Friday, December 20, 2024
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q25 Results. Revenue was $794.9 million, up 2.1% y-o-y, with higher revenue from government, large corporate, healthcare, and education customers as the drivers. Organic revenue was up 3%, with Americas up 7% and International off 8%. Gross margin came in at 33.4%, up 100 bp y-o-y. GAAP EPS totaled $0.16 versus $0.26, while adjusted EPS was $0.30 versus $0.29.
Green Shoots. Orders in the first three weeks of 4Q25 grew 15% y-o-y. Internationally, Steelcase is seeing higher project activity levels, with recent wins related to large opportunities with national accounts in France, Germany, and the Middle East. Continuation of such trends would bode well for future performance.
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