCS) was up by an impressive 22.1% at $10.76, as reported by Benzinga Pro.

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