Steelcase Sees Q3 EPS $0.23-$0.27 Vs $0.19 Est.; Sees FY24 EPS $0.80-$0.90 Vs $0.67 Est.
Portfolio Pulse from Happy Mohamed
Steelcase expects Q3 EPS of $0.23-$0.27, higher than the estimated $0.19, and FY24 EPS of $0.80-$0.90, higher than the estimated $0.67. The company's backlog of customer orders was approximately $700 million, 26% lower than the prior year due to supply chain disruptions and extended delivery timeframes. The company expects Q3 fiscal 2024 revenue to be in the range of $780 to $805 million, a decline of 3 to 6 percent compared to the prior year. For fiscal 2024, the company expects a modest organic revenue decline compared to fiscal 2023 but significantly improved adjusted earnings per share.
September 19, 2023 | 8:09 pm
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Steelcase expects higher Q3 and FY24 EPS than estimated, despite a decline in Q3 revenue and a modest decline in FY24 revenue. The company's backlog of orders has decreased due to supply chain disruptions.
The news is directly about Steelcase's earnings expectations. Despite the expected decline in revenues, the company expects higher earnings per share, which could be seen as a positive sign by investors. The decrease in the backlog of orders due to supply chain disruptions could be a concern, but the company seems to be managing the situation well.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100