Steelcase Trades Higher After Q2 Earnings Beat

Steelcase Inc. SCS shares are moving higher after reporting a second-quarter earnings beat.

Earnings came in at 50 cents per share, beating estimates by 7 cents. Sales came in at $998 million, beating estimates by $17.13 million.

"We delivered one of our strongest quarters in the past 20 years, exceeding our expectations," said CEO Jim Keane. "These results demonstrate the effectiveness of our growth strategies and reflect the efforts of our employees around the world. Our new products are strengthening our portfolio in all geographies, our acquisitions and partnerships are providing additional solutions to our dealers and customers, and the war for talent continues to motivate organizations to invest in workspaces that inspire their people."

Highlights

• Revenue grew 14%
• Operating margin increased 70 basis points to 8.5%
• EPS grew 22%

Steelcase shares traded higher by 4.5% in Thursday's after-hours session. The stock closed at $16.74 per share.