Steelcase - SCS STOCK NEWS

Steelcase reported Q3 2021 revenue of $617.5 million, a 35% decline year-over-year, with net income of $2.1 million or $0.02 per share. Adjusted earnings excluding restructuring costs were $0.08 per share. Revenue was negatively impacted by a $60 million revenue delay due to a cyberattack and a decline in orders across all segments, dropping 39% overall. Despite operating loss in EMEA and the Other category, liquidity remains strong at $652 million. The company expects Q4 revenue around $650 million, a decline of 28% compared to last year.

Steelcase Inc. (NYSE: SCS) will host a webcast on December 18, 2020, at 8:30 a.m. ET to discuss its third quarter fiscal year 2021 financial results. Investors can access the webcast via this link, with a replay available post-call. Prior to the webcast, a detailed news release will be issued on December 17, 2020, after market close. Steelcase has a history of over 108 years in creating exceptional experiences for organizations, reporting fiscal 2020 revenues of $3.7 billion.

Steelcase (NYSE: SCS) announced the appointment of Linda Williams to its Board of Directors. Williams, currently the Chief Audit Executive and Vice President of Enterprise Risk Management at Hewlett Packard Enterprise (NYSE: HPE), brings over 20 years of finance and risk management experience. Her expertise includes cybersecurity, financial management in global environments, and leading major transformation initiatives. Steelcase aims to enhance its board's diversity and skills to better serve its shareholders. The company's FY 2020 revenue was $3.7 billion.

Steelcase reported Q2 revenue of $818.8 million, down 18% year-over-year, with net income of $55.5 million, or $0.47 per share, despite incurring $15.6 million in restructuring costs. The company achieved adjusted EPS of $0.55. Order declines have been moderating, particularly in the Americas, while liquidity remains strong at $684 million. The outlook for Q3 forecasts revenue between $690 million to $725 million, indicating an organic decline of 24% to 27% versus the prior year.

Steelcase will webcast a discussion of its second quarter fiscal year 2021 financial results on September 23, 2020, at 8:30 a.m. ET. A link to the webcast will be available on Steelcase's investor relations site, with a replay accessible after the call. The financial results will be released the day before, on September 22, 2020, post-market close. Steelcase reported revenues of $3.7 billion in fiscal 2020 and has been a leader in creating workplace solutions for over 108 years.

Steelcase (NYSE: SCS) announced permanent cost structure changes affecting 8% of its salaried workforce in the Americas due to ongoing demand declines related to the COVID-19 pandemic. The company will implement early retirements and voluntary separations for about 300 salaried and 160 hourly employees. Although salaries will be reinstated costing approximately $20 million per quarter, savings of around $10 million per quarter from workforce reductions are expected. The second and third quarters will incur restructuring costs of about $30 million, and order patterns have shown a 35% year-over-year decline.

Steelcase reported first-quarter 2021 revenue of $482.8 million, a 41% decline compared to the prior year. The company experienced a net loss of $38.1 million, or $0.33 per share, including a $17.6 million goodwill impairment charge. The Americas segment revenue dropped 42%, while EMEA and Other segments fell 38% and 43% respectively. Despite these declines, the company’s liquidity remains robust at $799 million. Steelcase's backlog stands at $751 million, with expectations of improved revenue in the second quarter due to backlog shipments.