Fri, Sep 20, 3:03 PM (92 days ago)
For the second quarter ended August 23, 2024, Steelcase Inc. reported revenues of $855.8 million, a slight increase from $854.6 million in the previous year. The Americas segment contributed $688.0 million, reflecting a 1% organic growth, while the International segment saw a 4% decline in revenue. Gross profit improved to $295.4 million, with a gross margin of 34.5%, up from 33.2% due to operational efficiencies and restructuring cost reductions. Operating income surged to $90.0 million from $41.0 million, aided by a $27.9 million gain from the sale of land. Net income rose significantly to $63.1 million, translating to earnings per share of $0.53, compared to $27.5 million and $0.23 in the prior year. Cash flow from operations was $49.0 million, down from $131.2 million, primarily due to increased working capital needs and cloud computing expenditures. Total liquidity stood at $831.3 million, bolstered by cash and short-term investments. The company anticipates ongoing challenges in the International segment amid economic uncertainties, while it continues to invest in strategic initiatives like its new ERP system.