Market Updates
Steelcase Estimated Flat Revenues In Q4 Despite Price Hikes
Scott Peters
20 Dec, 2022
New York City
Steelcase Inc soared 12.3% to $7.02 after the furniture maker reported earnings and sales near the bottom-end of its guidance.
Revenue in the fiscal third quarter ending in November increased 12% to $826.9 million from $738.2 million a year ago.
Net income in the quarter increased 18.8% to $11.4 million from $9.6 million and diluted earnings per share rose to 10 cents from 8 cents a year ago.
Gross margin increased 120 basis points to 28.8% after the company implemented additional price increases.
The company had guided third quarter revenue between $825 million and $850 million and GAAP earning between 8 cents and 12 cents a share.
Segment Breakdown
of total revenues, Americas was 71.9% and Europe, the Middle East and Africa was 19.1% and Australia and Indo Pacific nations was 9.0%.
Revenue in the Americas increased 19% and EMEA region fell 6% and other region rose 7%.
Order Backlog
The company said order backlog at the end of the third quarter increased 3.0% from a year ago to $854 million.
Orders through the first three weeks of the fourth quarter declined approximately 6% compared to the prior year.
Outlook and Guidance
The company guided fourth quarter fiscal 2023 revenues in the range of $740 million and $765 million, compared to $753.1 million a year ago.
The company also estimated earnings per share between 5 cents and 9 cents in the fiscal fourth quarter, compared to a loss of 2 cents in the quarter a year ago.
Dividends
The board of directors approved 10 cents per share dividends on or before January 13, 2023 to shareholders on record January 3, 2023.
Annual Returns
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Earnings
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