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Steelcase, Inc. (NYSE: SCS) is a leading global design and thought leader in the world of work, established in 1912 and headquartered in Grand Rapids, Michigan. The company's transformative vision helps enhance workplaces, creating environments where employees can excel. Steelcase designs and manufactures a broad portfolio of furniture and architectural products, including brands such as Steelcase, AMQ, Coalesse, and Designtex, aimed at elevating the work experience in business, healthcare, and education sectors.
Steelcase's products and services are marketed through a robust network of dealers, as well as through direct online and retail channels. The company operates primarily in two segments: the Americas, which is its largest revenue generator, and the International segment, which covers markets outside of North America.
Recent achievements reinforce Steelcase's leadership in the industry. In fiscal year 2024, the company reported revenue of $3.2 billion, highlighting its steady growth and resilience. Steelcase's innovative spirit was demonstrated with the launch of Ocular View, an extended reality experience developed in collaboration with Logitech, designed to enhance virtual meetings by creating more personal connections. Another notable milestone is the company's continued focus on sustainability, evidenced by its eco-friendly initiatives like achieving carbon neutrality and offering products with CarbonNeutral® certification.
Financially, Steelcase has shown remarkable improvement. For the third quarter of fiscal 2024, the company reported revenue of $777.9 million and a net income of $30.8 million, a significant increase from the previous year's $11.4 million. The company's liquidity stood strong at $424.6 million, up by $110.1 million from the prior quarter. The Board of Directors declared a quarterly cash dividend of $0.10 per share, showcasing confidence in the company's financial health.
Steelcase is recognized for its contributions to the industry and society, receiving accolades such as an EcoVadis Gold rating and being named one of the World's Most Admired Companies by Fortune. These recognitions underscore Steelcase's commitment to creating better futures for people and the planet, aligning with its core values of integrity, inclusion, and community support.
For more insights and updates, visit Steelcase.com.
Steelcase (NYSE: SCS) reported Q3 FY2025 results with revenue of $794.9 million, up 2% year-over-year, and net income of $19.1 million ($0.16 per share). Adjusted earnings per share reached $0.30, compared to $0.29 in the prior year.
The Americas segment showed strong performance with 5% revenue growth and 2% order growth, while International segment declined 6% in revenue and 8% in orders. Gross margin improved by 100 basis points to 33.4%. Total liquidity strengthened by $152 million to $576.6 million.
For Q4 FY2025, the company expects revenue between $770-795 million and adjusted earnings per share of $0.20-0.24. The backlog at quarter-end was $664 million, 5% lower than the prior year, though early Q4 orders showed 15% growth.
Steelcase (NYSE: SCS) has announced it will host a webcast to discuss its third quarter fiscal year 2025 financial results. The webcast is scheduled for December 19, 2024, at 8:30 a.m. ET. The company will release its detailed financial results after market close on December 18, 2024. The webcast will be accessible through the investor relations website, and a replay will be available after the event.
Steelcase (NYSE: SCS) has released its 2024 Impact Report, 'Our Work Toward Better Futures', highlighting the company's commitment to improving the wellbeing of people and the planet. The report outlines Steelcase's new goal to achieve net-zero carbon emissions by 2050 and its progress in building community and belonging in the workplace.
Key achievements include:
- Hosting the first annual 'Better Is Possible' Design Challenge in 11 cities worldwide
- Contributing over $9.9M in charitable giving
- Volunteering more than 62,270 hours since 2021
- Expanding employee Business Inclusion Groups to 12
- Reducing carbon emissions in operations by 30% over four years
- Partnering with suppliers to set science-based carbon reduction targets
- Expanding CarbonNeutral® product certification
- Averaging 40% recycled content in Steelcase® brand product packaging
Steelcase has been recognized as one of America's 50 Most Community-Minded Companies and a Best Employer for Diversity.
Steelcase (NYSE: SCS) reported its Q2 FY2025 results with revenue at $855.8 million, up slightly from $854.6 million last year. Net income rose to $63.1 million ($0.53 per share) from $27.5 million ($0.23 per share). Adjusted EPS increased to $0.39 from $0.31. The company's gross margin improved by 130 basis points to 34.5%.
