NEW YORK (TheStreet) -- Shares of Steelcase (SCS - Get Report) were falling 7.7% to $16.55 after-hours Monday after the office furniture maker missed analysts' estimates for revenue in the fiscal third quarter.
Steelcase reported earnings of 9 cents a share for the third quarter, or 29 cents when adjusted for restructuring costs. Revenue grew 1.9% year over year to $800 million for the quarter, below the $826 million analysts surveyed by FactSet expected for the quarter.
The company said it expects earnings of 19 cents to 23 cents a share for the fiscal fourth quarter, compared to analysts' estimates of 20 cents a share. Steelcase expects revenue of $760 million to $785 million for the fourth quarter, compared to analysts' estimates of $772 million.
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TheStreet Ratings team rates STEELCASE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate STEELCASE INC (SCS) a BUY. This is driven by several positive factors, 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 increase in stock price during the past year, growth in earnings per share, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."
You can view the full analysis from the report here: SCS Ratings Report