From GlobeNewswire: 2024-12-18 16:05:00

Steelcase Inc. reported strong third-quarter results, with a 2% revenue growth compared to the prior year, driven by a 5% growth in the Americas. Gross margin improved by 100 basis points, and total liquidity strengthened by $152 million. The company’s outlook for fiscal 2025 adjusted earnings per share exceeds targets. Orders in the Americas grew by 2% compared to the prior year.Operating income decreased by $2.8 million compared to the prior year, but adjusted operating income decreased by $2.0 million. The company’s International results were below expectations and were impacted by demand and customer-driven shipment delays. Additional restructuring actions during the third quarter are projected to drive $5 million of annualized cost savings by the start of fiscal 2026. Gross margin improved by 100 basis points driven by revenue growth in the Americas and cost reduction initiatives. Total liquidity strengthened by $152 million compared to the prior year, with total debt at $446.9 million. The Board of Directors declared a quarterly cash dividend of $0.10 per share. The company’s backlog for the end of the third quarter was approximately $664 million, which was 5% lower than the prior year. Orders in the first three weeks of the fourth quarter grew by 15% compared to the prior year, with a projected fourth-quarter revenue range of $770 to $795 million, representing a decline of 1% to growth of 3% compared to the prior year. The company expects to report earnings per share of $0.17 to $0.21 for the fourth quarter of fiscal 2025. Adjusted earnings per share are expected to be between $0.20 to $0.24. The company’s fiscal 2025 adjusted earnings per share are projected to finish above the target. Steelcase will discuss third-quarter results and business outlook on a conference call at 8:30 a.m. Eastern time. Non-GAAP financial measures used by the company include organic revenue growth, adjusted operating income, adjusted earnings per share, and adjusted EBITDA. The company defines adjusted EBITDA as earnings before interest, taxes, depreciation, and amortization, adjusted to exclude certain items. Steelcase was established in 1912 and is a global leader in design and research for workspaces. They help people work better by creating innovative solutions for various work environments.



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