Loading... For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40). Check This Out: How to Find Dividend Stocks: Scan, Analyze, and Capture with Benzinga Pro Loading... Steelcase Inc. SCS is set to release earnings results for its first quarter, after the closing be ...

This commitment builds on the organization's science-based targets set in 2019 to cut emissions in half in its own operations by 2030. The Science-Based Targets initiative, the leading authority guiding businesses on how much and how quickly they need to cut carbon emissions to reduce the impacts of climate change, validated the company's near-term and new net-zero targets. The company's long history of a commitment to designing better futures for the wellbeing of people and the planet is demonstrated throu ...

GRAND RAPIDS, Mich., May 30, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its first quarter fiscal year 2025 financial results on Thursday, June 20, 2024 at 8:30 a.m. ET. A link to the webcast will be available at http://ir.steelcase.com and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, June 19, 2024, after the market closes. Steelcase Inc. will hold its Annual ...

GRAND RAPIDS, Mich., May 30, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its first quarter fiscal year 2025 financial results on Thursday, June 20, 2024 at 8:30 a.m. ET. A link to the webcast will be available at http://ir.steelcase.com and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, June 19, 2024, after the market closes. Steelcase Inc. will hold its Annual ...

Dr. Wykoff, commented, "It was great to work with this panel of accomplished retina specialists to thoroughly review the SCS injection landscape, an established technique for retinal therapeutic delivery, with an associated promising pipeline for new indications utilizing novel pharmacotherapies. SCS administration offers targeted, local drug-delivery to posterior tissues. Extensive evidence support its safe and effective implementation in routine clinical practice. We believe that these guidelines reflect ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-K OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13873 ____________________________ STEELCASE INC. (Exact name of registrant as specified in its charter) Michigan 38-0819050 (State or other jurisdiction of incorporation or organization) 901 44th Street SE Grand Rapids, Michigan 49508 ☑ ANNUAL REPORT PURSUANT TO ...

Steelcase Inc. (NYSE:SCS) Q4 2024 Earnings Conference Call March 21, 2024 8:30 AM ET Company Participants Mike O'Meara - Investor Relations Sara Armbruster - President & Chief Executive Officer Dave Sylvester - Senior Vice President & Chief Financial Officer Conference Call Participants Reuben Garner - Benchmark Greg Burns - Sidoti Budd Bugatch - Water Tower Research Operator Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the ...

FY2024 Fourth Quarter FY2023 Third Quarter An industry leader in a changing workplace Efforts to diversify revenue base Mid-term targets include $50M+ of cost reduction savings Mid-Term (3-4 years) Financial Targets Average annual organic revenue growth $3.7 $2.6 $2.8 $3.2 $3.2 $- $1 $2 $3 $4 $0 $100 $200 $300 $400 FY25 Target 5.0% FY24 7.2% 4.1% 1.3% Adjusted Operating Income ($ Millions) Revenue ($ Billions) 3.3% 6 – 7% FY20 FY21 FY22 FY23 Mid-Term Targets Adjusted Operating Income Revenue ~5% Free cash f ...

