- Steelcase (SCS -20.5%) is down sharply after missing earnings estimates yesterday and issuing soft guidance.
- The company's organic orders in North America fell 1% Y/Y during FQ3 as demand for larger projects fell back. Restructuring costs in the Europe/Middle East/Africa business also took a toll on the bottom line.
- Steelcase expects Q4 revenue of $720M to $745M vs. $772M consensus.
- Peers Knoll (KNL -8.6%), Herman Miller (MLHR -1.1%), and HNI Corp. (HNI -1.7%) are all lower after the weak sector read.