Preview: 2QFY24 Expected to Improve Sequentially
Steelcase reports 2QFY24 after market close on Tuesday, September 19, with its earnings conference call on Wednesday, September 20 at 8:30 am ET. We expect 2Q24 EPS of $0.20 (also consensus) on revenue of $827.8 million (consensus of $829 million). Our EPS estimate is a penny lower than last year on lower revenue. Following 1Q24 results, we shaved our 2Q24 revenue estimates by ~$20 million, but with evidence of better execution on gross margin, our earnings estimate ticked down by only $0.01. 1Q24 results beat on strong gross margin. Management averred that orders were moving higher from a low in late FY23. In the 2Q24 report and results, we will be looking for confirmation that the trough in the Commercial/Contract furniture space is in the rearview mirror. We are confident that Steelcase will continue to show improving execution on the margin line. Our estimate calls for a 3.5% GAAP operating margin versus 1% in 1Q and 3.2% a year ago.Steelcase provides furniture settings, user-centered technologies and interior architectural products. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage, fixed and height-adjustable desks, benches and tables and complementary products. The company's seating products include task chairs and seating for specific vertical markets. The company's technology solutions support group collaboration by integrating furniture and technology. The company's interior architectural products include full and partial height walls and architectural pods. The company also provides services, including workplace strategy consulting, data-driven space measurement, and lease origination services.
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