Earnings call transcript Q1 2024

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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 First Quarter Fiscal 2024 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. you. Thank Instructions] [Operator

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

Mike O'Meara

Thank joining our us Good morning, first you for everyone. Thank for fiscal financial you, XXXX Rob. quarter results. the recap of

today our Senior President and me Here our Financial Vice Sara and Sylvester, Officer; and President with Dave Chief are Officer. Executive Chief Armbruster,

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

non-GAAP Our text the discussion release. we are today included our of financial and associated may the measures reference GAAP forward-looking by statement in comparable the incorporating use forward-looking include details to in this references statements Reconciliations the release, the conference included call risks to our with earnings statements. and measures into Harbor regarding and Safe most of are

investors will Following we our prepared remarks, questions respond and analysts. from to

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

Sara Armbruster

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

good March. our Overall, above very adjusted guidance finished were provided both revenue about expected, feel first and EPS which quarter the we range better we than in results, as

Our with ahead and is would fiscal -- of our outlook put pace in adjusted outlook the for target. QX 'XX us earnings line prior year to achieve

teams to improvements benefits more years, thank results continue pricing experienced in for operations sales I'm continuing two the we've proud for but drive. extraordinary they past want our and detail, cover will Dave the to to response capture over to inflation our our teams I in the of

strong. continued has rate win our to be addition, very In

we're uncertainty, challenges in the faces still seeing international our market markets. broader and performance, the Amid near-term Americas in improved additionally,

for challenges are we optimistic seeing taking make the are positive and those the our of us actions signs cautiously back year. in the half that We some costs face of reduce to

mid-term or all of May us replay the for share who've NeoCon to on into next about who financial webcast. touch show of in to from week's annual and strategy our in excited couple our I We those Investor like focus and areas Day thank Chicago. of targets. areas link joined last our them those details trade were watched some strategic I'd want highlights to a more a provide

Our goal is workplace transformation. to lead the

beautiful into we So, high showrooms. offerings vision One integrate performance a of seating to offers that and Steelcase with workers. was another a of in this our mobile WorkValet, was were aesthetic products workplace storage support range excited design new new innovation for levels which And balance that NeoCon sustainability.

several that We the OPTIC by Steelcase also collaboration collection. hybrid wins conference including Ocular and from products NeoCon of effective, the easier and celebrated collaborative collection award and products more HALCON tables for several make

working work, workplace as provide that some way larger our has organization's better them the XX that to better, updating in many solutions The of beyond they conversation described for on supports And focus hybrid respond their outdated their talked goals. want the privacy they companies it's conference employees' really well in video their week, We from and to toward that months, slowed spoke now technology these the Many spaces customers as and hold experiences. during put working business the within regretting about they their with of of now last during heard the objectives. consistently a and this need home achieving to customers rooms has sustainability I needs. realize integration projects progress as and conferencing moved about on

Back, making it Task put those point. it step, which carbon with our simplified to great small their reduces product ergonomics We've made medium which businesses and packaging, our advances X showcased our Air easy and we quickly. unpack and completely, Chair Series X more price significant for together customers also at in medium-sized and small- superior serve provides assembly a To Series footprint new introduce a

health respite. applications offering hospitality feel flexibility. for softer from innovative, centers clinical a clinician applications performance instant and These Our create waiting look staff. KwickScreen, new and for Steelcase and offer included rooms, and team partitions infusion providing cleanable a patients partner Highlights whose products while showed privacy

added week shape new this the of and Collection was from by research collection on fuel Elm architects transformation dealers Elm, continue Another insights. and provides Health home of highlight to West the the and West Response future of workplaces waiting and last improve to seating. innovation room enhancements designers with Designed our to clinical of outstanding, energy the was to soft build features customers, and comfort experience. we'll our with

NeoCon While to opportunity and terrific to a let showcase connect our efforts with products we haven't our profitability. up customers, is our improve on

the are teams our around continuing to model world Our operational operations cost structure. to redesign our lower

complete the regional to during our closure center previously optimize Atlanta quarter, the to had continue distribution we as second As our of distribution we expect we system. announced,

directly how opposed ship drove our to achieve additional consolidating ways our also well from cost operate. goals. opportunities of to examples continually these finding in by quarter We two reduction the through savings regional supports many which are the labor centers. rethinking as distribution we're efforts customer handling, reduce we improved carbon factories deliveries and as allows our installation more for just This this our it to rate And site as to

our people, for they professionals. young independent survey stakeholders. to than based among class which America's career for the again excited schools support Best include than to continue we for growth, These value orient Universities and ultimately agrees; represent creating Steelcase business Black from summer we're International STEM, for exemplifies Grads country XX women more more Employers This of students believe delivers more diverse ranked And Historically advancements Colleges interns XX commitment pathways our growth on intern and Magazine New and locations. to our Forbes of we XX,XXX and students. across all Steelcase in an also XX the across As interns

