Steelcase (SCS) Q3 Earnings and Revenues Surpass Estimates

Group 1: Earnings Performance - Steelcase reported quarterly earnings of $0.30 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, with an earnings surprise of 30.43% [1] - The company posted revenues of $794.9 million for the quarter ended November 2024, surpassing the Zacks Consensus Estimate by 0.15% and showing an increase from $777.9 million year-over-year [2] - Over the last four quarters, Steelcase has surpassed consensus EPS estimates four times, but has only topped consensus revenue estimates once [2] Group 2: Stock Performance and Outlook - Steelcase shares have declined approximately 3.5% since the beginning of the year, contrasting with the S&P 500's gain of 26.9% [4] - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $845.8 million, and for the current fiscal year, it is $1.01 on revenues of $3.22 billion [8] - The estimate revisions trend for Steelcase is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Group 3: Industry Context - The Business - Office Products industry, to which Steelcase belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [9] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [6]