Steelcase Inc. (NYSE:SCS) Q2 2024 Earnings Conference Call September 20, 2023 8:30 AM ET

Company Participants

Mike O'Meara - IR

Sara Armbruster - President and CEO

Dave Sylvester - SVP and CFO

Conference Call Participants

Greg Burns - Sidoti

Reuben Garner - Benchmark

Budd Bugatch - Water Tower Research

Steven Ramsey - Thompson Research Group

Budd Bugatch - Water Tower Research

Operator

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Steelcase Second Quarter Fiscal 2024 Conference Call. [Operator Instructions] Thank you.

Mr. O'Meara, you may begin your conference.

Mike O'Meara

Thank you, Rob. Good morning, everyone. Thank you for joining us for the recap of our second quarter fiscal 2024 financial results. Here with me today are Sara Armbruster, our President and Chief Executive Officer; and Dave Sylvester, our Senior Vice President and Chief Financial Officer.

Our second quarter earnings release, which crossed the wires yesterday, is accessible on our website. This conference call is being webcast and this webcast is a copyrighted production of Steelcase Inc. A replay of this webcast will be posted to ir.steelcase.com later today.

Our discussion today may include references to non-GAAP financial measures and forward-looking statements. Reconciliations to the most comparable GAAP measures and details regarding the risks associated with the use of forward-looking statements are included in our earnings release, and we are incorporating by reference into this conference call the text of our safe harbor statement included in the release. Following our prepared remarks, we will respond to questions from investors and analysts.

I will now turn the call over to our President and Chief Executive Officer, Sara Armbruster.

Sara Armbruster

Thanks, Mike, and hello, everyone, and thanks for joining the call today.

So our second quarter results were much better than we expected in both revenue and adjusted EPS, finished above the guidance range that we provided in June. So halfway through the year, we are pacing ahead of the fiscal 2024 targets that we shared in March.

And on the strength of our favorable first half performance, we are projecting our full year adjusted EPS will finish between $0.80 and $0.90, which is higher than our target of $0.55 to $0.75. We're pleased with the progress we're making in many areas of the business and believe our strategy is helping to drive these improved financial results.