I'm fiscal excited to and believe first end we'll 'XX be our the where we at start half. of the about

to we ahead remain and market against through transformation, to the an expect we segments lead We workplace and financial our environment, serve profitability. diversify continue committed We pace to to halfway be navigate year. customers the our targets the improve strategy through but of uncertain our

So, with that, I'll to and Dave review it turn outlook. share results over QX financial the our to to

Dave Sylvester

Thank you, Sara, and good morning, everyone.

flow. highlights outlook a My our start about then comments balance for the quarter quarter. first share to today with cash few will and summary sheet our will remarks second results, the I related

we environment operate last we than we our risks, overall, than about macroeconomic pretty year As quarter we in results, and geopolitical communicated yet with results uncertainty that prior the good an Sara were the first as delivered and said, better quarter. continue feel to and expectations better

from declines the and, we new earnings improve our strategic benefited and adjusting Over supply quarters number efforts exceeded extraordinary adjusted workforce taking to actions, reaction in two unprecedented pricing a a to and we incurred including cost ranges Both to QX in and ends several the volume investments, actions the result, in operational have March. resiliency. the our of support actions response to the and agility inflation top of provided faced, reductions these revenue past in we the response in as environment past reduction over we chain and to taken we've implementing dynamic years,

in benefited in offset incoming by than The from faster our driven Across our better-than-expected expected, the early which benefits. part orders patterns, largest a shortfall quarter pricing segments, and we which order Americas, revenue segment. was our business fulfillment revenue higher-than-expected customers better retail and the customer from government from was favorable was consumer by

was International quarter due continued to in beginning in than which actions driven and restructuring announce in decline primarily it was concerns, to our contributed Pacific. a lower more a to series the backlog, Asia EMEA but revenue The we by significant decision estimated of macroeconomic

to On organic a flat offset of decline growth prior and in revenue an a X% Americas, basis, included compared in was million International. the the year, on by X% $XXX consolidated basis

in in our higher was the contributed by efficiencies, revenue to operational of adjusted which impacts offset International. better Americas in compared our margin but estimates. partially Stronger lower-than-expected had we earnings, also Americas volume the favorability The the also better-than-expected to gross the drove

expectations. margin gross exceeded also their However, our

of to which million not to Operating quarter. our aircraft, was primarily including of estimate expenses related two were the due the sale above in our $XX QX completed the gains anticipated estimate,

addition, higher variable recorded we expense In compensation due our stronger-than-expected earnings. to

$XX support to our more for atypical is the as as flow As million The sheet, inventories million than second related retirement capital we in to generated increase reduction a strength million working cash and capital our the of to contributions. working from tend plan seasonal seasonal variable compensation disbursements offset reduction QX of quarter. to and EBITDA adjusted operating balance of quarter, cash relates we $XX first it $XX in the and of activities

experienced However, chain stocks our are we total year offset which we the the response supply to continued more to to in reduce built adjustments and inventory last we build. benefiting than also safety supply chain, levels in seasonal from some disruptions

we addition, outstanding, quarter. in during in sales saw improvement In drove a the which days an accounts receivable reduction

the at $XXX aircraft million, lower was quarter. the aggregated the revenue. than of slightly exceeds was X% million our totals which debt trailing four net of $XX QX end loan million which end off higher Our quarter, debt maturing liquidity four adjusted the quarter $XXX EBITDA, paid as our At $XXX of QX. than totaled trailing Total million during and to we quarter

quarter, XX% fourth is a quarter basis, prior year-over-year increase including of to the of to X% year. of order which growth X% orders in reflected Americas fiscal compared sequential On the XX% QX seasonal growth in in XX% first we XXXX, the grew XXXX. the in posted Regarding strong and declines of versus the These year, prior a orders the in in first quarter, the consistent in with decline declines fiscal compared International. we quarter experienced the QX which

