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By Sam Boughedda
Investing.com — Steelcase Inc (NYSE:), the furnishings firm, noticed its shares slide 7% Thursday after the corporate reported earnings that missed analyst estimates.
After the closing bell Wednesday, the corporate reported a loss per share of two cents on income of $753.1 million. Analysts polled by Investing.com forecasted flat earnings on income of $752.7 million. Income elevated 11% in comparison with prior yr.
The corporate added that “important” inflationary pressures and provide chain disruptions continued to affect its working outcomes in the course of the fourth quarter.
In comparison with the prior yr, Steelcase orders grew 27 p.c within the fourth quarter.
“Our order progress of 27 p.c this quarter displays the investments our clients are making of their workplaces as they more and more invite their workers again to the workplace and search improved engagement, collaboration, focus and connection,” mentioned Sara Armbruster, Steelcase president and CEO.
On the finish of the fourth quarter, the corporate reported its backlog of buyer orders at roughly $787 million. In consequence, they count on first quarter fiscal 2023 income to be between $680 million to $705 million.
Moreover, Steelcase expects to report a loss per share of between 15 cents to twenty cents for the primary quarter of fiscal 2023.
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