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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

<ul><li>After market close on December 20, MillerKnoll reported 2QFY24 adjusted EPS of $0.59, ahead of our estimate of $0.55 and the consensus mean of $0.54.</li><li>Margins were better than expected, while revenue of $949.5 million came in at the low end of guidance.</li><li>Sales in the Americas segment disappointed relative to our expectations.</li></ul>

After market close on December 20, MillerKnoll reported 2QFY24 adjusted EPS of $0.59, ahead of our estimate of $0.55 and the consensus mean of $0.54.Margins were better than expected, while revenue of $949.5 million came in at the low end of guidance.Sales in the Americas segment disappointed relative to our expectations.

MillerKnoll, Inc. - 2QFY24 Results Deliver Strong Margins; Orders Challenged

<ul><li>MillerKnoll reports 2QFY24 earnings after market close on Wednesday, December 20, and will host its management conference call at 5:00 pm ET.</li><li>WTR is modeling EPS of $0.55, the midpoint of guidance, on revenue of $987 million. Consensus is $0.54, with an estimate range of $0.52-0.56.</li><li>Order trends. We are modeling orders in the Americas at +13.9% versus a poor year-ago quarter of -17.3%.</li></ul>

MillerKnoll reports 2QFY24 earnings after market close on Wednesday, December 20, and will host its management conference call at 5:00 pm ET.WTR is modeling EPS of $0.55, the midpoint of guidance, on revenue of $987 million. Consensus is $0.54, with an estimate range of $0.52-0.56.Order trends. We are modeling orders in the Americas at +13.9% versus a poor year-ago quarter of -17.3%.

MillerKnoll, Inc. - 2QFY24 Earnings After Close

Thematic (Sector/Industry)

<ul><li>Stocks have had a few good weeks and last week was another. The furniture/furnishings group has focused on restoring and defending margins.</li><li>The “rolling recession” rolled over the sector this year. Despite sales pressure, earnings improved for the best in the group, notably the commercial/contract names, residential manufacturers, and select retailers.</li><li>Costco, which includes furniture in its broad merchandise mix, reported 1QFY24 revenue of $57.8 billion, matching estimates. </li></ul>

Stocks have had a few good weeks and last week was another. The furniture/furnishings group has focused on restoring and defending margins.The “rolling recession” rolled over the sector this year. Despite sales pressure, earnings improved for the best in the group, notably the commercial/contract names, residential manufacturers, and select retailers.Costco, which includes furniture in its broad merchandise mix, reported 1QFY24 revenue of $57.8 billion, matching estimates. 

Furniture/Furnishings Weekly - Costco Shows Why It's Best in Class

<ul><li>Hooker Furniture results highlighted the past week in the furniture/furnishings space.</li><li>Hooker reported EPS of $0.65 on sales of $116.8 million, both ahead of FactSet consensus estimates of $0.28 and $116.3 million, respectively.</li><li>A year ago, Hooker reported EPS of $0.42.</li></ul>

Hooker Furniture results highlighted the past week in the furniture/furnishings space.Hooker reported EPS of $0.65 on sales of $116.8 million, both ahead of FactSet consensus estimates of $0.28 and $116.3 million, respectively.A year ago, Hooker reported EPS of $0.42.

Furniture/Furnishings Weekly - Hooker Furniture Beats on Improved Margins

<ul><li>During the past two weeks, key big-box retailers reported the quarter ended in October, providing near real-time views into the state of the consumer and retailing.</li><li>Top-line results were mixed.</li><li>Our Read: Consumer spending continues to retreat from the pandemic bubble, with consumers moving down market to low-price and bargain retailers.</li></ul>

During the past two weeks, key big-box retailers reported the quarter ended in October, providing near real-time views into the state of the consumer and retailing.Top-line results were mixed.Our Read: Consumer spending continues to retreat from the pandemic bubble, with consumers moving down market to low-price and bargain retailers.

Furniture/Furnishings Weekly - A Glance at Big-Box Retailers Shows Mixed Top Line

United States

MillerKnoll, Inc. researches, designs, manufactures, and distributes interior office furnishings, furniture systems, products, and services. The Company markets its products to companies, organizations, and individuals worldwide.

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MillerKnoll (MLKN US)

MillerKnoll, Inc. - 2QFY24 Results Deliver Strong Margins; Orders Challenged

After market close on December 20, MillerKnoll reported 2QFY24 adjusted EPS of $0.59, ahead of our estimate of $0.55 and the consensus mean of $0.54.

Water Tower Research

MillerKnoll, Inc. - 2QFY24 Earnings After Close

MillerKnoll reports 2QFY24 earnings after market close on Wednesday, December 20, and will host its management conference call at 5:00 pm ET.

Water Tower Research

Furniture/Furnishings Weekly - Costco Shows Why It's Best in Class

Stocks have had a few good weeks and last week was another. The furniture/furnishings group has focused on restoring and defending margins.

Water Tower Research

Furniture/Furnishings Weekly - Hooker Furniture Beats on Improved Margins

Hooker reported EPS of $0.65 on sales of $116.8 million, both ahead of FactSet consensus estimates of $0.28 and $116.3 million, respectively.

Water Tower Research

Furniture/Furnishings Weekly - A Glance at Big-Box Retailers Shows Mixed Top Line

During the past two weeks, key big-box retailers reported the quarter ended in October, providing near real-time views into the state of the...

Water Tower Research

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