Shares of Steelcase Inc. (NYSE:SCS) ended Thursday session in green amid volatile trading. The shares closed up +1.65 points or 12.83% at $14.51 with 2.98 million shares getting traded. Post opening the session at $13.14, the shares hit an intraday low of $13.12 and an intraday high of $14.60 and the price vacillated in this range throughout the day. The company has a market cap of $1.73 billion and the numbers of outstanding shares have been calculated to be 87.65 million shares.
Steelcase Inc. (SCS) on Sept. 21, 2016 reported second quarter revenue of $758.0 million and net income of $38.2 million, or diluted earnings per share of $0.31. Excluding restructuring costs, adjusted earnings were $0.32 per share. In the prior year, Steelcase reported $819.0 million of revenue, diluted earnings of $0.30 per share and adjusted earnings of $0.35 per share.
Revenue declined 7 percent in the second quarter compared to the prior year, while orders declined 2 percent. The Americas posted an organic revenue decline of 7 percent, and EMEA declined organically by 10 percent, while the Other category was relatively flat. The revenue declines were primarily driven by lower levels of order backlog in the Americas and EMEA at the beginning of the quarter compared to a strong prior year. In addition, weak July orders in the Americas contributed to the decline. The organic revenue decline in the Americas was broad based and compares to 6 percent organic revenue growth in the prior year. The organic revenue decline in EMEA resulted from lower revenue in the U.K., Germany and the Middle East and compares to 17 percent organic revenue growth in EMEA in the prior year which was driven by those markets.
“July orders in the Americas were down 8 percent, which approximated the industry decline for that month, and that led to lower second quarter revenue than we expected,” said Jim Keane, president and CEO. “While the domestic economic and political environments remain uncertain, Americas orders improved in August and early September on the strength of new products, our project opportunity pipeline for the next twelve months has expanded, and we are expecting growth in the third quarter compared to the prior year. Our EMEA business also continues to improve, although Brexit and other political factors are contributing to persistent headwinds, impacting our expectations for the second half of the year.”
Shares of Colgate-Palmolive Company (NYSE:CL) ended Thursday session in green amid volatile trading. The shares closed up +0.03 points or 0.73% at $73.53 with 2.97 million shares getting traded. Post opening the session at $73.20, the shares hit an intraday low of $73.15 and an intraday high of $73.62 and the price vacillated in this range throughout the day. The company has a market cap of $66.02 billion and the numbers of outstanding shares have been calculated to be 891.49 million shares.
Colgate-Palmolive Company (CL) on July 28, 2016 reported worldwide Net sales of $3,845 million in second quarter 2016, a decrease of 5.5% versus second quarter 2015. Global unit volume decreased 3.0%, pricing increased 3.0% and foreign exchange was negative 5.5%. Excluding divested businesses and the impact of the previously disclosed deconsolidation of the Company’s Venezuelan operations, unit volume increased 1.5%. Organic sales (Net sales excluding the impact of foreign exchange, acquisitions, divestments and the deconsolidation of the Company’s Venezuelan operations) grew 4.5%.
Net income and Diluted earnings per share in second quarter 2016 were $600 million and $0.67, respectively. Net income in second quarter 2016 included $44 million ($0.05 per diluted share) of aftertax charges resulting from the Company’s Global Growth and Efficiency Program (the “2012 Restructuring Program”) and a $13 million ($0.01 per diluted share) net benefit related to a previously disclosed foreign tax matter.
Net income and Diluted earnings per share in second quarter 2015 were $574 million and $0.63, respectively. Net income in second quarter 2015 included $65 million ($0.07 per diluted share) of aftertax charges resulting from the 2012 Restructuring Program, an effective devaluation in Venezuela and a foreign tax matter.
Excluding charges resulting from the 2012 Restructuring Program in both periods, a net benefit related to a foreign tax matter in 2016 and charges related to an effective devaluation in Venezuela and a foreign tax matter in 2015, Net income in second quarter 2016 was $631 million, a decrease of 1% versus second quarter 2015, and Diluted earnings per share in second quarter 2016 was $0.70, even with second quarter 2015. Excluding these items in both periods, as applicable, and excluding Venezuela’s operating results in both periods, Diluted earnings per share increased double digit on a currency-neutral basis.