From GlobeNewswire: 2024-09-18 16:05:00

Steelcase Inc. reported strong second quarter results, with operating income increasing by $49 million compared to the prior year. Revenue was flat overall, with a 1% increase in the Americas and a 4% decrease internationally. Orders grew by 3% in the Americas and declined by 11% internationally. Third quarter outlook projects 1-4% revenue growth compared to prior year.

Operating income in the Americas segment was $102 million, representing an 11% margin for the quarter. Adjusted operating income improved by $15 million. Gross margin improved by 130 basis points to 34.5% compared to the prior year. Total liquidity increased $193 million compared to the prior year, totaling $507.1 million.

The company expects third quarter revenue to be $785 to $810 million, with projected earnings per share of $0.18 to $0.22 and adjusted earnings per share of $0.21 to $0.25. Total backlog was flat compared to the prior year, and the company anticipates achieving the higher end of its fiscal 2025 target for adjusted earnings per share of $0.85 to $1.00. Overall, adjusted earnings per share increased by nearly 40% compared to the prior year.



Read more at GlobeNewswire:: Steelcase Reports Second Quarter Fiscal 2025 Results