Steelcase cuts dividend second time in 3 years | Another 31% cut

Steelcase (SCS) has declared another dividend cut of 31% to $0.10 per share quarterly. This matches the exact same 31% dividend cut in 2020 by the furniture company.

Back in 2020 Steelcase also cut its dividend by 31%. In 2021 the dividend was hiked by 45% only to be cut back this year to 10 cents quarterly per share. 

In the press release, dated September 21, 2022, 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 for Steelcase.

Steelcase has cut its dividend two times since 2020 (source: dividendhike.com)

"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.

Organizations around the world trust Steelcase to help them create workplaces that help people work better, be inspired and accomplish more. The company designs, manufactures and partners with other leading organizations to provide architecture, furniture and technology solutions – accessible through a network of channels, including over 800 Steelcase dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2022 revenue of $2.8 billion.