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Nov 30, 2023
Steelcase Q3 2024 Earnings Report
Reported third quarter revenue of $777.9 million with net income of $30.8 million.
Key Takeaways
Steelcase reported a decrease in revenue but an increase in net income and adjusted earnings per share compared to the prior year. Order growth was strong in the Americas, driven by large corporate customers.
Revenue decreased by 6 percent compared to the prior year, with declines in both the Americas and International segments.
Orders grew by 15 percent compared to the prior year, driven by strong growth in the Americas and Asia Pacific.
Operating income increased by $23.3 million compared to the prior year, and adjusted operating income increased by $12.4 million.
Gross margin increased by 360 basis points compared to the prior year, driven by higher pricing benefits and operational improvements.
Forward Guidance
The company expects fourth quarter fiscal 2024 revenue to be in the range of $765 to $790 million, with earnings per share of between $0.16 to $0.20 and adjusted earnings per share of between $0.19 to $0.23.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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