the to they in in partially continuing project May, patterns in and the lower stronger In revenue in was little better-than-expected by expected, quote our the level decline March the growth business. Across April but the approximated than our driven business, offset were which contributed the year-over-year Americas, quarter. types, by decline a we order were

in pre-sales pause we In Asia period referring project by the encouraged At markets partially was a more creation. have by experiencing XX% a Pacific, EMEA, environment the year, offset in may our growth double-digit broad investment economic resilient in International, are same of and the China, we believe we EMEA activity also across opportunity as improving. Asia significant customers the period all slowdown many based was are in in a levels order In other than growth time, year. be and last surprisingly decline year-over-year And after EMEA activity calendar this across to new expected over Pacific. been

and year-over-year our million would report in range decline a million, the reflect $X.XX, outlook within per the $X.XX we $X.XX report revenue of X% prior adjusted to $XXX which between to to we expect year. which of share to expect earnings $XXX for to Turning and a second quarter, to X% compares

to development offset and other quarter is System includes projected adjusted $XXX operating sales expenses than of between which of In approximately addition the basis from Smith is to higher million in and of the than estimated assets. million and the first points the includes: year prioritized prior initiatives, margin at range quarter; fixed partially and $X estimate first earnings gross product approximately revenue, to the better compared higher commissions XX.X%, by investments slightly XXX of expected million, gains sale which of seasonal $XXX the marketing,

tax and net we're And expense, we million items of non-operating projecting other approximately rate to $X XX%. and expect expense to lastly, of effective interest an approximately

ahead of focused pace on an targets, driving achieving we Through year half the targets to full the March. communicated XXXX year, navigating improved while our in be implementing and we of first environment. profitability fiscal We are projecting our fiscal strategy on the achieving remain uncertain and have

it From there, turn operator the questions. for back we'll to

Operator

Sidoti. [Operator Instructions] from first from your the comes Greg And of line Burns question

Your line is open.

Greg Burns

Good morning.

Dave Sylvester

Hey, Greg.

Greg Burns

you -- just corporate continue? trend to get you for on quarter comfort their expect activity bit us seeing more office hearing they And color to little positive needs? outlook with more give little a What you're this Can customers? the large from your a talk Are their saw do with you bit are starting you the them?

Sara Armbruster

this is Greg, Yes, Sara.

think So, we with if real spoke say, NeoCon with as meaningful to the on evolve reflect I and see there we the encouraged were as customers as and conversations well last architects week I to do to, that plans some projects designers an many would that I were of at example, offices. of

was it activity, there and was like not it I who in So, mind. window kind shopping were activity plans felt with a of people

and that some changes I definitely So to plans might there real future. discussions point make in was felt more the as going it's our will opposed maybe to hard or we we more to focus, space about project at hypothetical generalize intensity, what forward, conversations behind happen but think those

Greg Burns

in you offsetting full savings announced gap cost Okay. you Analyst Day. sold still the you had or of And are Are completely targeted have million And be goods your margin, terms fully there? you inflation? incremental closed price/cost some your is there then -- of we gross $XX now, of gains about -- have savings, I know to at

that, how -- your all going we about don't forward should considering think if recover the gross gross volumes So, margin here?

Dave Sylvester

Well, you with to relative try your pricing lot me to about it. in start inflation. a have there, let question We'll unpack

a adjustments a from years As price last finally cumulative said a we cumulative up That's just taken the on we two the caught yield basis. to price dollar-for-dollar had the quarter over ago, our inflation.

is of capture targeting of years. dollars margin some inflation we've couple on So millions the of to now last of the experienced hundreds what gross we're over

So we're again year. QX QX margin that's a some of the with in than XXX and them benefits estimate higher gross projecting seeing you're year-over-year that's the why prior basis in points why

in gross volumes margin targeted about relatively at flat then in talked expect gross targets improvements we they should for us benefits, the Bob to drive get baked which we the our will Krestakos has better to are declined Day at modestly. that the improvement That, continue the May. even But Investor margin or if addition communicated Day, if Investor mid-term early we that even if stay they into improve, in

Greg Burns

Thank you. great. Okay,

Operator

line comes from question Reuben Benchmark. from Garner the of next your And

Your line is open.

Reuben Garner

morning, you. Thank Good everybody.

Dave Sylvester

Reuben. Hey,

Sara Armbruster

Good morning.

