REPORTS

COMMERCIAL & RESIDENTIAL DURABLES

The following are recent reports published by TRG. Please contact Chris White to request a copy.

February 2017

2/24
TILE - Q4’16 Post Conference Call Recap
2/22
TILE – Q4'16 A Beat Despite Softer Top Line; SG&A Progress Made
2/14
MHK - Q4’16 Post Conference Call Recap
2/14
KNL - Q4’16 Post Conf Call Recap
2/10
KNL – Q4'16 EPS Meets, Sales Down YOY on a Tough Comp
2/10
HNI - Q4’16 Post Conference Call Recap
2/9
MHK - Q4'16 A Beat; Push to Grow Ceramic Dominance Continues
2/8
HNI – Q4'16 EPS at Low End of Guidance, Misses Street; Raises Low End of FY Guidance
2/1
December BIFMA - Q4'16 Earnings Preview of HNI & KNL

January 2017

1/13
2017 IBS/KBIS Takeaways
1/9
AYI – Q1'17 Earnings Miss Driven by Volume Softness; December Order Rate Positive but Slower Sequentially
1/6
AYI – Q1’17 Earnings Preview
1/6
Q4’16 Building Products Survey + Estimate, Price Target Updates
1/5
November BIFMA - Thoughts on Office Furniture Going Into the Year

December 2016

12/22
MLHR – Q2’17 Post Conf Call Update; Q2 a Miss, Guidance Disappoints
12/21
MLHR – Q2'17 EPS In-Line But Q3’17 Guidance Misses the Mark
12/21
SCS – Q3’17 Earnings; Tangible Progress in EMEA Margins & Americas Orders
12/20
SCS - Q3'17 In-Line With Pre-Release; Q4 EPS Guidance Above Consensus
12/13
SCS - Editing Estimates Following Q3’17 Preliminary Results
12/8
SCS - Improved EMEA the Silver Lining to a Q3’16 Pre-Release Disappointment
12/8
November 2016 Building Products Survey; Post Election Feedback & 2017 Outlook
12/2
October BIFMA; Post-election Commentary & Earnings Previews

November 2016

11/22
HNI - Northeast Management Travel Takeaways
11/11
October 2016 Building Products Survey
11/4
MHK - Q3'16 Post Q3'16 Estimates Update
11/3
MHK - Q3'16 A Beat; Guidance Upbeat
11/2
KBAL – Q1'17 Earnings; Office Furniture Sales & Orders Growth Outpace BIFMA Again; Mid-term Guidance Calls For Sales Growth & Margin Improvement

October 2016

10/26
TILE - Q3'16 Recap; Focus on Operational, Sales Initiative Strategy
10/26
TILE - Q3'16 A Miss; Gross Margins Take a Step Back, Orders Improve on Easy Comps
10/21
KNL – Q3'16 Top Line & Margin Expansion Story Continues
10/20
KNL – Q3'16 Beat Driven By Solid Office Top Line Growth, Ongoing Margin Improvement
10/20
HNI – Q3’16 Recap; Low FY’16 Guidance Raised, FY’17 Guidance Initiated
10/19
HNI – Q3'16 EPS Beats Street & Guidance; Raises Low End of FY Guidance
10/11
Q3'16 Building Products Survey
10/6
AYI – Q4'16 Earnings Miss Highlighted By Streamlining; Sept Trends Improve
10/4
Office Furniture/Non-res Trends + KNL Marketing + HNI Guidance + August BIFMA

September 2016

9/23
MLHR – Q1’17 Post Conf Call Estimate Update; “Come-back Kid” Hit on Lowered
9/23
SCS – Q2'17 Valuation Still Cheap; Low Expectations and Easier 2H Comps Give Us Conviction for our Buy Rating
9/21
MLHR – Q1'17 Sales Below Guidance, Earnings Miss Street; Lighter Q2'17 Outlook
9/21
SCS – Q2'17 Top Line Misses, EPS Beats
9/20
HNI – Lowers Q3'16 and Full Year Outlook
9/16
MLHR – Q1'17 Earnings Preview & Marketing Recap
9/16
SCS – Q2'17 Earnings Preview & Marketing Recap
9/8
August 2016 Buidling Products Survey: After a "Nervous" July, August Demand Improves
9/6
Attempting to Filter the "Weather Noise"
9/1
July BIFMA + Looking into the Future: Steel Stud Trends as a Leading Indicator of Non-res Trends

August 2016

8/23
SCS – Midwest Marketing Highlights
8/15
MHK – Post Q2’16 Est. Update
8/4
MHK – Q2'16 A Beat on Top Line, Margins
8/4
KBAL – Q4'16 Earnings; Office Furniture Sales Up 4% & Order Growth Outpaces BIFMA Again
8/4
June BIFMA: Non-res PIP Trends Observations: Moderating Positive Trends Yet Office Up Strong
8/1
KNL – Q2’16 Top Line & Margin Expansion Story Continues
8/1
AYI – Solid Fundamental and Acquisitions Support Top Line Growth, Target Renovation Deal Drives Near-term Topline

