Page 1

Steelcase NEWS RELEASE Steelcase Reports Third Quarter Fiscal 2022 Results 12/16/2021 • Orders grew 40 % compared to prior year and included exceptional strength in Asia Pacific • Third quarter results impacted by extraordinary inflation and supply chain disruptions , which are expected to persist in fourth quarter EMEA reported $ 8.3 million of operating income and 4.9 % operating margin ● GRAND RAPIDS , Mich . , Dec. 16 , 2021 ( GLOBE NEWSWIRE ) -- Steelcase Inc. ( NYSE : SCS ) today reported third quarter revenue of $ 738.2 million and net income of $ 9.6 million , or $ 0.08 per share . In the prior year , Steelcase reported revenue of $ 617.5 million and net income of $ 2.1 million , or $ 0.02 per share and adjusted earnings of $ 0.08 per share . Revenue increased 20 percent in the third quarter compared to the prior year , or 17 percent on an organic basis . The revenue growth was broad based across all segments , with growth of 20 percent in the Americas , 17 percent in EMEA and 21 percent in the Other category . Supply chain disruptions in the Americas in the current year resulted in extended lead - times , shipment delays and adjustments to delivery schedules , which the company estimates caused at least $ 35 million of revenue to shift from the third quarter into the fourth quarter compared to at least $ 40 million of revenue which the company estimates shifted from the second quarter into the third quarter for similar reasons . Revenue in the prior year was impacted by approximately $ 60 million due to a temporary global operations shutdown implemented to protect the company's systems during a cyberattack . On an organic basis , revenue grew 17 percent in the Americas , 17 percent in EMEA and 20 percent in the Other category . Orders ( adjusted for the impact of acquisitions and currency translation effects ) grew 40 percent in the third quarter compared to the prior year . Orders grew 36 percent in the Americas driven by strong broad - based growth . Orders grew 31 percent in EMEA driven by growth across all markets . Orders grew 87 percent in the Other category driven by very strong growth across all regions in Asia Pacific , including over 100 percent growth in India and China . 1