Sequentially, operating income increased by $49 million, adjusted operating income by $15 million, and total liquidity strengthened by $193 million. The Americas saw 3% order growth, while international orders declined by 11% due to weakness in China.
For Q3, Steelcase projects a 1-4% revenue growth and EPS between $0.18 and $0.22. The fiscal 2025 target for adjusted EPS remains $0.85 to $1.00. The company declared a dividend of $0.10 per share, payable on October 15, 2024.
Steelcase Inc. (NYSE: SCS) has announced plans to webcast a discussion of its second quarter fiscal year 2025 financial results on Thursday, September 19, 2024 at 8:30 a.m. ET. The company will release its financial results the previous day, September 18, 2024, after the market closes. Investors and interested parties can access the webcast through a link available on the company's investor relations website at http://ir.steelcase.com. A replay of the webcast will be made available shortly after the call concludes, allowing those unable to attend the live discussion to review the information at their convenience.
Steelcase (NYSE: SCS) and the Frank Lloyd Wright Foundation have launched the Frank Lloyd Wright Rockford and Galesburg Collections, expanding their collaboration. These collections reintroduce and reinterpret Wright's mid-century Usonian designs for modern home and workplace furniture. The Rockford Collection, inspired by the Laurent house, features a rail-backed lounge chair and companion pieces designed for accessibility. The Galesburg Collection, inspired by built-in banquettes from Usonian homes, includes a sofa, sectional, and lounge chair with Wright's signature linear detailing.
This launch follows the successful introduction of the Frank Lloyd Wright Racine Collection in early 2023. All three collections are now available for purchase in North America at Steelcase.com/FrankLloydWright, furthering Wright's vision of making great design accessible to everyone.
Steelcase (NYSE: SCS) will be presenting at the Noble Capital Markets’ Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference on June 26, 2024. The presentation, featuring Dave Sylvester, Senior Vice President and CFO, and Michael O’Meara, Director of Investor Relations and Financial Planning & Analysis, is scheduled for 3:00 p.m. ET. The event includes 1x1 meetings available for registered, qualified investor attendees. Interested parties can register for the live webcast at no cost. Presentation materials will be accessible on both Steelcase’s investor relations website (ir.steelcase.com) and Channelchek (www.channelchek.com).
Steelcase Inc. (NYSE: SCS) reported Q1 fiscal 2025 revenue of $727.3 million, a 3% decline from the prior year, and net income of $10.9 million, up from $1.5 million. Adjusted EPS was $0.16, compared to $0.09 last year. Orders grew by 8%, with a 10% increase in the Americas segment. Operating income rose by $10 million, driven by international improvements. The company projects Q2 fiscal 2025 revenue between $850-875 million and EPS between $0.33-0.37. Key factors include a 180 basis point increase in gross margin, $6.3 million in restructuring costs, and a $18.7 million share repurchase. The Board declared a $0.10 per share dividend. Steelcase’s total liquidity stands at $377.8 million, with total debt at $446.5 million.
Steelcase (NYSE: SCS) will webcast a discussion of its Q1 FY 2025 financial results on June 20, 2024, at 8:30 a.m. ET. The webcast link will be available on their investor relations site, with a replay accessible after the call. Notably, the financial results news release will now be issued before the market opens on June 20, 2024, instead of after the market closes on June 19, 2024.
Steelcase and Logitech have introduced Ocular™ View, an extended reality experience aimed at enhancing virtual meetings by providing a realistic, immersive environment. Launched initially as Project Ghost at Integrated Systems Europe 2023, Ocular View integrates Steelcase's hybrid collaboration insights with Logitech's video technology. The experience supports platforms like Microsoft Teams and Zoom, aiming to improve personal connections, well-being, and privacy in virtual settings. Ocular View is enclosed in Steelcase® Everwall® (or Orangebox® Campers & Dens™ in Europe) and features comfortable seating, soft lighting, and distraction-free design. The product is now orderable in North America and select European countries, with broader availability coming in late 2024.
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