By Sam Boughedda
Investing.com -- Steelcase Inc (NYSE:SCS), the furniture company, saw its shares slide 7% Thursday after the company reported earnings that missed analyst estimates.
After the closing bell Wednesday, the company reported a loss per share of 2 cents on revenue of $753.1 million. Analysts polled by Investing.com forecasted flat earnings on revenue of $752.7 million. Revenue increased 11% compared to prior year.
The company added that "significant" inflationary pressures and supply chain disruptions continued to impact its operating results during the fourth quarter.
Compared to the prior year, Steelcase orders grew 27 percent in the fourth quarter.
"Our order growth of 27 percent this quarter reflects the investments our customers are making in their workplaces as they increasingly invite their employees back to the office and seek improved engagement, collaboration, focus and connection," said Sara Armbruster, Steelcase president and CEO.
At the end of the fourth quarter, the company reported its backlog of customer orders at approximately $787 million. As a result, they expect first quarter fiscal 2023 revenue to be between $680 million to $705 million.
Furthermore, Steelcase expects to report a loss per share of between 15 cents to 20 cents for the first quarter of fiscal 2023.