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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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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