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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Steelcase (NYSE: SCS ) jumped 12% today, after reporting earnings that beat expectations.
So what: Third quarter revenue was $719.4 million, which was in-line with expectations, and earnings per share of $0.22, which was a penny ahead of estimates. The results were driven by 3% organic revenue growth in the Americas.
Now what: Fourth quarter revenue and earnings guidance was also in-line with expectations, but management's optimism played a big role in the pop today. Management is very bullish on growth in the Americas, and improved GDP numbers for the third quarter came out today bolstering that thought. I'd like to see more growth before paying up for this stock; but, if the company can meet its earnings expectations for next year, the forward P/E is only 13 and, even with modest growth, that would be a good deal for investors.
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