USA –  Steelcase Inc. , one of the largest global office furniture manufacturers, reported first quarter revenue of USD 779 million, up 7% year-over-year, with net income rising to USD 13.6 million from USD 10.9 million.

The company’s organic growth also reached 7%, including a 9% increase in the Americas and a 1% decline in International markets.

Growth in the Americas was fueled by higher opening backlog and strong demand from corporate, government, and healthcare sectors. Declines in Germany and France offset gains in India, the UK, and China.

Operating income rose to USD 25.5 million, up USD 7.9 million from the prior year, while adjusted operating income reached USD 39 million. Gross margin improved to 33.9%, driven by volume, restructuring savings, and cost reductions, despite higher tariffs.

Steelcase initiated cost-saving measures in the Americas, targeting USD 20 million in annualized reductions, and is pursuing similar actions in Europe.

Total liquidity stood at USD 391.5 million, and total debt at USD 447.3 million. The company’s trailing four-quarter adjusted EBITDA reached USD 265.8 million (8.3% of revenue). A dividend of USD 0.10 per share will be paid July 21 to shareholders of record as of July 7.

Steelcase expects 2Q-2025 revenue between USD 860 and 890 million, reflecting flat to 4% growth. Backlog at the end of 1Q-2025 was USD 801 million, 2% higher year-over-year.