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May 27, 2022
Steelcase Q1 2023 Earnings Report
Reported first quarter results with revenue growth driven by a strong beginning backlog and pricing benefits.
Key Takeaways
Steelcase reported first quarter revenue of $740.7 million, a net loss of $11.4 million, or $0.10 per share, and an adjusted loss per share of $0.05. The revenue growth across all segments was driven by a strong beginning backlog and pricing benefits, as well as broad-based order growth in the Americas and EMEA.
Revenue increased by 33 percent due to stronger incoming orders and improved order fulfillment.
Americas order growth has outpaced the industry for the last eight months.
EMEA segment has delivered strong growth for the past five quarters.
Gross margin decreased by 190 basis points compared to the prior year, primarily due to higher inflation.
Forward Guidance
The company expects second quarter fiscal 2023 revenue to be in the range of $875 to $900 million and earnings per share of between $0.06 to $0.10 for the second quarter of fiscal 2023 and adjusted earnings per share of between $0.11 to $0.15.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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