Steelcase sees FY24 EPS 55c-75c, consensus 59c

For fiscal 2024, the company is targeting modest organic revenue growth compared to fiscal 2023 and adjusted earnings per share of between 55c to 75c.The fiscal 2024 targets reflect the following assumptions and expectations, as compared to fiscal 2023:a decline in volume from large corporate customers (which is expected to improve over the course of the year), partially offset by volume growth across the customer segments of education, health and small-to mid-sized corporate customers,an improvement in gross margin to between 30.5 and 31.5 percent, primarily driven by projected pricing benefits, net of moderate inflation, and increased operating expenses including higher investments in strategic initiatives, higher employee costs and approximately $17 million of amortization of purchased intangible assets. "Building off the momentum of our improved performance in fiscal 2023, our fiscal 2024 targets reflect the continuation of our profitability improvement efforts and investments in our strategy to drive broader revenue growth," said Sara Armbruster. "We are committed to driving higher shareholder returns as we focus on the successful execution of our strategy." Consensus for FY24 revenue is $3.1B.