Steelcase Inc. (NASDAQ: SCS) stock gained by 0.48% at last close while the SCS stock price surges by 5.71% in the after-hours session. Because of SCS’s architecture, furniture, and technology skills, which are available via a network of channels, with over 800 Steelcase dealer locations, the major organizations all around the world believe in the credibility of Steelcase to encourage them to make workplaces that help people feel safe, efficient, inspiring, and versatile.
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Financial Highlights
Yesterday Steelcase has released its first-quarter fiscal 2022 financial results. Given below is the summary:
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- Orders increased by 11% compared to the previous year and 25% relative to Q4 fiscal 2021, indicating continued momentum as businesses prepare to return to work.
- When compared to the previous year, revenue grew 15%, with growth across all categories.
- Later in the fiscal year, price rises are projected to start countering strong inflationary pressures.
- The outlook for the second quarter and the rest of the year is for a stronger recovery, fueled by the reopening of offices.
- Dividends have been restored at $0.145 per share, as they were before the epidemic.
Jim Keane, president and CEO stated,
SCS’s first-quarter performance exceeded their expectations, as the employees performed an outstanding job of gaining new business and overcoming numerous supply chain difficulties while maintaining tight cost controls. As their backlog and project opportunity pipelines grow, and most of the major customers across the world announce plans to put their staff back to work over the summer, they are optimistic that they are approaching the recovery phase of this cycle.
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Future Expectations
For the second quarter of fiscal 2022, SCS anticipates earnings per share of $0.25 to $0.30. The estimate includes:
- The anticipated inflation of about $14 million, net of pricing advantages, relative to the previous year.
- The expected operating expenditures of $180 to $185 million, less a $15 million gain from a property sale planned.
- An estimated $4 million in net interest expenditure, investment income, and other revenue.
- An estimated effective tax rate of around 28% is expected. In the second quarter of fiscal 2021, Steelcase reported $0.47 earnings per share and $0.55 adjusted profits per share.