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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>We introduce our new revenue and earnings estimates and full financial model following</li><li>Steelcase’s 1QFY25 earnings beat versus consensus and WTR estimates.</li><li>Steelcase posted 1QFY25 adjusted EPS of $0.16 versus $0.09 in 1QFY24, beating consensus of $0.10 and our estimate of $0.11.</li></ul>

We introduce our new revenue and earnings estimates and full financial model followingSteelcase’s 1QFY25 earnings beat versus consensus and WTR estimates.Steelcase posted 1QFY25 adjusted EPS of $0.16 versus $0.09 in 1QFY24, beating consensus of $0.10 and our estimate of $0.11.

Steelcase, Inc. - Revising Revenue and EPS Estimates Following 1QFY25 Results

<ul><li>We are publishing new estimates for our Steelcase economic model after its solid 4QFY24 earnings.</li><li>Adjusted EPS of $0.23 beat our estimate as well as consensus. Revenue of $775.2 million modestly missed estimates.</li><li>1QFY25: We tweaked our non-GAAP (adjusted) EPS estimate to $0.11 ($0.10 previously).</li></ul>

We are publishing new estimates for our Steelcase economic model after its solid 4QFY24 earnings.Adjusted EPS of $0.23 beat our estimate as well as consensus. Revenue of $775.2 million modestly missed estimates.1QFY25: We tweaked our non-GAAP (adjusted) EPS estimate to $0.11 ($0.10 previously).

Steelcase, Inc. - Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow

<ul><li>After the close Wednesday, Steelcase reported 4QFY24 non-GAAP adjusted EPS of $0.23, ahead of our $0.22 estimate and consensus of $0.21.</li><li>4QFY24 global revenue was $775 million, modestly missing our estimate by ~$9 million.</li><li>FY24 non-GAAP adjusted EPS was $0.93, up from $0.56 in FY23, and revenue was $3.16 billion, down 2.6%.</li></ul>

After the close Wednesday, Steelcase reported 4QFY24 non-GAAP adjusted EPS of $0.23, ahead of our $0.22 estimate and consensus of $0.21.4QFY24 global revenue was $775 million, modestly missing our estimate by ~$9 million.FY24 non-GAAP adjusted EPS was $0.93, up from $0.56 in FY23, and revenue was $3.16 billion, down 2.6%.

Steelcase, Inc. - 4Q Results; Guidance Roughly In Line

<ul><li>Steelcase is expected to report 4QFY24, ended February 23, in mid- to late March.</li><li>We expect EPS of $0.22 on sales of $784 million. FactSet consensus is $0.21 on sales of $780 million.</li><li>Our focus in the coming quarter will be on margin and efficiencies. End demand in the sector is challenging and we don’t expect any change.</li></ul>

Steelcase is expected to report 4QFY24, ended February 23, in mid- to late March.We expect EPS of $0.22 on sales of $784 million. FactSet consensus is $0.21 on sales of $780 million.Our focus in the coming quarter will be on margin and efficiencies. End demand in the sector is challenging and we don’t expect any change.

Steelcase, Inc. - Re-Examining Estimates Ahead of Earnings Report in March

<ul><li>This note revises our estimates for Steelcase following its 3QFY24 earnings call.</li><li>In short, for 4QFY24, we up our margin assumption, moderate our revenue assumption slightly, and shave our adjusted EPS estimate by $0.01.</li><li>Steelcase reported strong margins and steady orders in the 3QFY24 on Tuesday evening.</li></ul>

This note revises our estimates for Steelcase following its 3QFY24 earnings call.In short, for 4QFY24, we up our margin assumption, moderate our revenue assumption slightly, and shave our adjusted EPS estimate by $0.01.Steelcase reported strong margins and steady orders in the 3QFY24 on Tuesday evening.

Steelcase, Inc. - Tweaking Estimates: Margins Improve, Sales Moderate

United States

Steelcase Inc. designs and manufactures products used to create high performance work environments.  The Company's products include office furniture, furniture systems, interior architectural products, technology products, seating, and related products and services.  Steelcase has operations in various countries.

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Steelcase Inc Cl A (SCS US)

Steelcase, Inc. - Revising Revenue and EPS Estimates Following 1QFY25 Results

We introduce our new revenue and earnings estimates and full financial model following. Steelcase’s 1QFY25 earnings beat versus consensus and WTR...

Water Tower Research

Steelcase, Inc. - Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow

We are publishing new estimates for our Steelcase economic model after its solid 4QFY24 earnings. Adjusted EPS of $0.23 beat our estimate as well...

Water Tower Research

Steelcase, Inc. - 4Q Results; Guidance Roughly In Line

After the close Wednesday, Steelcase reported 4QFY24 non-GAAP adjusted EPS of $0.23, ahead of our $0.22 estimate and consensus of $0.21.

Water Tower Research

Steelcase, Inc. - Re-Examining Estimates Ahead of Earnings Report in March

Steelcase is expected to report 4QFY24, ended February 23, in mid- to late March. We expect EPS of $0.22 on sales of $784 million. FactSet...

Water Tower Research

Steelcase, Inc. - Tweaking Estimates: Margins Improve, Sales Moderate

In short, for 4QFY24, we up our margin assumption, moderate our revenue assumption slightly, and shave our adjusted EPS estimate by $0.01.

Water Tower Research

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