11.74
price down icon4.71%   -0.58
after-market After Hours: 11.50 -0.24 -2.04%
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Why is Steelcase Inc (SCS) Stock down?

We've noticed a 5.48% decline in Steelcase Inc (SCS) stock during the 2024-12-20 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
21 Mar, 2024:

Steelcase, Inc (SCS) stock dropped by 5.75% due to the slow return-to-work trend, which is impacting the office furniture manufacturer's outlook and performance. Here are the key highlights:

  • Impact of Return-to-Work Trend: Steelcase's core office furniture business has been affected by the pandemic, and the recovery has been slower than expected. The company reported earnings of $0.23 per share in its fiscal fourth quarter ending Feb. 23, on sales of $775.25 million, slightly missing Wall Street's estimates. Orders grew 4% in the quarter, driven by 8% growth in the Americas, while international orders continued to decline. CEO Sara Armbruster noted that the domestic strength was driven by large corporate customers seeking a stronger in-office presence.
  • Outlook: Steelcase expects full-year fiscal 2025 earnings to be between $0.85 and $1 per share, which is in line with Wall Street's estimate of $0.92 per share. The company's backlog of future orders stood at $625 million, down 8% from the prior year, but recent orders are trending ahead of the previous year.
  • Investor Reaction: The decline in Steelcase's stock reflects investor disappointment with the company's modest outlook and the ongoing challenges in the return-to-work trend. The slow recovery in the office furniture business has impacted investor confidence in Steelcase's ability to grow and adapt to changing market conditions.
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