Steelcase - SCS STOCK NEWS

Steelcase (NYSE: SCS) has announced an exclusive agreement with Kontrol Technologies Corp (OTCQB: KNRLF) to introduce the Kontrol BioCloud® technology for airborne pathogen detection in workplaces across the U.S. and Canada. This partnership enables real-time monitoring of pathogens like SARS-CoV-2, aiming to enhance safety as organizations resume office operations. The BioCloud technology samples air continuously, immediately notifying employers of any detected viruses. Starting September, this innovative technology will be accessible exclusively through Steelcase's dealer network.

Steelcase announces participation in the Water Tower Research Fireside Chat Series on July 20, 2021, at 3:30 p.m. ET. David Sylvester, CFO, and Allan Smith, VP of Global Marketing, will be featured in the live webcast. Interested parties can register and access the webcast through Steelcase's Investor Relations page. A replay will be available after the event. The company reported a fiscal 2021 revenue of $2.6 billion, highlighting its role in creating productive workplaces globally.

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.

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.

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.

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.

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.