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Steelcase Expects Slight Revenue Decline in Current Quarter

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Steelcase, a leading furniture company, has projected a decline in revenue for the current quarter compared to the same period last year. The company anticipates fourth-quarter revenue to be in the range of $765 million and $790 million, marking a decrease of 1% to 5% from the previous year’s reported revenue of $801.7 million.

Industry analysts surveyed by FactSet had expected revenue to reach $789.1 million for the current quarter.

Despite these projections, Steelcase has observed a positive trend in early order growth. The company’s backlog of customer orders at the end of the third quarter was approximately $699 million, representing a 10% decrease compared to the prior year. However, during the first three weeks of the current quarter, orders have shown a promising increase of 7% in comparison to the same period last year.

Furthermore, Steelcase has provided earnings per share guidance for the current quarter. The company expects earnings per share to be between 16 cents and 20 cents, with adjusted earnings falling within the range of 19 cents to 23 cents. In the fourth quarter of fiscal 2023, Steelcase reported earnings of 13 cents per share and adjusted earnings of 19 cents per share.

Based on FactSet’s analysts’ survey, expectations for the current quarter were earnings of 18 cents per share and adjusted earnings of 21 cents per share.

Steelcase, headquartered in Grand Rapids, Michigan, remains committed to navigating these challenging times and adapting to market demands.

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