Reuben Garner

color a to of to back maybe examples provide more conversations curious question, kind conversations? people couple company you're leaders. follow-up more NeoCon. in talking Sara, incentive-based the your can to appreciate with return hearing on what you the office I us heard your there office. about We've Any the Greg's pushes that when to of I'm either specifically trends get mandates in of or you're

Sara Armbruster

that CEOs vast I say majority the think in as time, pretty I expressed leaders, Yes. strong I to business to mean, I would together working desire the have you're employees and say physically some office. their other And I consistently for right. have talk would a

seen that the to those more. up people we've either least I or companies at of of to more announce I get maybe turn think, the leaders, anecdotally late intensity that more business the express intent think, of effort actually even and back things office

impact So the pretty business in consistently at speak things, all positive their business hear think the the number value of isn't certainly to that we've the a things I from that advance companies, more able true certainly effectively or sorts culture. the I efficiently quarters, for but office, have people people of whether has corporate leaders like to. heard tone to being on need together, and belief to I And that it's speak their continuing all objective of

Reuben Garner

occupancy How pre-COVID years, could industry, just levels feel and guys next all, the as rates estate And debt the expire? -- it. investors I've about do lower offices commercial at that that are you surrounding furniture about heard the real impact over the from concern some leases lately if and few than

Dave Sylvester

churn locations, it them. activity, in it's haven't take incentives they all a of when office the Well, that work kind sometimes choose their up, town, often the of -- or what to a higher they of have settings, tell, encountered of this hard move furniture creates but part they drives companies meaning vacancy different really like sometimes What is landlord better don't to quality move with in downsize, past. which you're because historically gone anything in higher, aware generally is we rates -- -- in

the a be vacancy and incentivize the been reading So go for might you're landlords remains it up churn, industry vacancy to degree generally rates when media. from some it's the what go but rates positive to seen what -- in up

Reuben Garner

might what Sara, color release, that? your And on in Any strong driving then, you Perfect. referenced earnings think rates. the win you be

Sara Armbruster

behind one to say, part thing, of the week fact clients invested NeoCon is that last we've and that quite support stay workplace. to at in heard is and would many innovation what we think anecdotally, that deliberately lies in we I heard the Well, pandemic early solutions of from I certainly, chose our

as So, valid whether invested. And strategy caused need -- communicated, path would dramatically that's one the our were pandemic that in of or the imagine the stay you the different we've of was staying we whether be felt to can about of we invested in there a that's workplaces pivot direction future conversations some office and paths like the forward. the future

for technologies, we've in innovation we've to know evolve think now to their that workplace, I solutions acquisitions privacy done around those investments businesses spaces the partnerships collaboration, in I that offices is made, our their update our we've think things made support perhaps all the integrated need organizations the So that support innovation, of to solutions they hybrid with and their resonating move forward. to

Reuben Garner

I'm I Great. one can. sneak more if to going

of and mentioned -- need to to small trying some guys ease of a healthcare consumer, knowing penetrate You of spaces? you to chair that those attack you the other or kind that or what you business assembly markets whether address it's changes that think do further different are

Sara Armbruster

Well, Clearly, different of we're functionality certainly fact requirements at there and of the may home products, different market in be the as has differences somebody's office. look and than the healthcare setting different I those points, that think types aware price that a the segments, we apply. products, features needs

historical to the serve those made. we well of we've capabilities as needs strength our draw to our as there some acquisitions obviously continue on and So, and innovation

we'll acknowledging as the well. and in to on purchase journey been continue other is think the customer investing so different I that thing we've that is focused and do

a them to and consumer really pathways, navigate the for about understanding and as thinking and purchase of kinds only journey pursue you and making also in to task allow and that's and might path a So customers that model think mindful that than sure of are that how ultimately we been as chair chief really kind we purchasing those that the but the kind our our perhaps nursing for then researching office, of new different take clinic. in sure evaluating open create we sure not if your business experiences home we're you our have ergonomic about really appropriate And different journey tools a journey might process officer a systems successfully. making those value reorienting can of they research and that that that make to

Reuben Garner

Great. Thanks, guys. Good luck going forward.

Sara Armbruster

Thanks.

Operator

Instructions] [Operator next Group. Your Research Thompson Steven of from the from line question comes Ramsey

is line Your open.

Steven Ramsey

morning. Good Hi.

