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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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<ul style="list-style-type: disc;"><li><p>Herein we revise and update MLKN estimates following MillerKnoll's FY23 earnings report and FY24 guidance.</p></li><li><p>Our 1QFY24 diluted non-GAAP EPS estimate is now $0.20, down $0.10 from our previous (reduced) $0.30 estimate.</p></li><li><p>Our FY24 annual estimate is now $1.82 (down from $2.00), below the midpoint of the $1.70-$2.00 management outlook.</p></li></ul>

Herein we revise and update MLKN estimates following MillerKnoll's FY23 earnings report and FY24 guidance.Our 1QFY24 diluted non-GAAP EPS estimate is now $0.20, down $0.10 from our previous (reduced) $0.30 estimate.Our FY24 annual estimate is now $1.82 (down from $2.00), below the midpoint of the $1.70-$2.00 management outlook.

MillerKnoll, Inc. - Refreshing Estimates and Presenting New Model

<div><div><div><div><ul style="list-style-type: disc;"><li><p>After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39.</p></li><li><p>Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00.</p></li><li><p>Guidance always merits significant investor attention. Management guided historically only to the current quarter.</p></li></ul></div></div></div></div>

After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39.Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00.Guidance always merits significant investor attention. Management guided historically only to the current quarter.

MillerKnoll, Inc. - 4Q23 Results Top Expectations

<ul><li>As sensitive as this may be, we feel an obligation to correct misinformation on social media and put some context on a related news report about an internal MillerKnoll video town hall that leaked.</li><li>MLKN was down ~2.5% on Tuesday, more than its peers and competitors. Misinformation may have contributed to the stock action.</li><li>First, the misinformation: A tweet Tuesday shows CEO Andrea “Andi” Owen rallying employees.</li></ul>

As sensitive as this may be, we feel an obligation to correct misinformation on social media and put some context on a related news report about an internal MillerKnoll video town hall that leaked.MLKN was down ~2.5% on Tuesday, more than its peers and competitors. Misinformation may have contributed to the stock action.First, the misinformation: A tweet Tuesday shows CEO Andrea “Andi” Owen rallying employees.

Setting the Record Straight: Tweet Twists Truth About CEO Compensation

<ul><li>After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.</li><li>GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand.</li><li>3QFY23 revenues of $985 million missed our estimate by ~$20 million.</li></ul>

After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand.3QFY23 revenues of $985 million missed our estimate by ~$20 million.

3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints

Updating Estimates and Reflecting on the Outlook for MillerKnoll Business Through FY23 as Firm Completes Integration of Herman Miller and Knoll

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. - Refreshing Estimates and Presenting New Model

Herein we revise and update MLKN estimates following MillerKnoll's FY23 earnings report and FY24 guidance.Our 1QFY24 diluted non-GAAP EPS estimate...

Water Tower Research

MillerKnoll, Inc. - 4Q23 Results Top Expectations

After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate,...

Water Tower Research

Setting the Record Straight: Tweet Twists Truth About CEO Compensation

MLKN was down ~2.5% on Tuesday, more than its peers and competitors. Misinformation may have contributed to the stock action.

Water Tower Research

3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints

After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.

Water Tower Research

Updating Estimates and Reflecting on the Outlook for MillerKnoll Business Through FY23 as Firm Completes Integration of Herman Miller and Knoll

KEY POINTS MillerKnoll reported 4Q22 and full-year results on June 29. Consolidated 4Q22 revenues were $1.1 billion, up 77% Y/Y, nearly meeting...

Water Tower Research

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