Stock Analysis

Steelcase Full Year 2024 Earnings: EPS Misses Expectations

Steelcase (NYSE:SCS) Full Year 2024 Results

Key Financial Results

Revenue: US$3.16b (down 2.3% from FY 2023).
Net income: US$78.0m (up 129% from FY 2023).
Profit margin: 2.5% (up from 1.1% in FY 2023). The increase in margin was driven by lower expenses.
EPS: US$0.68 (up from US$0.30 in FY 2023).

revenue-and-expenses-breakdown — NYSE:SCS Revenue and Expenses Breakdown April 17th 2024

All figures shown in the chart above are for the trailing 12 month (TTM) period

Steelcase EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%.

The primary driver behind last 12 months revenue was the Americas segment contributing a total revenue of US$2.42b (77% of total revenue). Notably, cost of sales worth US$2.14b amounted to 68% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to US$844.9m (90% of total expenses). Explore how SCS's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Commercial Services industry in the US.

Performance of the American Commercial Services industry.

The company's shares are down 6.9% from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 1 warning sign for Steelcase you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.