Stock Monitor: HNI Corp. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 23, 2018 / Active-Investors.com has just released a free earnings report on Steelcase Inc. (NYSE: SCS). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SCS. On March 20, 2018, Steelcase reported financial results for the fourth quarter and full year ended February 23, 2018. The Company surpassed analysts' estimates for revenue as well as earnings in Q4 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Steelcase's total revenues reached $772.7 million for Q4 FY18, reflecting an increase of 0.47% from $769.10 million in Q4 FY17. However, excluding the effects of favorable currency translation and the impact of an acquisition and divestitures, the Company's organic revenue declined 2% on a y-o-y basis in the quarter under review. The reported revenue surpassed analysts' consensus estimates by $22 million.
During Q4 FY18, Steelcase's cost of sales was $519.6 million, 1.21% higher than $513.40 million in Q4 FY17. The Company's gross profit fell 1.02% to $253.10 million in the reported quarter from $255.70 million in the previous year's comparable quarter.
Steelcase incurred operating expenses of $219.7 million in Q4 FY18, 7.22% higher than $204.90 million in Q4 FY17. The Company's operating income was $33.40 million for the quarter under review, a decrease of 33.73% from $50.40 million in the year ago same quarter.
Steelcase's income before income tax was $44.70 million in Q4 FY18 compared to $50.10 million in Q4 FY17. However, the Company had a breakeven net income in the reported quarter compared to a net income of $25.80 million, or $0.21 per share, in the previous year's corresponding quarter. Steelcase's results included charges of $27.9 million related to the US tax reform for the reported quarter. Excluding these charges, the Company's adjusted diluted earnings per share (DEPS) was $0.24 in Q4 FY18, an increase of 9.09% from $0.22 in Q4 FY17. The results also included non-operating gains of $13.9 million related to an investment in an unconsolidated affiliate, which increased DEPS by approximately $0.05, net of related variable compensation and income tax effects. For Q4 FY18, analysts' estimated DEPS of $0.16 per share for Steelcase.
For the year ending February 23, 2018, Steelcase' total revenues were $3.06 billion, an increase of 0.76% from $3.03 billion in FY17. The Company's gross profit fell 0.43% to $1.01 billion on a y-o-y basis, while operating profit dipped 22.08% to $156 million on a y-o-y basis in FY18. Steelcase had a net income of $80.70million, or $0.68 per share, in FY18 compared to $124.60 million, or $1.03 per share, in FY17. The Company's adjusted DEPS, excluding special items, decreased 13.33% to $0.91 in FY18 from $1.05 in FY17.
Steelcase's Segment Details
Americas segment's net revenues were $537.50 million in Q4 FY18, a decrease of 4.66% from previous year's same quarter. The Company's adjusted operating income was $39.9 million for the reported quarter, 34.59% lower than $61 million in the previous year's corresponding quarter.
For Q4 FY17, Europe, Middle-East, and Africa (EMEA) segment's net revenues advanced 16.59% to $151.80 million on a y-o-y basis. This segment had an adjusted operating income of $1.50 million in Q4 FY18 compared to an adjusted operating loss of $6 million in Q4 FY17.
During Q4 FY17, others segment's net revenues surged 11.05% to $83.40 million on a y-o-y basis. This segment's adjusted operating income was $2.50 million for the quarter under review compared to $4.10 million in the year ago same quarter.
Steelcase had cash and cash equivalents of $283.10 million as on February 23, 2018, 43.63% higher than the $197.10 million as on February 24, 2017. The Company's total long-term debt was $292.20 million as on February 23, 2018, 0.81% lower than $294.60 million as on February 24, 2017.
For FY18, Steelcase's cash flow from operating activities was $227 million, 32.98% higher than $170.70 million in FY17. The Company incurred capital expenditures of $87.90 million in the reported year, an increase of 43.86% from $61.10 million in the previous year.
Steelcase distributed dividends of $61 million during the twelve months ending February 23, 2017, up 4.27% from $58.50 million in the same period of 2017. The Company repurchased common stock worth $33.80 million in FY18 compared to $48.4 million in FY17.
For the first quarter of fiscal 2019, Steelcase expects revenue to be in the range of $740 million to $765 million. Excluding the impact of currency translation and impact of acquisition and divestitures, the forecasted revenue reflects a change of (3) % to 1% in organic sales. The Company expects its diluted earnings per share to be between $0.12 and $0.16 in Q1 FY19.
Steelcase's Board of Directors declared a quarterly cash dividend of $0.135 per share, which represents an increase of 0.75 cents per share compared to Q3 2018. The dividend was paid on April 13, 2018, to shareholders of record as on March 30, 2018.
Stock Performance Snapshot
April 20, 2018 - At Friday's closing bell, Steelcase's stock declined 1.07%, ending the trading session at $13.90.
Volume traded for the day: 541.08 thousand shares.
After last Friday's close, Steelcase's market cap was at $1.22 billion.
Price to Earnings (P/E) ratio was at 15.11.
The stock has a dividend yield of 3.88%.
The stock is part of the Consumer Goods sector, categorized under the Business Equipment industry.
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