Steelcase Inc. has recently released its 10-K report, providing a detailed look into its operations and financial performance. Steelcase operates through its Americas, EMEA, and Other segments, offering a comprehensive portfolio of furniture and architectural products to various markets including corporate, government, healthcare, education, and retail customers. The company's furniture portfolio includes systems, seating, storage, desks, benches, and tables, as well as complementary products like work accessories, lighting, and mobile power and screens.
In the year ended February 23, 2024, Steelcase reported revenue of $3,159.6 million, a slight decline from the previous year. The company's gross profit was $1,012.4 million, representing 32.0% of the revenue. Operating income increased to $117.8 million, compared to $65.5 million in the prior year. The net income for the year was $81.1 million, resulting in diluted earnings per share of $0.68.
The company's non-GAAP financial measures include organic revenue growth, adjusted operating income, and adjusted earnings per share. In 2024, Steelcase reported an organic revenue decline of 2%, with revenue in the Americas segment remaining flat and a decline of 8% in the International segment.
The Americas segment, which represented 76.6% of the company's consolidated revenue, reported revenue of $2,419.8 million. The segment's operating income increased to $143.8 million, driven by higher pricing benefits and lower restructuring costs.
The International segment, representing 23.4% of the consolidated revenue, reported revenue of $739.8 million. The segment reported an operating loss of $26.0 million, driven by restructuring costs and lower volume, partially offset by higher pricing benefits.
Steelcase's financial performance in 2024 improved compared to 2023, despite a decline in revenue. The company attributed this improvement to continued benefits from pricing actions, operational improvements, and a reduction in working capital. However, the softening demand in certain markets led to restructuring actions in the International segment.
The 10-K report provides a comprehensive overview of Steelcase's financial condition, results of operations, and segment performance, giving investors and stakeholders valuable insights into the company's performance and strategic initiatives. As a result of these announcements, the company's shares have moved -0.8% on the market, and are now trading at a price of $12.14. If you want to know more, read the company's complete 10-K report here.
