SCS - Steelcase Non-GAAP EPS of $0.09 beats by $0.08 revenue of $751.9M beats by $33.75M

2023-06-21 16:08:26 ET

• Steelcase press release ( NYSE: SCS ): Q1 Non-GAAP EPS of $0.09 beats by $0.08 .
• Revenue of $751.9M (+1.5% Y/Y) beats by $33.75M .
• Gross margin improvement of 530 basis points compared to the prior year driven by pricing benefits and operational efficiencies.
• At the end of the first quarter, the company’s backlog of customer orders was approximately $775 million, which was 20 percent lower than the prior year
• Outlook: The company expects second quarter fiscal 2024 revenue to be in the range of $815 to $840 million.
• The projected revenue range translates to a decline of 3 to 6 percent, including on an organic basis, compared to the prior year.
• The company expects to report earnings per share of between $0.13 to $0.17 for the second quarter of fiscal 2024 and adjusted earnings per share of between $0.19 to $0.23. The company reported earnings per share of $0.17 and adjusted earnings per share of $0.21 in the second quarter of fiscal 2023.
• Shares +2.21% .

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