July 2016

7/29
TILE – Q2’16 Focus Again is Gross Margins; Relief Rally Drives the Stock Up 7-8%
7/27
KNL – Q2'16 Strong on a Top & Bottom Line Beat; The Margin Improvement Story Continues
7/27
TILE – Q2'16 Beat Driven by Gross Margin Outperformance
7/25
HNI – Q2’16 Beats & FY’16 Guidance Raised Again on Strong Operational Improvement
7/21
HNI – Q2'16 EPS Beats Street & Guidance; Raises FY Guidance Again Significantly Above Consensus Levels
7/13
May BIFMA: Explaining the Changes BIFMA Has Made to Tracking Industry Trends

June 2016

6/29
AYI – Q3'16 Earnings Beat Driven by Margin Expansion; Outlook for Lighting Demand Remains Positive
6/28
SCS – Q1’17 Americas & EMEA Order Trends Softer, Internal Estimates, However, Point to Improving Momentum
6/27
MLHR – Q4’16 Post Conf Call Estimate Update; North America Momentum Still Strong & Driving Solid Results Overall; Low U.K. Exposure
6/27
HNI – Company Tours & Management Meeting Takeaways
6/22
MLHR – Q4'16 Earnings Beat Driven by Better top Line, Margins; Consumer, However, Posts a Loss
6/22
SCS – 1'17 Results Above Expectations But Q2’17 Guidance Below Consensus
6/16
AYI – Q3’16 Earnings Preview
6/15
NeoCon 2016: Key Themes & Company-Specific Overviews; HNI, KNL, MLHR, SCS, TILE

May 2016

5/18
TILE – West Coast Marketing - Growing Confidence is Strategic Initiatives, Patience Required
5/9
MHK – Q1’16 Value Driven by Acquisitions
5/5
MHK – Q1'16 Beat Driven by Continued Global Growth Efforts
5/4
KBAL – Q3'16 Earnings; Office Furniture Sales Up 13% & Order Growth Outpaces BIFMA
5/3
MHK – Q1’16 Earnings Preview
5/2
March BIFMA; The Office of Tomorrow is Happening Today; Office Furniture Stocks Still Attractive After Outperformance

April 2016

4/28
TILE – Q1’16 Gross Margin Expansion Continues; Management Outlined Game Plan to Shore Up Order Levels
4/27
TILE – Gross Margin Expansion, Soft Order Trends Continue
4/26
KNL – Q1’16 Top Line & Margin Expansion Story Continues
4/26
HNI – Q1’16 Beats Estimates & Raises FY’16 Guidance Due to Strong Operational Improvement
4/25
TILE – Q1’16 Earnings Preview
4/21
HNI – Q1'16 EPS Beats in Spite of Top Line Miss; FY’16 Guidance Above Expectations
4/21
KNL – Q1'16 Strong on a Top & Bottom Line Beat; The Margin Improvement Story Continues
4/19
NeoCon 2016 Field Trip - Opportunity to Meet HNI, KNL, MLHR, SCS, TILE, KBAL
4/4
AYI – Q2’16 Earnings Preview

March 2016

3/31
February BIFMA; Earnings Review of MLHR, SCS; Office Furniture Stocks Outperforming the S&P YTD
3/24
SCS – Q4’16 Americas Order Trends Still Soft & EMEA Restructuring Progress Continues
3/22
SCS – Q4'16 Results In-Line With Pre-Release; Americas Orders Down & EMEA Restructuring Continues
3/18
MLHR – Q3’16 Post Conf Call Estimate Update; North America Displays Solid Momentum, Consumer Segment Sees Progress
3/16
MLHR – Q3'16 Earnings Beat Again Driven by Gross Margins; North America Continues to Operate at Strong Levels
3/7
SCS – Q4’16 Pre-Release: Revenues to Beat Prior Guidance, Adjusted EPS Within Guidance; Orders Mixed
3/3
January BIFMA; Earnings Review of KNL, HNI; Compelling Valuations & Dividend Yields in Office Furniture Companies

February 2016

2/26
TILE – Q4’15 Sell-Off Focuses on Softer Orders
2/24
TILE – Outsized Q4'15 Gross Margins Overshadowed by Softer Topline
2/16
NeoCon 2016 Field Trip Save the Date - HNI, KNL, MLHR, SCS, TILE, MHK, Shaw Industries
2/16
KNL - Q4’15 Top Line & Margin Performance Strong
2/12
HNI - Q4’15 Beats Estimates; FY’16 Guidance Reflects Muted End Market Outlook
2/11
KNL - Q4'15 Strong on a Top & Bottom Line Beat; The Margin Improvement Story Continues
2/10
HNI – Q4'15 A Beat, Guidance Below Pre-Release Consensus Estimates
2/4
KBAL – Q2'16 Earnings; Strong Sales Drive Solid Operating Margins and Order Growth Outpaces BIFMA
2/2
December BIFMA; Earnings Preview on KNL, HNI; Compelling Valuation in All TRG Office Furniture Companies

