=====Steelcase (SCS) reported earnings on Wed 22 June 2016 (a/h)

Steelcase beats by $0.02, beats on revs; guides Q2 EPS below consensus  :

• Reports Q1 (May) earnings of $0.18 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.16; revenues rose 1.9% year/year to $718.8 mln vs the $700.1 mln two analyst estimate.
  • Co issues downside guidance for Q2, sees EPS of $0.29-0.33, excluding non-recurring items, vs. $0.37 Capital IQ Consensus Estimate.
  • This estimate includes an anticipated significant year-over-year improvement in EMEA cost of sales as a percentage of revenue, primarily due to the expected elimination of disruption costs and inefficiencies associated with manufacturing footprint changes in EMEA. Steelcase reported diluted earnings per share of $0.30 and adjusted earnings per share of $0.35 in the second quarter of fiscal 2016