Steelcase sees Q3 EPS 23c-27c, consensus 19c

Sees Q3 revenue $780M-$805M, consensus $820.67M. The company said, “At the end of the second quarter, the company’s backlog of customer orders was approximately $700 million, which was 26 percent lower than the prior year. Backlog in the prior year was 38 percent higher than at the end of the second quarter of fiscal 2022 in part due to the impacts of supply chain disruptions and extended delivery timeframes. As a result, the company expects third quarter fiscal 2024 revenue to be in the range of $780 to $805 million. The company reported revenue of $826.9 million in the third quarter of fiscal 2023. The projected revenue range translates to a decline of 3 to 6 percent, including on an organic basis, compared to the prior year. The company expects to report earnings per share of between $0.19 to $0.23 for the third quarter of fiscal 2024 and adjusted earnings per share of between $0.23 to $0.27. The company reported earnings per share of $0.10 and adjusted earnings per share of $0.20 in the third quarter of fiscal 2023.”