06:53 AM EDT, 09/19/2024 (MT Newswires) -- Steelcase's ( SCS ) fiscal second-quarter results rose year over year but the office furniture manufacturer recorded fewer orders from large corporate customers and most international markets.

The company expects revenue to come in between $785 million and $810 million for the ongoing quarter, it said late Wednesday, while four analysts surveyed by Capital IQ forecast $812.1 million. Adjusted earnings are anticipated to be in a range of $0.21 to $0.25, compared with the $0.23 consensus based on the same number of analysts.

The stock fell 7.9% in recent premarket activity.

"Based on our results through the first half of the year and our third-quarter outlook, we continue to have confidence of potentially achieving the higher end of the range of our fiscal 2025 target for adjusted earnings per share of between $0.85 to $1," Chief Financial Officer Dave Sylvester said in a statement.

For the three months through Aug. 23, Steelcase's ( SCS ) adjusted earnings came in at $0.39 a share for the fiscal second quarter, up from $0.31 a year ago. Four Capital IQ-polled analysts expected normalized EPS of $0.37. Operating expenses fell to $205.1 million from $235.9 million last year.

Revenue edged higher to $855.8 million from $854.6 million in the prior-year period. Four analysts polled by Capital IQ estimated revenue of $864.2 million. Sales in the Americas ticked up 1% year over year to $688 million, while international revenue declined 4% to $167.8 million.

On an organic basis, orders grew 3% in the Americas mainly driven by government, education and healthcare customers. Orders from large corporate customers fell year over year "after several quarters of strong year-over-year growth," according to the company. International orders slipped 11% amid declines across most major markets.

"We expect order patterns from our largest corporate customers to return to growth in the second half of the year," Chief Executive Sara Armbruster said.

At the end of the quarter, the company's backlog was roughly $680 million.

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