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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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<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

<div><div><div><ul style="list-style-type: disc;"><li><p>MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.</p></li><li>MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.</li><li>Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.</li></ul></div></div></div>

MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.

Furniture/Furnishings Weekly  - MLKN Results Boost Sector; Consumer Confidence Dips

<ul style="list-style-type: disc;"><li><p>After market close on September 26, MillerKnoll reported 1QFY24, beating estimates on significantly above-forecasted gross margin and modestly better-than-estimated sales.</p></li><li><p>Our tabular analysis compares its 1QFY24 results with 1QFY23 and our 1QFY24 estimates.</p></li><li><p>The beat notwithstanding, MillerKnoll’s results were below 1QFY23, which benefited from ~$77 million in sales due to a 14th week.</p></li></ul>

After market close on September 26, MillerKnoll reported 1QFY24, beating estimates on significantly above-forecasted gross margin and modestly better-than-estimated sales.Our tabular analysis compares its 1QFY24 results with 1QFY23 and our 1QFY24 estimates.The beat notwithstanding, MillerKnoll’s results were below 1QFY23, which benefited from ~$77 million in sales due to a 14th week.

MillerKnoll, Inc. - 1QFY24 Beats Estimates on Gross Margin; Hikes Guidance

<ul style="list-style-type: disc;"><li><p>MillerKnoll reports 1QFY24 after market close on Tuesday, September 26. It will host its earnings conference call that afternoon, starting at 5:00 pm ET.</p></li><li><p>Our estimates are non-GAAP (adjusted) EPS of $0.20 on revenue of $889 million. Consensus is EPS of $0.21 on revenue of $896 million.</p></li><li><p>Management guidance is for revenue of $880-920 million and adjusted EPS of $0.18- 0.24.</p></li></ul>

MillerKnoll reports 1QFY24 after market close on Tuesday, September 26. It will host its earnings conference call that afternoon, starting at 5:00 pm ET.Our estimates are non-GAAP (adjusted) EPS of $0.20 on revenue of $889 million. Consensus is EPS of $0.21 on revenue of $896 million.Management guidance is for revenue of $880-920 million and adjusted EPS of $0.18- 0.24.

MillerKnoll, Inc. - Preview: Watching Order Trends, Margins in 1QFY24 Report

United States

HNI Corporation manufactures and markets office furniture as well as hearth products. The Company's products are sold primarily through dealers, wholesalers, and retail superstores. HNI has operations in the United States and Canada.

KAR Auction Services Inc. provides wholesale vehicle auction services in North America.  The Company facilitates a marketplace providing auction services for sellers of used and salvage vehicles through physical auction locations and multiple proprietary Internet websites.

CoreCivic, Inc. provides detention and corrections services to governmental agencies. The Company designs, constructs, owns, manages, and renovates jails, prisons, government agencies, and inmate transportation companies. CoreCivic operates throughout the United States.

VSE Corporation provides diversified services and products to the engineering, energy, environment, health care, information technology, and defense services markets.  The Company's principal customers include agencies of the United States government and other prime contractors.  VSE provides services and products from locations across the United States and around the world.

Steelcase Inc. designs and manufactures products used to create high performance work environments.  The Company's products include office furniture, furniture systems, interior architectural products, technology products, seating, and related products and services.  Steelcase has operations in various countries.

Pitney Bowes Inc. sells and finances, rents, and services integrated mail and document management systems.  The Company offers a full suite of equipment, supplies, software and services for end-to-end mailstream solutions.

McGrath RentCorp rents and sells relocatable modular offices, as well as electronic test and measurement instruments.  The Company's offices are used as temporary offices adjacent to existing facilities, and as sales offices, construction field offices, classrooms, and for a variety of other purposes. McGrath serves customers primarily in California and Texas.

SP Plus Corporation provides parking facility management services in the United States and Canada. The Company provides on-site management services at multi-level and surface parking facilities in the urban parking and airport parking markets. SP's clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports.

Interface, Inc. manufactures, markets, installs, and services products for the commercial and institutional interiors market.  The Company provides modular carpet, panel fabrics for use in open plan office furniture systems, and complementary products, as well as carpet replacement, installation, and maintenance services.  Interface markets its products around the world.

Montrose Environmental Group, Inc. operates as an environmental company. The Company offers air quality and environmental laboratory services. Montrose Environmental Group serves to the landfills, electric utilities, water treatment facilities, municipalities, and corporations worldwide.

Taiwan Secom Co Ltd provides diversified technology-based integrated security solutions for commercial enterprises and residences.  The Company monitors and maintains security systems devices, such as burglar and fire alarms for offices, shops, parking lots, and residences.  Taiwan Secom also provides security system consulting, designing, engineering, and integration services.

Park24 Co., Ltd. operates 24-hour automated parking garages, monthly parking lots, and parking lot administration.  The Company also sells parking lot equipment of gate-type and multistory-type such as park lock.

Downer EDI Limited provides engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand, Asia and the Pacific.  Downer provides rolling stock services, drilling services for the exploration industry, mine planning and management services and highway maintenance.

KOKUYO CO., LTD. manages Kokuyo group companies that produces and sells a vast line of stationery goods and office furniture through a domestic sales network as a holding company.  The group's products include magazine files, box binders, drawing tubes, desk chairs, lockers, and wall storage units.  Kokuyo also manufactures office automation equipment and computer supplies.

Cimpress Public Limited Company provides printing services. The Company serves customers in Ireland.

Beijing Originwater Technology Co., Ltd. provides sewage treatment and sewage facility development services.  The Company's services include sewage treatment plant construction and design, equipment integration solution, and technical support services.

Beijing Originwater Technology Co,Ltd. (300070 CH)

L&K Engineering Co., Ltd. designs, builds, and manages clean rooms for semiconductor, biochemical, and electronic industries.  The Company also provides wire engineering service.

Bilfinger SE provides industrial services, power services, building and facility services, construction, and concessions.  The Company's industrial services include repairs, maintenance, and modernization.  Bilfinger also provides power services which include maintenance, service, and efficiency enhancements as well as building and facility services for real estate.

Mitie Group plc provides a variety of services to both owners and occupiers of commercial and industrial properties.  The Group divides its business into two areas, building services and support services.  Their building operations encompass air conditioning, industrial painting, and engineering services, while their support services include catering, cleaning, security, and waste services.

Bravida Holding AB provides technical installation and service solutions for buildings and plants. The Company offers integrated solutions in electrical installations, heating and plumbing, and HVAC. Bravida Holding serves customers in Sweden, Norway, and Denmark.

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 - MLKN Results Boost Sector; Consumer Confidence Dips

MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader...

Water Tower Research

MillerKnoll, Inc. - 1QFY24 Beats Estimates on Gross Margin; Hikes Guidance

After market close on September 26, MillerKnoll reported 1QFY24, beating estimates on significantly above-forecasted gross margin and modestly...

Water Tower Research

MillerKnoll, Inc. - Preview: Watching Order Trends, Margins in 1QFY24 Report

MillerKnoll reports 1QFY24 after market close on Tuesday, September 26. It will host its earnings conference call that afternoon, starting at 5:00...

Water Tower Research

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