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Stock Market & Financial Investment News

News Breaks
June 26, 2014
11:39 EDTSCS, MLHRSteelcase plummuts after results, outlook miss expectations
Shares of Steelcase (SCS), which furnishes office environments, are falling after the company's first quarter results and second quarter outlook missed analysts' consensus estimates. WHAT'S NEW: This morning, Steelcase reported Q1 adjusted EPS of 12c and revenue of $723.1M, trailing analysts' consensus estimates of 16c and $728.73M, respectively. Q1 Americas orders were flat compared to the prior year. WHAT'S NOTABLE: The company forecast Q2 adjusted EPS of 22c-26c and revenue of $760M-$785M, falling short of consensus views of 28c and $794.83M, respectively. Q2 organic revenue was seen to be flat to up 3%. The company announced that it has initiated procedures with the applicable works councils regarding a project to exit a manufacturing facility in France and transfer its activities to other existing facilities in the EMEA region to safeguard the company's global competitiveness. This project may involve the transfer of the operations of the facility to a third party or result in a closure, and the total costs of the project are currently estimated at $30M-$50M, with anticipated annual savings of approximately $10M when fully implemented. OTHERS TO WATCH: Herman Miller (MLHR), which is also in the office furnishings space, reported mixed results last night, with adjusted earnings that beat expectations but revenues that missed the consensus forecast. The midpoints of its earnings and revenue outlooks for the new quarter also fell below the consensus views of 48c and $498.5M, respectively. PRICE ACTION: In late morning trading, Steelcase fell $2.23, or 12.6%, to $15.43 on nearly three times its average daily trading volume, while shares of Herman Miller were dropped $2.45, or 7.7%, to $29.23.
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July 17, 2014
16:34 EDTMLHRHerman Miller to acquire Design Within Reach for $154M
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