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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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Thematic (Sector/Industry)

<ul><li>In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers.</li><li>Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500.</li><li>The January statistics follow a strong December of 333,000. </li></ul>

In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers.Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500.The January statistics follow a strong December of 333,000. 

Furniture/Furnishings Weekly - Jobs Data Encouraging for Consumer; Kudos to Steelcase

<ul><li>For its 4QFY23 (November), Bassett Furniture Industries, Inc. reported a GAAP EPS loss of $0.47 on sales of $94.7 million.</li><li>GAAP EPS included a goodwill impairment of $0.63. Excluding the impairment, operating EPS was $0.15, ahead of an expected loss of $0.06.</li><li>Revenue beat analysts’ expectations of $90 million.</li></ul>

For its 4QFY23 (November), Bassett Furniture Industries, Inc. reported a GAAP EPS loss of $0.47 on sales of $94.7 million.GAAP EPS included a goodwill impairment of $0.63. Excluding the impairment, operating EPS was $0.15, ahead of an expected loss of $0.06.Revenue beat analysts’ expectations of $90 million.

Furniture/Furnishings Weekly - Bassett Adjusted Results Top Expectations

<ul><li>Economic headlines had two items affecting furniture/furnishings: one good, one not.</li><li>The Positive: The University of Michigan Consumer Sentiment gauge (as distinguished from Consumer Confidence reported below) surged 29% over two months.</li><li>The mid-January reading jumped 13% to 79, the highest since early 2021.</li></ul>

Economic headlines had two items affecting furniture/furnishings: one good, one not.The Positive: The University of Michigan Consumer Sentiment gauge (as distinguished from Consumer Confidence reported below) surged 29% over two months.The mid-January reading jumped 13% to 79, the highest since early 2021.

Furniture/Furnishings Weekly - Conflicting News Items Dominate Headlines for the Sector

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

<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

United States

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

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Leggett & Platt (LEG US)

Furniture/Furnishings Weekly - Jobs Data Encouraging for Consumer; Kudos to Steelcase

In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for...

Water Tower Research

Furniture/Furnishings Weekly - Bassett Adjusted Results Top Expectations

GAAP EPS included a goodwill impairment of $0.63. Excluding the impairment, operating EPS was $0.15, ahead of an expected loss of $0.06.

Water Tower Research

Furniture/Furnishings Weekly - Conflicting News Items Dominate Headlines for the Sector

The Positive: The University of Michigan Consumer Sentiment gauge (as distinguished from Consumer Confidence reported below) surged 29% over two...

Water Tower Research

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

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