reports
- 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...
Steelcase Inc: 2 directors
Two Directors at Steelcase Inc sold 88,800 shares at between 13.832USD and 13.872USD. 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 la...
- 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...
Steelcase to Webcast Third Quarter Fiscal 2024 Conference Call
Steelcase to Webcast Third Quarter Fiscal 2024 Conference Call GRAND RAPIDS, Mich., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its third quarter fiscal year 2024 financial results on Wednesday, December 20, 2023 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, December 19, 2023, after the market closes. About Steelcase Inc. Established in 1912, Steelcase is a global d...
Steelcase Research Finds Leaders' Priorities Shift
Steelcase Research Finds Leaders' Priorities Shift Leaders say employee wellbeing, sustainability and diversity, equity and inclusion are more important this year. Steelcase additionally releases 2023 Impact Report and expands CarbonNeutral® product portfolio. GRAND RAPIDS, Mich., Oct. 24, 2023 (GLOBE NEWSWIRE) -- To help organizations achieve their sustainability and social responsibility goals, Steelcase, a global design and thought leader in the world of work, today publishes new research that found global business leaders' priorities for people and the planet are growing. The compan...
Moody's changes Steelcase's outlook to stable; affirms Ba2 CFR
Moody's Investors Service (Moody's) affirmed Steelcase Inc.'s (Steelcase) ratings including the Corporate Family Rating (CFR) at Ba2, Probability of Default Rating (PDR) at Ba2-PD, and the Ba3 rating on the company's senior unsecured notes due 2029. The company's Speculative Grade Liquidity Rating c...
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
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- Budd Bugatch
- Rex Henderson
Early 3Q Order Flow Rebounding; Raising Estimates
We are raising our estimates following an upbeat conference call and follow-up with SCS management. Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance. Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance. The most valuable information tidbit from the call was the order pace through the first three weeks of 3QFY24, up 18% Y/Y. CFO David Sylvester noted that, though diff...
- Budd Bugatch
- Rex Henderson
2QFY24 Beats on Strong Deliveries; Order Trends Still Pressured
Post Tuesday’s close, Steelcase reported 2QFY24 adjusted EPS of $0.31 and revenue of $855 million, both better than consensus of $0.20 and $829 million. Deliveries accelerated as supply chain constraints abated. Pricing and margin improvements gained traction, aiding sales and buoying gross margin to 33.2%, up 411 bps versus 2QFY23 and 195 bps above our estimate, which we felt was aggressive. Steelcase delivered a 6.2% 2QFY24 adjusted operating margin, ~+2% Y/Y and 170 bps above our estimate. Am...
Steelcase Reports Second Quarter Fiscal 2024 Results
Steelcase Reports Second Quarter Fiscal 2024 Results Earnings per share increased 35% compared to the prior year driven by strong improvement in gross marginTotal liquidity strengthened by $115 million during the second quarterOutlook projects full year adjusted EPS of $0.80 to $0.90, significantly above fiscal 2024 target GRAND RAPIDS, Mich., Sept. 19, 2023 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) today reported second quarter revenue of $854.6 million, net income of $27.5 million, or $0.23 per share, and adjusted earnings per share of $0.31. In the prior year, Steelcase reported ...
- Budd Bugatch
- Rex Henderson
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. 1Q...
Steelcase to Webcast Second Quarter Fiscal 2024 Conference Call
Steelcase to Webcast Second Quarter Fiscal 2024 Conference Call GRAND RAPIDS, Mich., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its second quarter fiscal year 2024 financial results on Wednesday, September 20, 2023 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 19, 2023, after the market closes. About Steelcase Inc. Established in 1912, Steelcase is a glob...
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