Welcome to our dedicated page for Steelcase news (Ticker: SCS), a resource for investors and traders seeking the latest updates and insights on Steelcase stock.
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 reported Q4 2023 revenue of $801.7 million, up 6% year-over-year, with a net income of $15.7 million compared to a net loss of $2.2 million a year earlier. The operating margin improved by 330 basis points, driven by a 370 basis point increase in gross margin to 29.8%. Orders declined 8% year-over-year but improved from 17% decline in Q3. For fiscal 2023, revenue grew 17% to $3.2 billion. The outlook for Q1 FY2024 anticipates revenue between $710 million and $735 million, reflecting a decline of 1% to 4%. The company aims for adjusted EPS of $0.55 to $0.75 for FY2024.
Steelcase Inc. (NYSE: SCS) will host a webcast on March 23, 2023, at 8:30 a.m. ET to discuss its fourth quarter and fiscal year 2023 financial results. A detailed news release with the financial results will be shared on March 22, 2023, after market close. Established in 1912, Steelcase is a leader in workplace design, generating fiscal year 2022 revenue of $2.8 billion. It operates globally with over 11,000 employees and a network of dealers across more than 800 locations, focusing on improving work environments for various sectors including education and health.
Steelcase Inc. (SCS) reported third quarter revenue of $826.9 million, up 12% year-over-year, with net income of $11.4 million or $0.10 per share. Adjusted EPS rose to $0.20 from $0.11 a year ago. The gross margin improved by 120 basis points to 28.8%, driven by price increases and cost management. Despite a 16% decline in organic orders, the backlog remains strong at $854 million. The company expects fourth quarter revenue between $740 and $765 million, with projected EPS of $0.05 to $0.09 amidst macroeconomic challenges.
Steelcase Inc. (NYSE: SCS) will host a webcast to discuss its third quarter fiscal year 2023 financial results on December 20, 2022, at 8:30 a.m. ET. Interested parties can access the webcast through Steelcase's investor relations page. The financial results will be released on December 19, 2022, after market close. Steelcase, established in 1912, reported $2.8 billion in revenue for fiscal year 2022, employing over 11,000 individuals worldwide.
Steelcase (NYSE: SCS) appointed Sanjay Gupta to its board of directors on October 20, 2022. Gupta, currently the chief marketing officer and chief digital officer at Guaranteed Rate, brings over two decades of experience in the financial services sector, having served at notable firms such as Bank of America and Allstate. The board aims to enhance its expertise and diversity, and Gupta's skills in digital marketing and brand development are expected to provide significant value to the company. Steelcase reported a fiscal 2022 revenue of $2.8 billion.
Steelcase has reported a 19% revenue growth to $863.3 million for Q2 2023, driven by a strong backlog and pricing benefits. The net income for the quarter stands at $19.6 million, or $0.17 per share, down from $24.7 million and $0.21 per share in Q2 2022. Despite inflationary pressures, gross margin improved by 60 basis points. However, the company has announced planned spending reductions and a lower quarterly dividend of $0.10 due to uncertain demand. The projected revenue for Q3 2023 is between $825 and $850 million.
Steelcase will host a webcast to discuss its Q2 fiscal year 2023 financial results on September 22, 2022, at 8:30 a.m. ET. Interested attendees can access the link at ir.steelcase.com. A replay will be available post-call. The financial results will be released a day earlier on September 21, 2022, after market close. Steelcase is a recognized leader in workplace solutions, reporting a revenue of $2.8 billion for fiscal 2022.
Steelcase Inc. (SCS) reported Q1 2023 revenue of $740.7 million, a 33% increase from $556.6 million in Q1 2022. Despite this growth, the company faced a net loss of $11.4 million or $0.10 per share. The Americas segment saw revenue growth of 38%, while EMEA grew by 27%. Challenges included significant inflation impacting margins, with a gross margin of 25.9%, down 190 basis points. Steelcase anticipates Q2 2023 revenue between $875 million and $900 million, indicating a growth rate of 21% to 24% year-over-year.
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