Steelcase Inc . (NYSE:SCS) reported third-quarter earnings that surpassed analyst expectations, while revenue fell just short of estimates.
Steelcase posted adjusted earnings per share of $0.30 for the third quarter, beating the analyst estimate of $0.22.
Revenue came in at $794.9 million, slightly below the consensus estimate of $796.58 million but up 2.2% YoY from $777.9 million.
For the fourth quarter, which includes an additional week compared to last year, Steelcase expects revenue between $770 million and $795 million.
This projection represents a range from a 1% decline to 3% growth YoY, or a 4% to 7% decline on an organic basis. The company forecasts Q4 adjusted earnings per share between $0.20 and $0.24.
The company's Americas segment drove growth with a 7% organic revenue increase across multiple customer segments. Steelcase CEO Sara Armbruster noted, "We are pleased with the improved trends we saw from our large corporate customers near the end of the quarter and into December."
Orders in the first three weeks of the fourth quarter grew 15% compared to the prior year, including several large projects scheduled to ship beyond quarter-end.
However, the company's backlog at the end of Q3 was approximately $664 million, 5% lower than the previous year.
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