Page 1

Steelcase NEWS RELEASE Steelcase Reports Second Quarter Fiscal 2022 Results 9/22/2021 • Orders grew 24 % compared to prior year and 12 % compared to first quarter • Second quarter revenue impacted by supply chain disruptions , which are expected to persist into third quarter • Third price increase of fiscal 2022 announced in response to continued significant inflationary pressures • Outlook for third quarter reflects revenue growth of 22 % to 27 % over prior year GRAND RAPIDS , Mich . , Sept. 22 , 2021 ( GLOBE NEWSWIRE ) -- Steelcase Inc. ( NYSE : SCS ) today reported second quarter revenue of $ 724.8 million and net income of $ 24.7 million , or $ 0.21 per share . In the prior year , Steelcase reported revenue of $ 818.8 million and net income of $ 55.5 million , or $ 0.47 per share and adjusted earnings of $ 0.55 per share . In the prior year , revenue benefited from a stronger beginning backlog due to pandemic - related restrictions on manufacturing and delivery activities during the previous quarter , and net income benefited from significant temporary cost reduction actions . Revenue decreased 11 percent in the second quarter compared to the prior year , or 14 percent on an organic basis . Revenue declined 17 percent in the Americas , while revenue grew 10 percent in EMEA and 1 percent in the Other category . Revenue in the prior year benefited from the stronger beginning backlog , and the company estimates revenue in the Americas in the current quarter was negatively impacted by at least $ 40 million due to shipment delays caused by supply chain disruptions . On an organic basis , revenue declined 19 percent in the Americas and 1 percent in the Other category , while revenue grew 5 percent in EMEA . Orders ( adjusted for the impact of an acquisition and currency translation effects ) grew 24 percent in the second quarter compared to the prior year , and 12 percent compared to the first quarter . Orders grew 26 percent in the Americas driven by strong growth across all geographic regions and quote types . Orders grew 23 percent in EMEA against the prior year or 43 percent excluding a $ 19 million project in the prior year . Orders grew 15 percent in the Other category compared to the prior year driven by very strong growth across all regions in Asia Pacific except 1