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May 26, 2023
Steelcase Q1 2024 Earnings Report
Reported first quarter revenue and earnings, exceeding expectations in the Americas due to faster order fulfillment and favorable pricing.
Key Takeaways
Steelcase reported Q1 revenue of $751.9 million, net income of $1.5 million ($0.01 per share), and adjusted earnings per share of $0.09. Revenue increased by 2% compared to the previous year, with growth in the Americas offset by a decline in International.
Revenue increased 2 percent compared to the prior year and was flat on an organic basis.
Operating income increased by $19.9 million compared to the prior year.
Gross margin increased by 530 basis points compared to the prior year.
The company expects second quarter fiscal 2024 revenue to be in the range of $815 to $840 million.
Forward Guidance
The company expects second quarter fiscal 2024 revenue to be in the range of $815 to $840 million and earnings per share of between $0.13 to $0.17 and adjusted earnings per share of between $0.19 to $0.23.
Positive Outlook
- The company expects to be ahead of pace on achieving our fiscal 2024 financial targets in part due to better than expected results from our large corporate customers.
Challenges Ahead
- The projected revenue range translates to a decline of 3 to 6 percent, including on an organic basis, compared to the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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