Steelcase Inc. (NASDAQ: (SCS) stock gained by 1.75% at last close whereas the SCS stock-price plunge by 4.79% in the after-hours trading session. With the company’s exceptional architecture, furniture, and technology solutions, leading businesses throughout the world trust Steelcase to help them develop offices that are safe, efficient, inspiring, and versatile.

SCS stock’ Financial Highlights

Steelcase reported financial results for its second-quarter fiscal 2022. Here are the highlights:

• For the second quarter fiscal 2022, the company generated revenue of $724.8 million compared to the $818.8 million in revenue for the previous year. Also, the net income totalled for Q2 fiscal 2022 was $24.7 million or $0.21 per share relative to $55.5 million or $0.47 per share for Q2 fiscal 2021.
• Operating income in the second quarter was $33.9 million, down from $88.6 million, and adjusted operating income of $104.2 million in the previous year, except for the effect of restructuring expenditures in the Americas.
• The second quarter’s gross margin of 28.5 percent was down 440 basis points from the prior year, which had $6.9 million in restructuring charges in the Americas. In the Americas, gross margin fell by 550 basis points, rose by 120 basis points in EMEA, and fell by 420 basis points in the other category.
• At the end of the second quarter fiscal 2022, total liquidity, which included cash and cash equivalents as well as the cash surrender amount of company-owned life insurance, totalled $530.5 million. There was a debt burden of $484.5 million.

Jim Keane, president, and CEO commented,

Their 24% order growth in the second quarter was higher than projected, and orders in some areas of the business neared or surpassed fiscal 2020 levels. They had to prolong lead times and postpone some shipments as a result of a number of industry-wide supply chain interruptions, which had an adverse influence on the second-quarter sales. As a consequence of the delays, no large order cancellations have occurred.