You diverging some maybe that down key detail trends the positive there's demand types into if you or talked customer demand overall different groups? about bit customer in SMBs, within project anything being large the in and cetera, go between project a Can quarter. on et customers,

Dave Sylvester

don't out continuing don't activity anything of for I or -- customer a recovery business. jumped this unusual office across an groups. and project that recall think economic to state seeing to return trail hearing the also it's recovery I at

out for the to they I modify think or projects it's typically I because, of office, economic levels don't case, back in to on maybe RTO, corporations agreements project just were this side. in had because or they spaces, seeing return as continuing stood restart to or of what existing to recovery anything them workplaces, we've office. to But that to past that the more look routine activity remember the the either their seen get when the in various activity

Steven Ramsey

projects the trends year year then a growth the two these versus 'XX basically seen you've And you trends or about thus think for and do any Helpful. the negative in while full Okay. continue for the continuing to is flattish do contributor thinking year, to and there's project lines? modest move continuing far, expect you project

Dave Sylvester

by ups that would improve. -- grow not remains pretty our I tracked what's visits good. kind amount But of pipeline, is it of I project like to significant in the to activity activity it Whether and what and to that, it's will any is which year-over-year think and project expect reasonable mock be seen. or been pre-sales things will have activity related generally generally

our large to like of I should some full in with improving company So back it the I assumed think of therefore, what year. fiscal year, feel could you if the trend we expect half improve, in we of the underlying project targets of -- include and activity. that kind would And for show assumed an

Steven Ramsey

ahead Helpful. full show then the where Okay. any on full thinking for about that ahead year. the another anything you year into you particular Can up statement being And question may of line notable income year or pace your items targets? and go not maybe are tracking for 'XX

Dave Sylvester

see my about I mean, it's statements, full below managing on to I'll liquidity -- receivables. agencies do comments We below. that access the We're I within income DSO the to improvement our reductions inventory credit facility. like and not back have leverage the how metrics on back policy good like access pretty range. cash we're to Well, our on where operate They're and -- feel kind our flow, are. it's of go I about like you to rating thresholds

I those good of feel things I types about. So mean, very

see a Bob in margin all we Krestakos monthly, But the improvement get and project and the operational least progressing behind gross believe direct month, Sara the and showing future how we're are that work statement, that up You income see I that but driving will driving. necessarily against statements. or a activity today's that his of quarter-to-quarter multiple about efficiencies sense at income often projects we're the correlation the up team in don't show of twice aren't

Steven Ramsey

you. Great. Thank

Operator

next Research. your question Water comes And Bugatch the of line Tower from Budd from

Your line open. is

Budd Bugatch

asked. been quarter. performance the congratulations But first morning. my on a of good in first, very Good have Most questions

Dave Sylvester

Budd. Thank you,

Budd Bugatch

I one talked high the heard on know it's you with had had talked over thing haven't had -- and months several but the been times different win the hit release, rate been been response sales and really want that people Sara, to one about that any on been about about couple cycle, just of call, term sales we I conversations, the guess asked that, the was the activity in I but extended. that cycle level last which the thing

are any end? of beginning to from in -- we sales the So, the that in seeing shrinking length cycle

Mike O'Meara

to Is the about, sales like, Hey, are cycle? processes Budd, clarify, that... just customer of decision talking you slowing making that

Budd Bugatch

Yes, Mike. people pushing starting, you're was -- one in conversations talked some actual fact conversations, the] when they, that's about of [out initiation the -- in those from the had those Exactly. Yes, things or were were having -- putting the of but been -- order. (ph) future the

So...

Sara Armbruster

know plans of customers relatively Yes. firm renovating of you they're think doing a can kind or kind really give I they're but expanding of answer, my they're I moving they're definitive speaking say NeoCon, comments quantified we on kind I don't make see that would some of definitely about building sort. that either know have something. or more They to or I changes

more who out see So or not maybe dragging and kind clear the to we timelines of intent action. from people high, in we I I and standpoint, process that hemming have see -- think and customers we take think plans

when that's But, dramatically we're used of to we're they those through what bit is I know factors timeline of that than challenges relative I project seeing or customers due that things Maybe maybe tradespeople slowing we've to construction mean, seen. some that still think, one don't happen. they a kinds still, the again, is I anything different are to lack are thing what with schedule intended. other having there, managing their variable

that anything know unusual. that seeing we're don't dramatic I So, is or

Dave Sylvester

and of they not paused some from as positive, to enough here they're call behind now people Yes. of call a That's XX pressure slowed a that Positive I the customers trend. over trend. a down acknowledge kind back bringing activity it there, hearing regret having because certainly last or or months necessarily anecdote office. to the that hearing not to feeling at mean, major or enough that but NeoCon that they're we're a shift being the but new

