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Steelcase Inc . (NYSE:SCS), a Michigan-based office furniture manufacturer with a market capitalization of $1.25 billion and a P/E ratio of 10.4, reported the results of its annual shareholder meeting held Wednesday. According to a press release statement, shareholders approved four proposals, including the election of ten board directors and a new incentive compensation plan. InvestingPro analysis indicates the company is currently undervalued based on its Fair Value calculations.
The newly approved Steelcase Inc. Incentive Compensation Plan authorizes the company to grant a variety of equity and cash-based awards, such as stock options, restricted stock, performance shares, and similar instruments, to employees, directors, and other eligible individuals. The plan allows for the issuance of up to 3,025,286 shares of Class A Common Stock, in addition to shares underlying prior awards that expire, are canceled, or forfeited, excluding shares used for tax or exercise price payments. The company’s Compensation Committee or Chief Executive Officer, within certain limits, will determine the awards.
In director elections, all ten nominees were elected. Notable vote totals include Sara E. Armbruster, who received approximately 248.1 million votes in favor, representing 96.4% of votes cast. Other directors, including Timothy C. E. Brown, Connie K. Duckworth, and Sanjay Gupta, each received at least 80% of votes cast in favor.
Shareholders also approved, in an advisory vote, the compensation of named executive officers, with 93.2% of votes cast in favor. The incentive compensation plan itself was approved by 93.6% of votes cast. Additionally, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for fiscal 2026 was ratified, with 97.3% of votes in favor.
Steelcase Inc. is a Michigan-based manufacturer of office furniture, generating annual revenue of $3.2 billion with healthy liquidity metrics and a strong balance sheet. The information in this article is based on a Securities and Exchange Commission filing made Friday. For deeper insights into Steelcase’s financial health and growth prospects, including additional ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, Steelcase reported a strong start to fiscal year 2026, surpassing expectations with its first-quarter results. The company achieved an earnings per share of $0.20, a 42.86% surprise over the forecasted $0.14, while revenue reached $779 million, exceeding the anticipated $762.35 million. The Americas region was a key driver, with a 9% increase in revenue, despite challenges in the education and government sectors due to federal funding changes. Internationally, Steelcase experienced mixed results, with growth in China, India, and the UK offsetting declines in Germany and France. The company maintained its guidance for the second quarter, projecting revenue between $860 million and $890 million, with an adjusted EPS forecast of $0.36 to $0.40. Benchmark reiterated its Buy rating for Steelcase, maintaining a price target of $16.00. This optimism is supported by the company’s strategic focus on workplace transformation and the ongoing return-to-office trend. Steelcase is also taking actions to improve profitability in its international segment, particularly in Europe.
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