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Omar Venerio
Omar Venerio
Articles (1573) 

Wall Street Turns Red on Friday

Steelcase posts strong 2nd-quarter results

U.S. stocks were in the red on Friday. The Dow Jones Industrial Average fell 0.32% to 27,007, the S&P 500 index declined 0.38% to 2,995 and the Nasdaq Composite Index slid 0.86% to 8,114.

Shares of Steelcase Inc. (NYSE:SCS) gained more than 9% on Friday after announcing second-quarter results on Thursday evening. The company posted earnings of 50 cents per share on $998 million in revenue. It beat earnings estimates by cents and revenue expectations by $17.13 million.

"We delivered one of our strongest quarters in the past 20 years, exceeding our expectations," President and CEO Jim Keane said. "These results demonstrate the effectiveness of our growth strategies and reflect the efforts of our employees around the world. Our new products are strengthening our portfolio in all geographies, our acquisitions and partnerships are providing additional solutions to our dealers and customers, and the war for talent continues to motivate organizations to invest in workspaces that inspire their people."

In the Americas, the company reported operating income of $90.3 million, compared to $77.2 million in the prior-year quarter. In the Europe, Middle East and Africa segment, it reported an operating loss of $5.5 million, down from an operating loss of $6 million a year ago.

Further, the gross margin increased 40 basis points to 33.4%.

Looking ahead to the third quarter fiscal 2020, the company expects revenue to be between $920 million and $945 million. It also projects earnings per share in the range of 33 cents to 37 cents.

During the quarter ended June 30, Richard Pzena boosted his holding 0.05% to 838,875 shares. John Husmann reduced his position by 3% to 125,000 shares.

Gainers

Losers

Global markets

The main European stock markets traded mostly in the green. The U.K.'s FTSE 100 retreated 0.16%, France's CAC 40 rose 0.56%, Germany's Dax swelled 0.08% and Spain's IBEX 35 gained 0.47%.

In Asia, Japan's Nikkei 225 rose 0.16%, India’s BSE Sensex climbed 5.32%, Hong Kong's Hang Seng declined 0.13% and China's Shanghai Composite increased 0.24%.

Disclosure:The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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