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Steelcase reports notable rise in Q2 net income despite slight revenue dip
Editor
Published Sep 19, 2023 09:17PM ET
© Reuters.
Steelcase (NYSE:SCS), the globally recognized furniture firm, reported a significant increase in its net income for the second quarter ending August 25, despite a slight dip in revenue. The company's net income rose to $27.5 million, equivalent to 23 cents per share, from the $19.6 million, or 17 cents a share, recorded during the same period in 2022. This surge occurred even as revenue declined by 1% to $854.6 million compared to the previous year.
On Tuesday, Steelcase's shares saw an impressive performance in post-market trading, rising 3.3% to reach $9.10 per share. This surge followed a regular session where the stock closed up by 0.8% at $8.81. Over the course of this year, Steelcase's shares have experienced robust growth of 25%.
Remarkably, Steelcase's revenue surpassed analyst estimates of $829.2 million, demonstrating resilience in a challenging business environment. CEO Sara Armbruster pointed out that although project activity softened slightly during the first half of the year, there has been noticeable growth in their ongoing business operations as customers invest more in their existing spaces.
The company's effective strategy to adapt to changing market conditions appears to be yielding positive results, as evidenced by its recent financial performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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