0000048287-26-000145
SEC filingSteelcase并购叠加价格成本与生产力改善，Q3营收增133%、non-GAAP EPS增47.3%，利润率与订单动能支撑后续指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $1,592.9M | $683.8M | 133% |
| Gross Margin (GAAP) | 42.6% | 42.1% | +50 bps |
| Gross Margin (Non-GAAP) | 42.8% | 42.2% | +60 bps |
| Operating Income (GAAP) | $136.7M | $64.6M | 112% |
| Operating Income (Non-GAAP) | $173.1M | $74.0M | 134% |
| Net Income (GAAP) | $90.0M | $41.2M | 118% |
| Net Income (Non-GAAP) | $118.7M | $51.5M | — |
| Diluted EPS (GAAP) | $1.23 | $0.88 | 39.8% |
| Diluted EPS (Non-GAAP) | $1.62 | $1.10 | 47.3% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 FY2026 | Legacy Workplace Furnishings Net Sales | low-single-digit rate year-over-year | N/A |
| Q4 FY2026 | Total Workplace Furnishings Net Sales | nearly double from prior-year period | N/A |
| Q4 FY2026 | Residential Building Products Net Sales | roughly unchanged versus same period in 2025 | N/A |
| Q4 FY2026 | Non-GAAP Diluted EPS | mid-20 percent range increase from Q4 2025 | Non-GAAP |
Q3净销售$1,592.9M（+133%）几乎全部由2025年12月完成的Steelcase并购贡献（$870.6M），有机净销售增5.6%；GAAP净利$90.0M、摊薄EPS $1.23（+39.8%），non-GAAP EPS $1.62（+47.3%）。利润改善来自Steelcase并表、运营生产力、价格成本与两分部有机销量增长；GAAP毛利率42.6%（+50bps），SG&A占比升220bps至33.5%，主因Steelcase并表与投入成本上升。一次性项包括Steelcase购买会计非现金摊销$24.8M、重组及减值$7.3M、并购相关成本$0.9M。
分部看，Workplace Furnishings营收$1,417.9M（+174%），GAAP营业利润率9.3%（-280bps）、non-GAAP 11.7%（-60bps），剔除Steelcase的legacy业务non-GAAP利润率16.2%（+390bps）创Q3纪录；Residential Building Products营收$175.0M（+4.8%），GAAP营业利润率19.8%（+180bps）、non-GAAP 20.2%（+220bps），remodel-retrofit双位数增长抵消新屋渠道疲软。订单端Workplace Furnishings +6%、Residential +4%，近五周延续增长。指引方面，Q4 Workplace Furnishings（含Steelcase）营收近乎翻倍、Residential大致持平，non-GAAP EPS增mid-20%区间；2026全年non-GAAP EPS增20-25%，为连续第五年双位数增长，Steelcase协同满产时至少$130M。资产负债表稳健，季内净债务显著下降，公司维持长期分红承诺。