Steelcase, a leading furniture company, has announced higher net income for the second quarter ended August 25. The company recorded a net income of $27.5 million, or 23 cents a share, compared to $19.6 million, or 17 cents a share, in the same period last year. This exceeded the expectations of analysts who predicted earnings of 14 cents.
Despite the increase in net income, Steelcase experienced a slight decline in revenue, which dropped 1% to $854.6 million from $863.3 million. However, this still surpassed the expected revenue of $829.2 million by analysts.
The company attributes the decline in revenue to lower volume, primarily due to a decrease in beginning backlog and orders. However, Steelcase was able to partially offset this decline with faster order fulfillment patterns and higher pricing.
In terms of geographical sales, orders in the Americas declined by 7%, reflecting a downturn in project business. Similarly, international orders saw a decline of 5%.
Chief Executive Officer Sara Armbruster highlighted that despite the softer project activity, the company has witnessed strong growth in its continuing business as customers invest in refreshing their existing spaces.
Related Articles
![The Surprising Decision: Donating instead of Inheriting](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
The Surprising Decision: Donating instead of Inheriting
Explore the surprising decision of donating instead of inheriting and the possibilities of contesting a will. Respect the wishes of your loved ones.
![Olaplex Reports Decreased Sales in Q2, Shares Drop by 18%](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Olaplex Reports Decreased Sales in Q2, Shares Drop by 18%
Olaplex reports a significant decrease in sales and profits in Q2, with net sales dropping by 48%. Shares plummet by 18%.
![Nvidia Climbs Despite Analyst's Target](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Nvidia Climbs Despite Analyst's Target
Nvidia's stock surged following strong earnings despite analyst lowering price target. Dominance in AI hardware market. Year-to-date performance impressive. Oth...