Steelcase stock jumps 12% as quarterly orders grow on return-to-work trends

Shares of Steelcase Inc. (SCS) rallied 12% in the extended session Wednesday after the office furniture maker reported adjusted quarterly earnings and sales above Wall Street expectations, saying that orders in its Americas region were stronger than it expected as workers were back at offices. Steelcase earned $15.7 million, or 13 cents a share, in the quarter, contrasting with a loss of $2.2 million, or 2 cents a share, in the year-ago period. Steelcase's revenue rose 6% to $801.7 million, from $753.1 million a year ago. FactSet consensus called for adjusted earnings of 11 cents a share on sales of $751 million. The stronger orders "drove revenue and earnings above our expectations," Chief Executive Sara Armbruster said in a statement. "Although our fourth-quarter orders were below the prior year, project business from large corporate customers improved sequentially from the third quarter." A "notable number" of large U.S. companies have announced "workplace strategies that emphasize the importance of an in-office presence," Armbruster said. Steelcase ended the regular trending day up 0.4%.

-Claudia Assis

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03-22-23 1620ET

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