NEW YORK (TheStreet) -- Steelcase (SCS) shares are down 4.05% to $17.19 in early market trading on Tuesday, continuing the decline the stock experienced following the release of its third quarter earnings results after the closing bell yesterday.
The office furnishing company reported third quarter earnings of 29 cents per diluted share on an adjusted basis, which beat analysts expectations by three cents. The company also reported a 2% increase in revenue to $800 million which fell short of analysts' $826.1 million expectations for the period.
The company also provided fourth quarter earnings guidance between 19 cents and 23 cents per diluted share on revenue between $760 million and $785 million. Analysts are expecting the company to earn 22 cents per diluted share on revenue 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."