Steelcase(SCS) GlobeNewswire·2024-12-18 21:05Core Insights - Steelcase Inc. reported a third-quarter revenue of 152 million, totaling 446.9 million [9] Revenue and Orders - Revenue growth was 2%, with organic revenue growth at 3%. The Americas experienced a 5% revenue growth, while International revenue declined by 6% [2][17] - Orders adjusted for divestiture and currency translation effects showed a 2% growth in the Americas but an 8% decline in International orders [3][11] - The Americas' order growth was primarily driven by government customers, while the International decline was influenced by most markets in Asia Pacific and France [3][5] Earnings Performance - Net income for the third quarter was 0.16 per share, compared to 0.26 per share, in the prior year [1][23] - Adjusted earnings per share increased to 0.29 year-over-year [1][18] Operating Income and Expenses - Operating income decreased to 43.8 million in the prior year, impacted by previous year's gains from asset sales and a decrease in acquisition earnout liability [4][23] - Operating expenses rose to 17.3 million compared to the prior year, driven by higher employee costs [7][23] Future Outlook - The company expects fourth-quarter fiscal 2025 revenue to be between 795 million, translating to a decline of 1% to growth of 3% compared to the prior year [11][12] - Projected earnings per share for the fourth quarter is estimated to be between 0.21, with adjusted earnings per share between 0.24 [12][22] Business Segment Performance - The Americas segment reported revenue of 180.2 million, a 6% decline [15][17] - The Americas accounted for 77.3% of total revenue, while International contributed 22.7% [15][17] Cost Management - The company implemented restructuring actions projected to yield approximately 15.2 million non-cash charge related to the annuitization of a pension plan [8]