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Water Tower Research

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>Flexsteel led the news in the furniture and furnishings industry last week with a positive preannouncement.</li><li>The company said 2QFY24 EPS will be $0.57 versus preannouncement consensus of $0.27.</li><li>Sales are expected to hit $100 million in the quarter, ahead of the preannouncement consensus of $96 million.</li></ul>

Flexsteel led the news in the furniture and furnishings industry last week with a positive preannouncement.The company said 2QFY24 EPS will be $0.57 versus preannouncement consensus of $0.27.Sales are expected to hit $100 million in the quarter, ahead of the preannouncement consensus of $96 million.

Furniture/Furnishings Weekly - FLXS Announces Positive Surprise Ahead of Conference

Thematic (Sector/Industry)

<ul><li>Furniture &amp; furnishings equity issues slumped in the final two weeks of 2023 and into the first week of 2024. The group had a positive year.</li><li>The commercial/contract furniture stocks gained 46%, beating all major broad market indices.</li><li>Steelcase led the sector with a ~91% gain for the year.</li></ul>

Furniture &amp; furnishings equity issues slumped in the final two weeks of 2023 and into the first week of 2024. The group had a positive year.The commercial/contract furniture stocks gained 46%, beating all major broad market indices.Steelcase led the sector with a ~91% gain for the year.

Furniture/Furnishings Weekly - WTR Furniture/Furnishings Conference Approaching

<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>Last week, we considered our outlook for furniture and furnishings. Today, we look at current indicators.</li><li>Economic fundamentals largely deteriorated over the past two weeks, but the stocks surged as interest rates eased.</li><li>Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after the Great Recession. </li></ul>

Last week, we considered our outlook for furniture and furnishings. Today, we look at current indicators.Economic fundamentals largely deteriorated over the past two weeks, but the stocks surged as interest rates eased.Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after the Great Recession. 

Furniture/Furnishings Weekly - Falling Rates Lift All Stocks

United States

Tempur Sealy International Inc., through its primary subsidiary manufactures and markets foam mattresses, pillows, and miscellaneous products under its own and other brand names.

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Tempur Sealy International (TPX US)

Furniture/Furnishings Weekly - FLXS Announces Positive Surprise Ahead of Conference

Flexsteel led the news in the furniture and furnishings industry last week with a positive preannouncement.The company said 2QFY24 EPS will be...

Water Tower Research

Furniture/Furnishings Weekly - WTR Furniture/Furnishings Conference Approaching

Furniture & furnishings equity issues slumped in the final two weeks of 2023 and into the first week of 2024. The group had a positive year.

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 - Falling Rates Lift All Stocks

Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after...

Water Tower Research

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