Steelcase Inc.
15.96-0.72 (-4.32%)
Oct 29, 4:00:02 PM EDT · NYSE · SCS · USD
Key Stats
Market Cap
1.83BP/E (TTM)
19.95Basic EPS (TTM)
0.80Dividend Yield
0.02%Recent Filings
10-Q
Q2 FY2026 results
Steelcase posted Q2 revenue of $897.1 million, up 5% year-over-year and 1% quarter-over-quarter (derived), fueled by 3% growth in the Americas from large corporate demand and 13% in International led by India and China, though education sales dipped. Gross margins held steady at 34.4%, but operating income fell to $53.1 million from $90.0 million y/y amid $11.9 million in restructuring costs and $7.1 million merger expenses with HNI, while adjusted operating income rose to $75.3 million. Diluted EPS dropped to $0.29 from $0.53 y/y, consistent with 115.4 million diluted shares and no anti-dilution noted. Cash dipped to $216.8 million with negative $82.2 million operating cash flow y/y, yet $323 million revolver availability cushions liquidity against $447.4 million debt due 2029 at 5.6%. The pending HNI merger, announced August 3 for cash/stock mix, adds uncertainty if approvals falter.
8-K
Steelcase Q2 revenue up 5%
Steelcase reported Q2 fiscal 2026 revenue of $897.1 million, up 5% year-over-year, driven by strong large corporate demand in the Americas and growth in India, while orders rose 6%. Net income fell to $35.0 million from $63.1 million, pressured by $11.9 million in restructuring costs and $7.1 million in merger expenses, yet adjusted operating income climbed to $75.3 million. Pending HNI acquisition for $2.2 billion, announced August 3, 2025, eyes year-end close amid regulatory hurdles. Merger costs weigh on profits.
8-K
Steelcase completes stock conversion
Steelcase's Class B common stock fully converted to Class A on August 8, 2025, after Robert C. Pew III voluntarily converted 2,216,114 shares, triggering an automatic event under the company's articles. This simplifies the capital structure ahead of the pending merger with HNI Corporation, announced August 3, 2025. No Class B shares remain outstanding. Investors await the joint proxy statement for merger details.
8-K
Steelcase merges into HNI
Steelcase inked a merger deal with HNI on August 3, 2025, setting up a two-step acquisition where Steelcase becomes HNI's wholly owned subsidiary. Shareholders can elect mixed consideration of 0.2192 HNI shares plus $7.20 cash, all-cash, or all-stock, adjusted to match aggregate mixed totals; vested equity awards convert to cash at that rate. HNI's board expands by two with Steelcase directors joining, while key shareholders commit votes via agreements covering 5% of post-conversion shares. Deal closes post-shareholder nods and HSR clearance, but antitrust hurdles loom.
8-K
Steelcase approves incentive plan
Steelcase shareholders approved the amended Incentive Compensation Plan on July 9, 2025, authorizing up to 3,025,286 Class A shares for equity awards like options and restricted stock to employees and directors. This bolsters talent retention amid competitive pressures, while the board reelected all ten directors with strong support—most exceeding 96%—and ratified Deloitte as auditors for fiscal 2026. Shareholders also backed executive pay 93.2%. Plan lasts ten years.
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