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Steelcase Inc. (SCS+1.25%) has submitted its 10-Q filing for the quarterly period ended November 22, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $794.9 million from $777.9 million in the same quarter the previous year. The increase is attributed to volume growth in the Americas, despite a decline in the International segment.
Cost of sales for the quarter was $528.1 million, representing 66.4% of revenue, compared to 67.6% in the same quarter of the previous year. This improvement in cost ratio is due to higher revenue and cost reduction initiatives.
The company reported a gross profit of $265.4 million for the quarter, compared to $252.3 million in the previous year, with the increase attributed to higher revenue in the Americas.
Operating expenses increased to $223.8 million from $206.5 million, primarily due to higher employee costs and variable compensation expenses.
Net income for the quarter was $19.1 million, down from $30.8 million in the previous year. The decrease is primarily due to a non-cash settlement charge related to a pension plan annuitization.
Cash provided by operating activities was $147.9 million, while cash used in investing and financing activities was $28.0 million and $72.1 million, respectively.
Steelcase had a total liquidity of $900.7 million as of November 22, 2024, including cash and cash equivalents, short-term investments, and company-owned life insurance.
The filing also details various restructuring activities aimed at enhancing operational effectiveness, including workforce reductions and business exit costs.
Steelcase does not anticipate any significant changes in its liquidity position and expects to meet its material cash requirements with available resources.
The company continues to focus on its business transformation initiative, including the implementation of a new enterprise resource planning system.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Steelcase Inc. quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.