Boston, MA 03/27/2014 (wallstreetpr) – Steelcase Inc. (NYSE:SCS): After successfully cracking the Americas market, the focus of the management at Steelcase, led by the new CEO, is to turnaround operations in Europe, Middle East and Africa, otherwise known as EMEA region. The CEO Jim Keane observed that as efficiency has helped them put the Americas market on solid grounds, they hope the same strategy will be able to boost business in EMEA, where their competitors are at loss on how to handle the new era in the markets. The company announced sales in Americas jumped 13.3 percent, but EMEA sales faltered 13 percent. The strong performance in the Americas was able to offset the EMEA challenge. Thus, earnings came in at 18 cents per share, above 17 cents which analysts estimated. Revenue also exceeded expectations at $779.4 million against $773.8 million. The company is looking to realize EPS in the range of 14 – 17 cents in the current quarter, above projected 16 cents. And on revenue front, Steelcase Inc. (NYSE:SCS) hopes to generate it in the range of $715 – $740 million, above consensus $699.8 million in the current quarter. Shares jumped settle at $16.28, up 11.66 percent during Wednesday trading.
China XD Plastics Co Ltd (NASDAQ:CXDC) was able to turn solid fourth quarter results due to the company’s efforts to focus on market-gaining strategies, the CEO Jie Han said at the release of the results. The company hopes that its market approach strategy looks strong enough to keep it generating top level revenue and earnings. The company reported fourth quarter revenue of $384.6 million, significantly up more than 128 percent compared to the fourth quarter of 2012. Net income in the quarter was $57.5 million, a big jump from $17.3 million realized in the fourth quarter of 2012. Shares of China XD Plastics Co Ltd (NASDAQ:CXDC) closed at $5.74, up 17.62 percent Wednesday.
Solid earnings, upbeat guidance and increase in quarterly dividend helped watchmaker Movado Group, Inc (NYSE:MOV) to jump significantly during trading Wednesday. Shares of the company closed at $46.31, up 10.18 percent, earlier on the shares escalated higher to $48.27, a few cents shy of the 52-week high. The company boosted its dividend payout by 25 percent and announced that its fiscal 2015 earnings will top analyst expectation at $2.44 against $2.37.