Budd Bugatch

is quarters that releases so, that about the having interesting, the of seeing kind over normal backlog couple in of over backlog last that the not talked level of Does and that's noted tail. a timing last last Dave, now? of last you couple that or like a the more You're year same the the because calls? longer the in -- Hey, mean you've approaching deferrals backlog

Dave Sylvester

the I changing. definitely backlog is mean,

in they've I delivery. chain to in supply because clients environment with seen shorter confident feeling that reliability part ordering think the on-time times, improved that's linked more lead are of improved the

So, levels definitely we've level necessarily that. that wasn't in bit days. some contributed higher like it It pre-pandemic we quarter shipped quarter. back a the like and of it we and quarter, And seen been above old received felt in that of that had the nice in the but good orders little pre-pandemic had to results to or experiencing we levels, the was than our we

Budd Bugatch

quantify of of we orders? And above above. Did seeing being you those did kind what talk rate you are this weeks about to -- of want orders any at least couple in the quarter first of

Dave Sylvester

I also is overall decline rate. starting growth, different QX. come the was in against the you in it had a -- than reference low can comparisons that prior versus phrase year. we modest included growth And are easier we that used because the we think assume notably I which Well, think digit up release, we single to We

so I second nice and XX%. whereas think would begin to of to we at first quarter it last the out. year see orders year-over-year, to think, I last expect play grew and it's quarter it this, But of X% see for year, grew at

Budd Bugatch

-- points, XXX much margin is you gross those that differences? on maybe pricing the mean, ahead and basis [indiscernible] which? Can you by quantify moving the up That's And two parse I how what operational efficiencies. good. -- is which

Dave Sylvester

And enough inflation. lion's share math, disclosures. pricing, of Well, in the others But the do net of that of we include to quantify the was the notable amount it. were clearly the if our you

able some it not operational and was also being shipments in years, and started and of but last So the we loaded well. mean, the routes I over efficiencies, that logistics logistics better two for only wanted get nice from And we benefits the which months some fully better favorability, included some part is just to we nice. the more them then it getting as was had with the direct get six trucks them. labor, world pretty on messy quarter

-- the but it So, efficiencies just were not well. logistics labor, as

Budd Bugatch

the noted, you fact now, step, had didn't consolidation, thought, need back her about a to in Sara and go necessarily were to the able extra you I that trucks to comments you've the what what's -- knowing And to directly. with much from very shipped and timing. customers to product get a your efficient of work and tracking way had facilities shipments pretty

a I of was was So on thought that. fascinating and that's -- that a commentary kind that interesting,

it feels industry to imprints? back like, reasonable kind like sort. overall, like, that a of getting of the So Is some me, normal this to, is

Dave Sylvester

It say feels it's the over lot stabilizing we kind still of would a is and given uncertainty lot kind macroeconomic certainly us. sentiment that's -- different relaxed And that improving are taking of like or the which the hanging approach while in it's broader people a getting back on it's RTO, improving, companies office. approach more there a about of that are to

to fact it's potentially is good. starting green show pretty darn shoots to and that stabilizing it's So call enough feels improving the like it it

Budd Bugatch

Agreed.

the think for about the $X You the the those quarter, -- and to talked get -- operating aircraft? for gains, you million those in make you you of projected sure Do will is sold I that expense understand, second quarter?

Dave Sylvester

we're trying. Well,

you anybody, for know, know that's looking If aircraft. let me an

Budd Bugatch

So they're not...

Dave Sylvester

We're say, internationally. that We listed competitively, the great. priced The jet I aggressively. -- not at market moment very they're would is

But quarter in did and an opportunity. sell happens. was we intent what them -- we'll our is first not have the So see to

complete we quarter. the down that have will is hope of opportunity wind the aviation Our in to second an

Budd Bugatch

of good Thank Thank got year very balance luck beyond. and I you. much. the and you this Congratulations, you. for

Dave Sylvester

Budd. Thanks,

Sara Armbruster

Budd. Thanks,

Operator

I time. And further Armbruster, this over the Ms. questions call to turn you. no at back are there

Sara Armbruster

in want just for continue today, thank appreciate we focus I day. Steelcase and interest all to your we joining driving results. on you improved to a as Have great

Operator

This conference today's concludes call.

You may disconnect. now

Steelcase (SCS) 22 Jun 232024 Q1 Earnings call transcript