Steelcase Adds 14% On Upbeat Q3 Results

(RTTNews) - Shares of Steelcase Inc. (SCS) are rising more than 14% Tuesday morning after reporting better-than-expected earnings in the third quarter.

Net income was $11.4 million, or $0.10 per share in the third quarter, higher than $9.6 million or $0.08 per share in the same quarter a year ago.

Excluding one-time items, earnings were $0.20 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.18 per share.

Quarterly revenue increased to $826.9 million from $738.2 million last year.

Looking forward, the company expects fourth-quarter revenue to be in the range of $740 million to $765 million. The consensus estimate stands at $790.32 million.

Adjusted earnings per share for the fourth quarter is expected between $0.11 and $0.15. Analysts expect earnings of $0.12 per share.

SCS, currently at $7.14, has traded in the range of $6.20-$12.93 in the last 1 year.