Core Insights - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while trends can be profitable, confirming their sustainability is crucial [1][8]. Group 1: Stock Performance - Steelcase (SCS) has shown a solid price increase of 12.4% over the past 12 weeks, indicating strong investor interest [3]. - Currently, SCS is trading at 82.4% of its 52-week high-low range, suggesting it may be on the verge of a breakout [4]. - The stock has also increased by 7.9% over the past four weeks, reinforcing the ongoing positive trend [10]. Group 2: Ratings and Recommendations - SCS holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [11]. - The average broker recommendation for SCS is also 1 (Strong Buy), indicating high optimism from the brokerage community regarding its near-term price performance [12]. Group 3: Investment Strategies - The article suggests utilizing the "Recent Price Strength" screen to identify stocks like SCS that are on an upward trend supported by strong fundamentals [2][9]. - There are over 45 Zacks Premium Screens available for investors to find winning stock picks tailored to their investing styles [6].

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-a ...

Attendees interested in viewing the live presentation can register for this event, at no cost, here: Virtual Equity Conference Registration. A link to the webcast, along with the supporting presentation materials, will be available at the company's website at ir.steelcase.com and on Channelchek at www.channelchek.com the investor portal created by Noble. Established in 1912, Steelcase is a global design, research and thought leader in the world of work. We help people do their best work by creating places t ...

Attendees interested in viewing the live presentation can register for this event, at no cost, here: Virtual Equity Conference Registration. A link to the webcast, along with the supporting presentation materials, will be available at the company's website at ir.steelcase.com and on Channelchek at www.channelchek.com the investor portal created by Noble. Source: Steelcase SC-GR GRAND RAPIDS, Mich., June 25, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) announces that Dave Sylvester, Senior Vice Presid ...

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Most Powerful Force Impacting Stock Prices Harnessing the Power of Earnings Estimate Revisions For the fiscal year ending February 2025, this office furniture maker is expected to earn $1 per share, which is a change of 7.5% from the year-ago reported number. Yo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________ FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 24, 2024 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 Number 1-13873 ___________________________________________________________ ...

Steelcase Inc. (NYSE:SCS) Q1 2025 Earnings Conference Call June 20, 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 & Company Brian Gordon - Water Tower Research Chris White - Thompson Research Group Operator Good morning. My name is Sarah, and I will be your conference operator today. At this ...

Core Insights - Steelcase (SCS) reported quarterly earnings of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, and showing an increase from $0.09 per share a year ago, representing a 60% earnings surprise [1] - The company posted revenues of $727.3 million for the quarter ended May 2024, which was a slight miss against the Zacks Consensus Estimate by 0.08%, and a decrease from $751.9 million year-over-year [2] - Steelcase shares have underperformed the market, losing about 6.9% since the beginning of the year compared to the S&P 500's gain of 15% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $865.3 million, and for the current fiscal year, it is $0.92 on revenues of $3.27 billion [6] - The estimate revisions trend for Steelcase is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [5] Industry Context - The Business - Office Products industry, to which Steelcase belongs, is currently in the top 2% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [7] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [4]

Revenue decline and order growth compared to the prior year were as follows: Orders (adjusted for the impact of a divestiture and currency translation effects) grew 8 percent in the first quarter compared to the prior year, including 10 percent growth in the Americas and 2 percent growth in International. The order growth in the Americas was primarily driven by project business with large corporate customers and our education business. The order growth in International was driven by 4 percent growth in EMEA ...

Revenue Performance - Steelcase reported first quarter revenue of $727.3 million, a 3% decline compared to $751.9 million in the prior year[2]. - Revenue for the three months ended May 26, 2023, was $751.9 million, down from $801.7 million in the same period of 2022, reflecting a decrease of 6.5%[23]. - Revenue for the three months ended May 24, 2024, was $727.3 million, a decrease of 3.1% compared to $751.9 million for the same period in 2023[41]. - Revenue from the Americas for the three months ended May 24, 2024, was $554.4 million, a decrease from $572.8 million in the same period of 2023[29]. - International revenue for the three months ended May 24, 2024, was $172.9 million, down from $179.1 million in the same period of 2023[30]. - Steelcase's fiscal year 2024 revenue is projected to be approximately $3.2 billion[40]. Profitability - Net income for the first quarter was $10.9 million, or $0.09 per share, compared to $1.5 million, or $0.01 per share, in the prior year[2]. - Net income for the three months ended May 26, 2023, was $15.7 million, compared to $11.4 million for the same period in 2022, representing a 37.7% increase[23]. - Net income increased significantly to $10.9 million, compared to $1.5 million in the same quarter last year, representing a growth of 626.7%[41]. - Basic and diluted earnings per share both improved to $0.09, up from $0.01 in the previous year[41]. - Adjusted earnings per share for the three months ended August 25, 2023, was $0.31, with a projected range of $0.36 to $0.40 for the same period in 2024[25]. Operating Performance - Operating income improved by $10 million year-over-year, reaching $17.6 million, while adjusted operating income increased by $8.5 million to $28.2 million[6][5]. - Operating income for the three months ended May 24, 2024, was $17.6 million, compared to $7.3 million for the same period in 2023, indicating a significant improvement[28]. - Operating income improved to $17.6 million, compared to $7.3 million in the same quarter last year, an increase of 141.1%[41]. - Steelcase recorded $6.3 million in restructuring costs during the first quarter, impacting operating results[7]. Orders and Backlog - Orders grew 8% year-over-year, with a 10% increase in the Americas and a 2% increase internationally[3]. - The backlog at the end of the first quarter was approximately $764 million, a 1% increase from the prior year[13]. Liquidity and Cash Flow - Total liquidity at the end of the first quarter was $377.8 million, an increase of $177.9 million compared to the prior year[11]. - Cash and cash equivalents at the end of the period were $180.3 million, down from $46.6 million a year ago, reflecting a decrease of 286.4%[50]. - The company reported a net cash used in operating activities of $59.1 million, compared to a net cash provided of $11.3 million in the prior year[49]. Future Projections - The company expects second quarter revenue to be between $850 million and $875 million, reflecting a potential decline of 1% to growth of 2% compared to the prior year[13]. - Projected earnings per share for the second quarter are between $0.33 to $0.37, with adjusted earnings per share between $0.36 to $0.40[14]. - Projected organic revenue growth for Q2 2025 is estimated to be between $10 million and $35 million, translating to a growth rate of 1% to 4% compared to Q2 2024[24]. Margins - Gross margin for the first quarter was 32.2%, with a 180 basis point improvement excluding restructuring costs[8]. - Gross profit margin for the three months ended May 24, 2024, was 32.2%, slightly up from 31.2% in the same period of 2023[28]. - Gross profit remained relatively stable at $234.4 million, compared to $234.6 million in the prior year, indicating a slight decrease of 0.1%[41]. Assets and Liabilities - Total current assets decreased to $862.2 million from $959.4 million, a decline of 10.1%[44]. - Total liabilities decreased to $1,254.3 million from $1,349.6 million, a reduction of 7.1%[47]. - The company declared and paid dividends of $0.100 per common share, consistent with the previous year[42].