U.S. Movers: PVH, Steelcase

Scott Peters
01 Apr, 2025
New York City

PVH Corp. surged 16.2% to $75.12 after the parent company of the Calvin Klein and Tommy Hilfiger brands reported results for the fourth quarter of 2024.

Revenue declined to $2.37 billion from $2.49 billion, net income edged down to $157.2 million from $271.8 million, and diluted earnings per share fell to $2.83 from $4.55 a year ago.

The company announced $500 million in share repurchases in 2025 after completing approximately $500 million in stock repurchases during 2024.

The accelerated share repurchase agreements will be included under the company’s current $5 billion authorization approved by the Board of Directors, of which $1.8 billion remained available for share repurchases as of February 2.

For the full year 2025, PVH guided revenue to be flat or increase slightly from $8.65 billion in 2024, and non-GAAP earnings per share between $12.40 and $12.75, compared to $11.74 in 2024.

The company estimated for the first quarter of 2025 revenue to be flat or decrease 2% compared to $1.95 billion a year ago, and non-GAAP earnings per share between $2.10 and $2.25, compared to $2.45 in the same quarter a year earlier.

Steelcase Inc. dropped 0.8% to $11.01 after the furniture design company reported increased revenue in the fiscal fourth quarter of 2025 ending in February.

Revenue jumped to $788.0 million from $775.2 million, net income climbed to $27.6 million from $21.3 million, and diluted earnings per share rose to 23 cents from 18 cents a year ago.

The company guided for the first quarter of 2026 revenue to be between $760 million and $785 million, compared to $727.3 million a year ago, and earnings per share between 10 cents and 14 cents, compared to 9 cents a year earlier.

Steelcase proposed a dividend of 10 cents per share in the quarter and 40 cents per share for the full year, unchanged from a year ago.

The dividend is payable on or before April 21 to shareholders on record as of April 7.

During fiscal 2025, the company repurchased 2.1 million shares for $26.5 million, and a total of $79.9 million remained under the company's share repurchase authorization at the end of the fourth quarter.

Revenue for the full year 2025 increased to $3.17 billion from $3.16 billion, net income edged up to $120.7 million from $81.1 million, and diluted earnings per share rose to $1.02 from 68 cents a year ago.

At the end of the fourth quarter, the company’s backlog was approximately $694 million, which was 11% higher than the prior year.

For fiscal 2026, Steelcase estimated “mid-single-digit” organic revenue growth and order growth rate and modest improvement in the adjusted operating income margin compared to fiscal 2025.

“The company will benefit from continued growth from large corporate customers, the strong beginning backlog of customer orders, and benefits from pricing actions that will offset the impacts of higher tariffs and related inflationary cost increases,” the company said in a release to investors.