Why Steelcase Stock Is Down Today

The return-to-work push can't happen soon enough for Steelcase (NYSE: SCS). Shares of the office furniture manufacturer traded down 10% as of 12:30 p.m. ET after the company provided a modest outlook for what lies ahead.Steelcase's core office furniture business was thrown into flux by the pandemic and the recovery has taken longer than investors had hoped. The company earned $0.23 per share in its fiscal fourth quarter ending Feb. 23 on sales of $775.25 million, a mixed result relative to Wall Street's estimate of $0.21 per share on sales of $780.25 million.Orders grew 4% in the quarter, with 8% growth in the Americas offsetting continued declines internationally. CEO Sara Armbruster said the domestic strength was driven by large corporate customers and reflect a call for "a stronger in-office presence."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Zum vollständigen Artikel