Steelcase sees Q1 EPS (2c)-2c, consensus (7c)

At the end of the fourth quarter, the company’s backlog of customer orders was approximately $690 million, which was 14 percent lower than the prior year. Orders through the first three weeks of the first quarter of fiscal 2024 were flat compared to the prior year. As a result, the company expects first quarter fiscal 2024 revenue to be in the range of $710 to $735 million. The company reported revenue of $740.7 million in the first quarter of fiscal 2023. The projected revenue range translates to a decline of 1 to 4 percent compared to the prior year, or an organic decline of 2 to 5 percent. Consensus for Q1 revenue is $693.77M.