What happened
Steelcase (SCS 1.26%) was a standout stock on the exchange Thursday. The veteran office furniture maker saw a share-price pop of more than 8% thanks almost entirely to a very encouraging quarterly-earnings report. By contrast, the S&P 500 index rose less than 0.4% on the day.
So what
After market hours Wednesday, Steelcase published its first quarter of fiscal 2024 results. These showed that the company's revenue inched up 2% year over year to land at $751.9 million.
On a generally accepted accounting principles (GAAP) basis, it flipped to a profit on the bottom line of $1.5 million against the year-ago loss of $11.4 million. According to non-GAAP (adjusted) standards, the company's per-share earnings were $0.09; the first quarter 2023 result was a loss of $0.05 per share.
With those headline figures, Steelcase trounced the consensus analyst estimate for revenue and edged past the one for net income. Collectively, prognosticators tracking the stock were modeling slightly over $719.2 million on the top line and adjusted net income of $0.08 per share.
In terms of regional sales, Steelcase's fortunes were mixed. It enjoyed a 2% year-over-year bump in its crucial (and native) Americas market but a decline of 7% outside of this country. The company attributed the Americas growth to higher prices in addition to "faster order fulfillment patterns, partially offset by a lower beginning backlog," in its words.
Now what
Steelcase also proffered guidance for its current (second) quarter. The company is modeling revenue of $815 million to $840 million for the period, which would represent a decline from the more than $863 million it booked in the second quarter of fiscal 2023. Adjusted earnings are expected to come in at $0.19 to $0.23 per share; the year-ago figure was $0.21. Both ranges were broadly in line with analyst expectations.
