Why Steelcase (SCS) Soared on Wednesday

NEW YORK (TheStreet) -- Steelcase (SCS) closed higher on Wednesday after beating expectations on its top- and bottom-line.

By market close, shares had added 11.7% to $16.28.

For its fourth quarter ending February, the office furniture supplier recorded net income of 18 cents a share, a penny higher than analysts surveyed by Thomson Reuters anticipated.

Revenue of $779.4 million came in 8% higher year over year and beat estimates by $5.63 million.

For its first quarter ending May, Steelcase expects revenue between $715 and $740 million, reflecting organic revenue growth of 7% to 11% year on year. Analysts had forecast sales of $709.53 million.

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TheStreet Ratings team rates STEELCASE INC as a Buy with a ratings score of B+. The team has this to say about their recommendation:

"We rate STEELCASE INC (SCS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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