[Financial & Operational Highlights](index=1&type=section&id=Steelcase%20Reports%20Fourth%20Quarter%20and%20Fiscal%202024%20Results) Steelcase reported improved profitability in Q4 and full-year fiscal 2024, driven by gross margin expansion and strong order growth in the Americas, while strengthening its financial position [Q4 Fiscal 2024 Performance](index=1&type=section&id=Fourth%20quarter%20results) Q4 FY2024 saw a 3% revenue decline to $775.2 million, yet net income increased to $21.3 million, driven by a 140 basis point gross margin improvement and 8% order growth in the Americas Q4 FY2024 Key Financial Metrics | Metric | Q4 FY2024 | Q4 FY2023 | | :--- | :--- | :--- | | Revenue | $775.2M | $801.7M | | Net Income | $21.3M | $15.7M | | EPS (Diluted) | $0.18 | $0.13 | | Adjusted EPS | $0.23 | $0.19 | Q4 2024 Revenue and Order Growth vs. Q4 2023 | Region | Revenue Growth (Decline) | Organic Revenue Growth (Decline) | Order Growth (Decline) | | :--- | :--- | :--- | :--- | | Americas | (2%) | 0% | 8% | | International | (6%) | (6%) | (6%) | | **Steelcase Inc.** | **(3%)** | **(1%)** | **4%** | - The **8%** order growth in the Americas was primarily driven by large corporate customers investing in their workplaces[3](index=3&type=chunk)[4](index=4&type=chunk) - Gross margin improved by **140 basis points** to **31.2%** compared to the prior year, driven by higher pricing benefits and operational improvements[7](index=7&type=chunk) [Full-Year Fiscal 2024 Performance](index=2&type=section&id=Fiscal%202024%20Results) Full-year fiscal 2024 revenue was $3.2 billion (2% decline), but net income more than doubled to $81.1 million, driven by a 360 basis point gross margin expansion Fiscal 2024 vs. Fiscal 2023 Key Financials | Metric | Fiscal 2024 | Fiscal 2023 | | :--- | :--- | :--- | | Revenue | $3.2B | $3.2B | | Net Income | $81.1M | $35.3M | | EPS (Diluted) | $0.68 | $0.30 | | Adjusted EPS | $0.93 | $0.56 | - Net income **more than doubled**, and earnings per share increased by **127%** compared to fiscal 2023[4](index=4&type=chunk)[5](index=5&type=chunk) - Gross margin for the full year improved by **360 basis points**, reflecting efforts to recover from prior inflationary pressures[5](index=5&type=chunk)[17](index=17&type=chunk) - Adjusted operating income for FY2024 increased by **$50.0 million** to **$157.5 million**, driven by pricing benefits and operational improvements, which offset lower volume and higher operating expenses[16](index=16&type=chunk) [Financial Position and Shareholder Returns](index=2&type=section&id=Financial%20Position%20and%20Shareholder%20Returns) Steelcase significantly strengthened its fiscal 2024 financial position, increasing total liquidity by $238 million to $485.5 million, and declared a $0.10 per share quarterly dividend - Total liquidity, comprising cash and cash equivalents and COLI, increased by **$238 million** during fiscal 2024, reaching **$485.5 million** at year-end[5](index=5&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The company amended its credit agreement, extending the expiration to **2029** and increasing capacity from **$250 million** to **$300 million**[12](index=12&type=chunk) - A quarterly cash dividend of **$0.10 per share** was declared by the Board of Directors[12](index=12&type=chunk) [Business Segment Performance](index=4&type=section&id=Business%20Segment%20Results) The Americas segment showed strong order growth despite a slight revenue decline, while the International segment faced revenue declines but improved profitability, with organic revenue declining overall [Americas Segment](index=4&type=section&id=Americas) The Americas segment reported a 2% Q4 revenue decline to $581.6 million, but achieved strong 8% order growth, with full-year operating income surging to $143.8 million Americas Segment Financials (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $581.6 | $595.6 | $2,419.8 | $2,436.2 | | Operating Income | $26.8 | $33.2 | $143.8 | $77.4 | | Adjusted Operating Income | $31.3 | $41.9 | $159.6 | $114.8 | - Order growth in the Americas was **8%** in Q4, driven by large corporate customers[3](index=3&type=chunk) - The decrease in Q4 operating income was primarily due to the prior year including **$9.2 million** of gains on the sales of fixed assets[6](index=6&type=chunk) [International Segment](index=4&type=section&id=International) The International segment's Q4 revenue declined 6% to $193.6 million, with orders down 6%, yet Q4 adjusted operating income improved to a positive $3.1 million despite macroeconomic headwinds International Segment Financials (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $193.6 | $206.1 | $739.8 | $796.4 | | Operating Income (Loss) | $(1.1) | $(4.5) | $(26.0) | $(11.9) | | Adjusted Operating Income (Loss) | $3.1 | $(3.3) | $(2.1) | $(7.3) | - The International segment delivered improved profitability, with Q4 adjusted operating results increasing by more than **$6 million** versus the prior year despite lower revenue[7](index=7&type=chunk) - The Q4 order decline was driven by a **12%** drop in EMEA, which was partially offset by **24%** growth in Asia Pacific[3](index=3&type=chunk) [Organic Revenue Growth Analysis](index=4&type=section&id=QUARTER%20OVER%20QUARTER%20ORGANIC%20REVENUE%20GROWTH%20(DECLINE)%20BY%20SEGMENT) Consolidated organic revenue declined 1% in Q4 and 2% for FY2024, with Americas flat and International experiencing a 6% Q4 and 8% full-year organic decline Q4 2024 vs. Q4 2023 Organic Revenue Growth | Region | Organic Growth (Decline) % | | :--- | :--- | | Americas | 0% | | International | (6%) | | **Steelcase Inc.