Steelcase Inc. (NYSE:SCS) Q3 2023 Results Earnings Conference Call December 20, 2022 8:30 AM ET

Company Participants

Mike O'Meara - Director, Investor Relations and Financial Planning and Analysis

Sara Armbruster - President and Chief Executive Officer

David Sylvester - Senior Vice President and Chief Financial Officer

Conference Call Participants

Reuben Garner - The Benchmark Company

Greg Burns - Sidoti & Company

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 Third Quarter Fiscal 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

Thank you. Mr. 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 third quarter fiscal 2023 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 third 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 through 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 today's call. Our third quarter results were about what we expected as both revenue and EPS finished within the guidance range we provided in September, and we feel good about that given the challenging environment.

Our corporate clients have slowed investment in office space as they face a potential recession and economic uncertainty in many parts of the world, and this has caused our demand levels to soften. We started to see our order pattern flow down at the end of Q2, and this continued throughout our third quarter.