Re-examining Estimates Ahead of Earnings Report in March
Steelcase is expected to report 4QFY24, ended February 23, in mid- to late March. We expect EPS of $0.22 on sales of $784 million. FactSet consensus is $0.21 on sales of $780 million. Our focus in the coming quarter will be on margin and efficiencies. End demand in the sector is challenging and we don’t expect any change. In 3Q, Steelcase won new orders and we will be watching if that carries through to 4Q and beyond. Ahead of the report and in anticipation of guidance, we are adjusting our FY25 quarterly estimates. Our full-year EPS estimate is down slightly to $0.97 from $1.00. The quarterly sequence of revenue and earnings is adjusted to reflect a seasonal pattern. The most noticeable change is a lower sales and EPS estimate in 1Q and higher sales and earnings in 2Q.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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