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Feb 23, 2024
Steelcase Q4 2024 Earnings Report
Reported fourth quarter results with revenue of $775.2 million and EPS of $0.18.
Key Takeaways
Steelcase reported Q4 revenue of $775.2 million, net income of $21.3 million, and EPS of $0.18. Adjusted EPS was $0.23. Revenue decreased 3% compared to the prior year, while orders grew 4% adjusted for divestitures and currency translation.
Revenue decreased by 3% year-over-year, with a 2% decline in the Americas and a 6% decline internationally.
Orders grew by 4% year-over-year, with an 8% increase in the Americas and a 6% decrease internationally.
Gross margin increased by 140 basis points to 31.2%, driven by higher pricing benefits and operational improvements.
Total liquidity increased by $60.9 million from the end of the third quarter, reaching $485.5 million.
Steelcase
Steelcase
Steelcase Revenue by Segment
Steelcase Revenue by Geographic Location
Revenue by Segment
Americas Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.com Forward Guidance
The company expects first quarter fiscal 2025 revenue to be in the range of $715 to $740 million and earnings per share of between $0.05 to $0.09 for the first quarter of fiscal 2025 and adjusted earnings per share of between $0.08 to $0.12.
Positive Outlook
- Targeting mid-single digit order growth in fiscal 2025.
- Executing strategies to lead the workplace transformation.
- Diversifying the customer and market segments.
- Progress made in fiscal 2024 to improve profitability.
- Momentum seen with large corporate customers.
Challenges Ahead
- Backlog of customer orders was approximately 8% lower than the prior year.
- First quarter fiscal 2025 revenue is expected to decline of 2 to 5 percent compared to the prior year.
- The company expects to report earnings per share of between $0.05 to $0.09 for the first quarter of fiscal 2025
- The company expects to report adjusted earnings per share of between $0.08 to $0.12 for the first quarter of fiscal 2025.
- The first quarter estimates include: