Steelcase Inc. (NYSE:SCS) Q1 2024 Earnings Call Transcript

Dave Sylvester: It feels like it’s certainly we would say that it’s stabilizing to improving and — which is a lot given the kind of broader macroeconomic uncertainty that’s hanging over us. And the sentiment on RTO, while it’s improving, there are still a lot of companies that are kind of taking a different approach or more relaxed approach about getting people back in the office. So it’s the fact that it feels like it’s stabilizing and potentially starting to show enough green shoots to call it improving is pretty darn good.

Budd Bugatch: Agreed. You — and to make sure I understand, the operating expense for the second quarter, you talked about $8 million of projected gains, is that for the aircraft? Do you think those — you will get those sold in the quarter?

Dave Sylvester: Well, we’re trying. If you know anybody, let me know, that’s looking for an aircraft.

Budd Bugatch: So they’re not…

Dave Sylvester: We — they’re listed internationally. The jet market at the moment is not that great. We’re priced very competitively, I would say, aggressively. So we’ll see what happens. But our intent is — was to sell them in the first quarter and we did not have an opportunity. Our hope is that we will have an opportunity to complete the wind down of aviation in the second quarter.

Budd Bugatch: I got you. Thank you very much. Congratulations, and good luck for the balance of this year and beyond. Thank you.

Dave Sylvester: Thanks, Budd.

Sara Armbruster: Thanks, Budd.

Operator: And there are no further questions at this time. Ms. Armbruster, I turn the call back over to you.

Sara Armbruster: I just want to thank you all for joining today, and we appreciate your interest in Steelcase as we continue to focus on driving improved results. Have a great day.

Operator: This concludes today’s conference call. You may now disconnect.