** | **(1%)** | FY2024 vs. FY2023 Organic Revenue Growth | Region | Organic Growth (Decline) % | | :--- | :--- | | Americas | 0% | | International | (8%) | | **Steelcase Inc.** | **(2%)** | [Fiscal 2025 Outlook](index=3&type=section&id=Outlook) Steelcase provides Q1 and full-year fiscal 2025 guidance, projecting organic revenue growth and improved profitability, supported by strategic investments [Q1 Fiscal 2025 Guidance](index=3&type=section&id=Q1%202025%20Outlook) Steelcase projects Q1 FY2025 revenue between $715 million and $740 million (0-3% organic decline), with diluted EPS of $0.05-$0.09, supported by 10% order growth early in the quarter Q1 Fiscal 2025 Guidance | Metric | Q1 FY2025 Projection | Q1 FY2024 Actual | | :--- | :--- | :--- | | Revenue | $715M - $740M | $751.9M | | Organic Revenue | (3%) - 0% decline | N/A | | EPS | $0.05 - $0.09 | $0.01 | | Adjusted EPS | $0.08 - $0.12 | $0.09 | - The company's backlog at the end of Q4 was **$625 million**, **8%** lower than the prior year; however, orders in the first three weeks of Q1 FY2025 grew **10%** YoY[18](index=18&type=chunk) [Full-Year Fiscal 2025 Targets](index=3&type=section&id=Full%20Year%202025%20Outlook) For full-year fiscal 2025, Steelcase targets 1% to 5% organic revenue growth, adjusted operating income of $150 million to $175 million, and adjusted EPS of $0.85 to $1.00 Full-Year Fiscal 2025 Targets | Metric | FY2025 Target | | :--- | :--- | | Organic Revenue Growth | 1% to 5% | | Adjusted Operating Income | $150M - $175M | | Adjusted EPS | $0.85 - $1.00 | - The company expects **mid-single digit** order growth in fiscal 2025[20](index=20&type=chunk) - Key financial assumptions for FY2025 include gross margin between **32.5%** and **33.5%** and an effective tax rate of **27%**[22](index=22&type=chunk) [Consolidated Financial Statements](index=10&type=section&id=STEELCASE%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(Unaudited)) The consolidated financial statements show improved profitability in FY2024, driven by higher gross profit and operating income, alongside a strengthened balance sheet with increased cash and positive operating cash flow [Condensed Consolidated Statements of Income](index=10&type=section&id=STEELCASE%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(Unaudited)) FY2024 revenue was $3.16 billion, with gross profit increasing to $1.01 billion (32.0% margin) and net income significantly rising to $81.1 million, or $0.68 per diluted share Fiscal Year Income Statement Highlights (in millions) | Account | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Revenue | $3,159.6 | $3,232.6 | | Gross Profit | $1,012.4 | $919.4 | | Operating Income | $117.8 | $65.5 | | Net Income | $81.1 | $35.3 | | Diluted EPS | $0.68 | $0.30 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=STEELCASE%20INC.%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of February 23, 2024, total assets were $2.24 billion, with cash and cash equivalents significantly increasing to $318.6 million and total shareholders' equity rising to $887.1 million Balance Sheet Highlights (in millions) | Account | Feb 23, 2024 | Feb 24, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $318.6 | $90.4 | | Total current assets | $959.4 | $884.0 | | Total assets | $2,236.7 | $2,202.8 | | Total current liabilities | $607.1 | $603.3 | | Total liabilities | $1,349.6 | $1,376.6 | | Total shareholders' equity | $887.1 | $826.2 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=STEELCASE%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(Unaudited)) Net cash from operating activities significantly improved to $308.7 million in FY2024, driven by higher net income and working capital changes, resulting in a $228.7 million net increase in cash Statement of Cash Flows Highlights (in millions) | Activity | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $308.7 | $89.4 | | Net cash provided by (used in) investing activities | $6.1 | $(134.8) | | Net cash used in financing activities | $(85.9) | $(62.9) | | Net increase (decrease) in cash | $228.7 | $(109.8) | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures like Organic Revenue Growth, Adjusted Operating Income, Adjusted EPS, and Adjusted EBITDA to provide a clearer view of core performance by excluding specific non-recurring or non-operational items [Definition of Non-GAAP Measures](index=9&type=section&id=Definition%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like Organic Revenue Growth, Adjusted Operating Income, Adjusted EPS, and Adjusted EBITDA to provide a consistent performance comparison by excluding specific non-operational items - Organic Revenue Growth is used to provide a more consistent comparison of revenue by excluding the impact of acquisitions, divestitures, and foreign currency translation effects[44](index=44&type=chunk) - Adjusted Operating Income and Adjusted EPS exclude amortization of purchased intangible assets and restructuring costs to better reflect core operating performance[45](index=45&type=chunk) - Adjusted EBITDA is defined as EBITDA further adjusted to exclude share-based compensation and restructuring costs, providing a view of operating profitability used by management, lenders, and rating agencies[48](index=48&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________ (Address of principal executive offices) (Zip Code) (616) 247-2710 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 24, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Nu ...