reports
Steelcase Reports Second Quarter Fiscal 2025 Results
Steelcase Reports Second Quarter Fiscal 2025 Results Strong results compared to prior year including: Operating income increased $49 millionAdjusted operating income increased $15 millionGross margin improved 130 basis pointsTotal liquidity strengthened by $193 million Americas posted order growth of 3% compared to prior yearThird quarter outlook projects 1 to 4% revenue growth compared to prior year GRAND RAPIDS, Mich., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) today reported second quarter revenue of $855.8 million, net income of $63.1 million, or $0.53 per share, a...
Steelcase to Webcast Second Quarter Fiscal 2025 Conference Call
Steelcase to Webcast Second Quarter Fiscal 2025 Conference Call GRAND RAPIDS, Mich., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its second quarter fiscal year 2025 financial results on Thursday, September 19, 2024 at 8:30 a.m. ET. A link to the webcast will be available at and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, September 18, 2024, after the market closes. About Steelcase Inc. Established in 1912, Steelcase is a globa...
Steelcase Inc: 1 director
A director at Steelcase Inc sold 75,000 shares at 13.835USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
Moody's Ratings changes Steelcase's outlook to positive; affirms Ba2 C...
Moody's Ratings (Moody's) affirmed Steelcase Inc.'s (Steelcase) ratings including the Ba2 Corporate Family Rating (CFR), Ba2-PD Probability of Default Rating (PDR), and the Ba3 rating on the company's senior unsecured notes due 2029. The company's speculative grade liquidity rating is unchanged at S...
Steelcase to Webcast Presentation at Noble Investor Conference
Steelcase to Webcast Presentation at Noble Investor Conference GRAND RAPIDS, Mich., June 25, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) announces that Dave Sylvester, Senior Vice President, Chief Financial Officer and Michael O’Meara, Director, Investor Relations and Financial Planning & Analysis, will be presenting at the Noble Capital Markets’ Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference on June 26, 2024. The presentation is scheduled for 3:00 p.m. ET and will be webcast. Scheduled 1x1 meetings are also available for registered, qu...
- Brian Gordon
- Budd Bugatch
Revising Revenue and EPS Estimates Following 1QFY25 Results; Improving...
We introduce our new revenue and earnings estimates and full financial model following Steelcase’s 1QFY25 earnings beat versus consensus and WTR estimates. Steelcase posted 1QFY25 adjusted EPS of $0.16 versus $0.09 in 1QFY24, beating consensus of $0.10 and our estimate of $0.11. 1QFY25 revenue of $727.3 million missed slightly, down 1% organically versus 1QFY24 and below our estimate of $729.6 million. Continued strong new orders and improving margins the (continuing) story. Organic orders in th...
- Brian Gordon
- Budd Bugatch
1QFY25 EPS of $0.16 Beats Consensus and WTR Estimate on Strong Margins...
SCS posted 1QFY25 EPS of $0.16 versus 1QFY24 EPS of $0.09, beating consensus of $0.10 and our estimate of $0.11 despite a Y/Y revenue decline of 3.3% (-1% on an organic basis). Total revenue of $727.3 million was slightly below our estimate of $729.6 million. Americas revenue of $554.4 million was down 1% on an organic basis, while International revenue of $172.9 million was down 2% on an organic basis. Order growth in the Americas of +10% and International +2% positive, building on the momentum...
Steelcase Reports First Quarter Fiscal 2025 Results
Steelcase Reports First Quarter Fiscal 2025 Results Orders grew 8% compared to prior year with 10% growth in the AmericasOperating income improved by $10 million compared to prior year driven by InternationalStrong second quarter outlook driven by education and large corporate customersFirst half outlook reflects pace towards higher end of full year income targets GRAND RAPIDS, Mich., June 20, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) today reported first quarter revenue of $727.3 million, net income of $10.9 million, or $0.09 per share, and adjusted earnings per share of $0.16...
Steelcase to Webcast First Quarter Fiscal 2025 Conference Call - Updat...
Steelcase to Webcast First Quarter Fiscal 2025 Conference Call - Update GRAND RAPIDS, Mich., June 17, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its first quarter fiscal year 2025 financial results on Thursday, June 20, 2024 at 8:30 a.m. ET. A link to the webcast will be available at and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued before the market opens on June 20, 2024, which is a change from the previously announced date of after the market closes on Ju...
Steelcase to Webcast First Quarter Fiscal 2025 Conference Call
Steelcase to Webcast First Quarter Fiscal 2025 Conference Call GRAND RAPIDS, Mich., May 30, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its first quarter fiscal year 2025 financial results on Thursday, June 20, 2024 at 8:30 a.m. ET. A link to the webcast will be available at and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, June 19, 2024, after the market closes. Steelcase Inc. will hold its Annual Meeting of Shareholders on Wednesday, Jul...
