- Steelcase Inc. (NYSE:SCS) reported first-quarter revenue growth of 33% year-over-year to $740.70 million, +35% on an organic basis, beating the consensus of $690.94 million.
- Adjusted EPS was $(0.05), beating the consensus of $(0.18).
- Revenue by segments: Americas $520.8 million (+38% Y/Y), EMEA $156.4 million (+27% Y/Y) and Others $63.5 million (+12% Y/Y).
- The gross margin declined 190 bps to 25.9%. The company reported an operating loss of $(12.6) million, compared to a loss of ($31.8) million a year ago.
- Total liquidity stood at $279.5 million at the end of the quarter. The total debt was $482.4 million.
- At the end of the quarter, Steelcase's backlog of customer orders was ~$927 million (+52% Y/Y).
- Dividend: SCS declared a quarterly cash dividend of $0.145 per share, to be paid on or before July 18, 2022, to shareholders of record as of July 7, 2022.
- "In each of the most recent eight months of reported data, our year-over-year order growth in the Americas has outpaced our industry, and our EMEA segment has continued to deliver strong growth for the past five quarters," commented Sara Armbruster, president and CEO.
- 2Q23 Outlook: Steelcase expects revenue of $875 million - $900 million, vs. a consensus of $873.14 million; earnings per share of $0.06 - $0.10 and adjusted earnings per share of $0.11 - $0.15, vs. consensus of $0.23.
- Price Action: SCS shares are trading higher by 5.06% at $11 during the post-market session on Wednesday.
