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Steelcase, Inc. - SCS STOCK NEWS

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.

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Steelcase reported first quarter revenue of $556.6 million, a 15% increase year-over-year, while achieving a net loss of $28.1 million or $0.24 per share. Orders grew 11% compared to last year and 25% over the prior quarter, indicating strong momentum as companies return to office settings. The outlook for the second quarter anticipates revenue between $750 million to $780 million and earnings per share of $0.25 to $0.30. Additionally, the quarterly dividend was restored to $0.145 per share, signaling confidence in recovery.

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Steelcase Inc. (NYSE: SCS) will host a webcast discussing its Q1 fiscal 2022 financial results on June 24, 2021, at 8:30 a.m. ET. The webcast will be accessible through their investor relations website, and a replay will be available post-call. Prior to this, detailed financial results will be released on June 23, 2021, after market close.

Additionally, the company will conduct its Annual Meeting of Shareholders via a live webcast on July 14, 2021, starting at 11:00 a.m. ET. The webcast link will be provided on the Steelcase website.

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Sara Armbruster will take over as President and CEO of Steelcase Inc. (SCS) effective October 4, 2021, succeeding Jim Keane, who retires after 25 years with the company. Keane will continue as Vice Chair until his retirement on January 7, 2022. Armbruster has been with Steelcase since 2007, leading various divisions and corporate strategy. She is recognized for her leadership and strategic expertise. The CEO transition has been planned for two years, ensuring a smooth handover at a pivotal time for the company.

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Steelcase reported fourth quarter revenue of $677.1 million and net income of $6.6 million or $0.06 EPS, substantially down from $946.2 million and $66.5 million in the prior year. The 28% revenue decline reflects ongoing challenges from the COVID-19 pandemic, with particular impacts noted in the Americas, EMEA, and Other segments. The company has projected first quarter fiscal 2022 revenue between $540 million and $570 million, anticipating 5-11% organic growth due to increased vaccination rates and an expected return to office. Operating expenses were reduced significantly, down by $52.5 million.

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Steelcase Inc. (NYSE: SCS) will host a webcast on March 24, 2021, at 8:30 a.m. ET to discuss its fourth quarter and fiscal year 2021 financial results. A news release detailing these results will be published on March 23, 2021, after market close. Steelcase, with over 108 years of experience, reported fiscal 2020 revenue of $3.7 billion and serves leading organizations globally through a diverse portfolio of brands and products.

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The Steelcase Foundation announced that Daniel Williams, EdD, will be its new president starting February 22, 2021. Williams, previously President and CEO of the West Michigan Center for Arts and Technology, brings extensive experience in urban education and workforce development. The Foundation focuses on empowering individuals through quality education and community support. With over $5 million in grants last fiscal year, it aims for systemic change. Williams emphasized the importance of listening to communities and addressing structural inequities to foster an inclusive environment.

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Steelcase reported Q3 2021 revenue of $617.5 million, a 35% decline year-over-year, with net income of $2.1 million or $0.02 per share. Adjusted earnings excluding restructuring costs were $0.08 per share. Revenue was negatively impacted by a $60 million revenue delay due to a cyberattack and a decline in orders across all segments, dropping 39% overall. Despite operating loss in EMEA and the Other category, liquidity remains strong at $652 million. The company expects Q4 revenue around $650 million, a decline of 28% compared to last year.

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FAQ

What is the current stock price of Steelcase (SCS)?

The current stock price of Steelcase (SCS) is $11.97 as of December 28, 2024.

What is the market cap of Steelcase (SCS)?

The market cap of Steelcase (SCS) is approximately 1.4B.

What does Steelcase, Inc. do?

Steelcase designs and manufactures furniture and architectural products to create better workplaces in business, healthcare, and education sectors.

Where is Steelcase headquartered?

Steelcase is headquartered in Grand Rapids, Michigan, USA.

What are Steelcase's primary business segments?

Steelcase operates primarily in two segments: the Americas and International.

What recent innovations has Steelcase introduced?

Steelcase recently introduced Ocular View, an extended reality experience for enhanced virtual meetings, developed in collaboration with Logitech.

How is Steelcase performing financially?

In fiscal year 2024, Steelcase reported revenue of $3.2 billion and a significant improvement in net income compared to the previous year.

What recognitions has Steelcase received?

Steelcase received an EcoVadis Gold rating and was named one of the World's Most Admired Companies by Fortune, among other accolades.

What is Steelcase's approach to sustainability?

Steelcase is committed to sustainability, achieving carbon neutrality and offering products with CarbonNeutral® certification.

How does Steelcase sell its products?

Steelcase markets its products through a network of dealers and direct online and retail channels.

What is Steelcase's current dividend policy?

Steelcase's Board of Directors has declared a quarterly cash dividend of $0.10 per share.

Where can I find more information about Steelcase?

For more information, visit Steelcase's official website at https://www.steelcase.com.

Steelcase, Inc.

NYSE:SCS

SCS Rankings

SCS Stock Data

1.36B
82.13M
12.58%
96.08%
1.38%
Furnishings, Fixtures & Appliances
Office Furniture (no Wood)
Link
United States of America
GRAND RAPIDS