- Budd Bugatch
- Rex Henderson
Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow
We are publishing new estimates for our Steelcase economic model after its solid 4QFY24 earnings. Adjusted EPS of $0.23 beat our estimate as well as consensus. Revenue of $775.2 million modestly missed estimates. 1QFY25: We tweaked our non-GAAP (adjusted) EPS estimate to $0.11 ($0.10 previously). Our $730 million revenue estimate ($745 million previously) is bracketed by guidance of $715-740 million. First-quarter revenue will be dampened by a low beginning backlog. FY25: Full-year diluted non-G...
- Budd Bugatch
- Rex Henderson
4Q Results; Guidance Roughly In Line; Americas Orders Show Strength
After the close Wednesday, Steelcase reported 4QFY24 non-GAAP adjusted EPS of $0.23, ahead of our $0.22 estimate and consensus of $0.21. 4QFY24 global revenue was $775 million, modestly missing our estimate by ~$9 million. FY24 non-GAAP adjusted EPS was $0.93, up from $0.56 in FY23, and revenue was $3.16 billion, down 2.6%. Guidance in line with published estimates. Management expects adjusted EPS of $0.08-0.12 in 1QFY25 and $0.85-1.00 in FY25. Pre-report consensus estimates were $0.10 and $0.93...
Steelcase Reports Fourth Quarter and Fiscal 2024 Results
Steelcase Reports Fourth Quarter and Fiscal 2024 Results Fourth quarter results Orders grew 4% compared to prior year driven by 8% growth in the Americas Gross margin improved 140 basis points compared to prior yearEarnings per share increased 38% compared to prior year Fiscal 2024 results Gross margin improved 360 basis points compared to fiscal 2023Earnings per share increased 127% compared to fiscal 2023Total liquidity strengthened by $238 million during fiscal 2024 Company provides financial targets for fiscal 2025 GRAND RAPIDS, Mic...
Steelcase to Webcast Fourth Quarter and Fiscal 2024 Conference Call
Steelcase to Webcast Fourth Quarter and Fiscal 2024 Conference Call GRAND RAPIDS, Mich., Feb. 29, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its fourth quarter and fiscal year 2024 financial results on Thursday, March 21, 2024 at 8:30 a.m. ET. A link to the webcast will be available at and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, March 20, 2024, after the market closes. About Steelcase Inc. Established in 1912, Steelcase is a globa...
- Budd Bugatch
- Rex Henderson
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...
- Budd Bugatch
- Rex Henderson
Tweaking Estimates: Margins Improve, Sales Moderate
This note revises our estimates for Steelcase following its 3QFY24 earnings call. In short, for 4QFY24, we up our margin assumption, moderate our revenue assumption slightly, and shave our adjusted EPS estimate by $0.01. Steelcase reported strong margins and steady orders in the 3QFY24 on Tuesday evening. Adjusted EPS came in at $0.30, or about $0.05 ahead of our estimate. Results were helped by an asset sale and the reversal of an accrued earn-out. The asset sale had been anticipated in guidanc...
- Budd Bugatch
- Rex Henderson
3QFY24 Earnings: Margins Drive EPS Upside
After Tuesday’s close, Steelcase reported 3QFY24 adjusted EPS of $0.30, ahead of our $0.25 estimate and consensus of $0.23. Revenue came in lighter than expected at $778 million versus our $804 million estimate and consensus of $796 million. Steelcase delivered another quarter of gross margin improvement at 32.4%, up 370 bps versus 3QFY23, and 46 bps above our estimate. Operating expenses were $12.3 million lower, ~70 bps, which was better than we modeled. Both segments showed SG&A efficiencies....
Steelcase Reports Third Quarter Fiscal 2024 Results
Steelcase Reports Third Quarter Fiscal 2024 Results Orders grew 15% compared to prior year and improved modestly on a sequential basis Gross margin improved 360 basis points compared to prior yearInternational generated operating income of $6.6 millionTotal liquidity strengthened by $110 million during the third quarter GRAND RAPIDS, Mich., Dec. 19, 2023 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) today reported third quarter revenue of $777.9 million, net income of $30.8 million, or $0.26 per share, and adjusted earnings per share of $0.30. In the prior year, Steelcase reported reven...
- Budd Bugatch
- Rex Henderson
Earnings After Close Today; Watching Margins, Order Trends
Steelcase reports 3QFY24 results after market close today. We are expecting adjusted EPS of $0.25 on revenue of $804 million. Consensus is EPS of $0.23 on revenue of $796 million. Our estimate is at the high end of the revenue guidance and the midpoint of adjusted EPS guidance. EPS estimates range from a low of $0.17 to a high of $0.25 (WTR), compared with guidance of $0.23-0.27. We will be watching two key metrics: Orders Rates: Management noted that orders trended positively during the first t...
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