Steelcase cuts dividend by 31%
On September 21, 2022, Steelcase (SCS) announced a big dividend cut of 31% to $0.10 per share quarterly. This comes after a 45 percent dividend hike to $0.145 per share in 2021. Steelcase also cut its dividend in 2020.
The Board of Directors has declared a quarterly cash dividend of $0.10 per share, to be paid on or before October 17, 2022, to shareholders of record as of October 5, 2022. A new annual dividend rate of 40 cents per share will yield 5.5% at a stock price of $7.28.
"Based on the recent order and return-to-office trends, we adjusted our dividend this quarter to strengthen our liquidity profile and support a higher allocation of capital to reinvestment in the business and pursuit of our longer-term strategy," said Dave Sylvester.
Steelcase Inc. provides an integrated portfolio of furniture, architectural products and technology solutions. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage, fixed and height-adjustable desks, benches and tables and complementary products such as worktools. Seating products include task chairs and the company's technology solutions support group collaboration by integrating furniture and technology. The interior architectural products include full and partial height walls and architectural pods. The company’s brands include Steelcase, Coalesse, Designtex, PolyVision, Smith System, Orangebox, AMQ and Turnstone. Steelcase was founded in 1912 and has paid a dividend every year since it became a public company in 1998.
