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ACCESSWIRE
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Active-Investors: Free Post Earnings Research Report: Steelcase's EPS Met Expectations

Stock Monitor: Herman Miller Post Earnings Reporting

LONDON, UK / ACCESSWIRE / January 11, 2018 / Active-Investors.com has just released a free earnings report on Steelcase Inc. (NYSE: SCS). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=SCS. The Company posted its financial results on December 19, 2017, for the third quarter fiscal 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Herman Miller, Inc. (NASDAQ: MLHR), which also belongs to the Consumer Goods sector as the Company Steelcase. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/'symbol=MLHR

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Steelcase most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/'symbol=SCS

Earnings Highlights and Summary

For three months ended November 24, 2017, Steelcase's total revenues decreased 1.8% to $772.1 million from $786.5 million in Q3 FY17. The Company's revenue was below analysts' expectations of $780.73 million.

For the reported quarter, the Company's gross profit decreased 3.9% to $251.8 million from $261.9 million in Q3 FY17. For the reported quarter, the Company's gross margin decreased 70 basis points to 32.6% of revenue from 33.3% of revenue in Q3 FY17.

For the reported quarter, the Company's operating income decreased 29.5% to $38.5 million from $54.6 million in Q3 FY17. For the reported quarter, the Company's operating margin decreased 190 basis points to 5% of revenue from 6.9% of revenue in Q3 FY17.

During Q3 FY18, Steelcase's EBT decreased 31.2% to $37.7 million from $54.8 million in the same period last year. For the reported quarter, the Company's EBT margin decreased 210 basis points to 4.9% of revenue from 7% of revenue in Q3 FY17.

For the reported quarter, Steelcase's net income decreased 39% to $25.7 million, from $41.2 million in Q3 FY17. During Q3 FY18, the Company's diluted EPS decreased 35.3% to $0.22, from $0.34 in the same period last year. The diluted EPS was in-line with analysts' expectation of $0.22.

Steelcase's Segments Update

Americas - During Q3 FY18, the Americas segment's revenue decreased 4.1% to $552.8 million from $576.7 million in the same period last year. For the reported quarter, the segment's gross profit decreased 5.3% to $185 million from $195.4 million in Q3 FY17. For the reported quarter, the segment's operating income decreased 20.3% to $47.6 million from $59.7 million in Q3 FY17.

Europe, Middle-East, and Africa (EMEA) - During Q3 FY18, the EMEA segment's revenue increased 4.1 % to $141.1 million from $135.5 million in the same period last year. For the reported quarter, the segment's gross profit decreased 3.2% to $39.2 million from $40.5 million in Q3 FY17. For the reported quarter, the segment's operating loss was $3.3 million compared to operating income of $2.7 million in Q3 FY17.

Other - During Q3 FY18, the Company's Other segment's revenue increased 5.2% to $78.2 million from $74.3 million in the same period last year. For the reported quarter, the segment's gross profit increased 6.2% to $27.6 million from $26.0 million in Q3 FY17. For the reported quarter, the segment's operating income decreased 16.1% to $2.6 million from $3.1 million in Q3 FY17.

Balance Sheet

As on November 24, 2017, Steelcase's cash and cash equivalents increased 23.8% to $244.1 million from $197.1 million on February 24, 2017. For the reported quarter, the Company's long-term debt less current maturities decreased 0.6% to $292.8 million from $294.6 million in Q4 FY17.

For the reported quarter, the Company's net accounts receivables increased 13% to $347.5 million from $307.6 million in Q4 FY17. For the reported quarter, the Company's accounts payable increased 14% to $247.1 million from $216.8 million in Q4 FY17.

In the first nine months of 2017, the Company's net cash provided by operating activities decreased 10% to $93.6 million from $104.0 million in the same period last year.

On December 19, 2017, the Company's Board of Directors declared a quarterly cash dividend of $0.1275 per share, to be paid on or before January 15, 2018, to shareholders of record as of December 29, 2017.

Outlook

For Q4 FY18, the Company's expects revenue to be in the range of $740 million to $765 million and diluted EPS to be in the band of $0.14 to $0.18.

Stock Performance Snapshot

January 10, 2018 - At Wednesday's closing bell, Steelcase's stock ended the trading session flat at $15.15.

Volume traded for the day: 935.60 thousand shares, which was above the 3-month average volume of 650.46 thousand shares.

Stock performance in the last month - up 8.60%; and previous six-month period - up 8.99%

After yesterday's close, Steelcase's market cap was at $1.75 billion.

Price to Earnings (P/E) ratio was at 16.95.

The stock has a dividend yield 3.37%.

The stock is part of the Consumer Goods sector, categorized under the Business Equipment industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

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A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

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SOURCE: Active-Investors

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