January 2016

1/13
KNL - West Coast Marketing Focuses on Operational Opportunities
1/11
AYI - Top management in NYC January 15 (Friday)
1/8
AYI - Q1'16 Earnings Beat Driven by Margin Expansion
1/6
November BIFMA; Thoughts on SCS and MLHR Performance vs. the Overall Market

December 2015

12/22
SCS - Q3'16 Q3’16 Focuses on Americas Order Trends
12/21
SCS - Q3'16 Earnings A Miss; EMEA Issues Arise Again
12/21
MLHR - Q2’16 Post Conf Call Est. Update; Better N.A., ELA Orders But Consumer Underperforms
12/16
MLHR - Q2'16 Earnings Beat Again Driven by Gross Margins; North American Order Momentum Builds
12/16
Top Stock Ideas Going Into 2016
12/11
Acuity Brands (AYI) Completed Acquisition of Juno Lighting
12/10
November 2015 Building Product Survey - Wallboard Capacity "Optimal" Level Within 12 Months
12/5
October BIFMA; TRG Provides Updated View of the Non-res & Resi Construction Cycle

November 2015

11/20
HNI Corporation (HNI) – East Coast Marketing Focuses On Clarifying the Conservative 2016 Outlook
11/16
Reminder of TRG Coverage European Exposure
11/13
Steelcase (SCS) West Coast Marketing Focuses on the Core
11/12
October 2015 Building Product Survey
11/9
MHK - Q3’15 Focuses on Investing in MHK’s Global Salesforce
11/5
MHK – Q3'15 Within Guidance Range But A Penny Shy of Consensus

October 2015

10/29
TILE – Q3’15 Earnings Sell-Off Overdone
10/28
TILE – Q3'15 In-line; Posts Record Gross Margins
10/22
HNI - Q3’15 Impacted by Tepid Office Sales and A Biomass Drag; Q4’15 Guidance Conservative vs. Expectation
10/22
MLHR - Northeast Marketing Focuses on Continued Diversification, Margin Opportunities
10/21
KNL - Q3’15 Focuses on Margins, Improved Orders
10/21
HNI - Q3'15 Beats on Better Margins Despite a Softer Top Line
10/21
KNL – Q3'15 Earnings Beat on Improved Gross Margins but Top Line Softer
10/7
AYI - Tiered Solutions Focus Driver for Top Line, Margins; Cycle Working Provides Additional Upside
10/7
AYI – Q4'15 Earnings Beat Driven by Margin Expansion
10/5
Office Furniture – August Office Furniture Update Focuses on Labor Saving Solutions
10/2
TILE - Northeast Marketing Focuses on Ongoing Strategic Initiatives

September 2015

9/25
SCS - Q2'16 Focuses on Strong Americas Margins, EU Start-up Disruptions
9/23
SCS - Q2'16 Earnings Beat Focuses on Americas Margins; Q3 Guidance Within Consensus
9/21
MLHR - Q1'16 Post Conf Call Est. Update, Improving North Am. Orders the Focus
9/16
MLHR - Q1'16 Earnings Beat

August 2015

8/31
TRG Office Furniture Industry Contacts Focus on Solutions-Based Products; July BIFMA Shipments Up 6.7%
8/6
MHK - Q2'15 Focuses on Outsized Acquisition Contribution

July 2015

7/30
TILE - Raising Price Target Post Q2'15
7/29
TILE - Q2'15 Beat on Outsized Gross Margin
7/24
KNL - Q2'15 Focuses on Margin Progression
7/23
HNI - Q2'15 Benefitting from Res, Non-res Momentum
7/22
HNI - Q2'15 Earnings Beat on Gross Margins; Investors Will Focus on Guidance, Though
7/17
KNL - Q2'15 Earnings Beat on Improved Gross Margins but Top Line Softer
7/17
MLHR - Q4'15 Post Conf Call Est. Update; North American Order Rates Improve
7/17
Q2'15 Building Products Survey; Momentum Improving for Both Res & Non-res Markets
7/10
AYI - Value Driven by Secular Shift, Tiered Solutions Focus; Cycle Working Provides Additional Upside
7/1
AYI - Q3'15 Earnings Beat Driven by Better Gross Margins

June 2015

6/26
MLHR - Q4'15 Post Conf Call Estimate Update; North American Order Rates Improve
6/26
SCS - Q1'16 Orders Reflects More Robust Americas Growth Trajectory
6/24
MLHR - Q4'15 Earnings Ahead of Expectations, Q1'16 Guidance Modestly Below Consensus
6/24
SCS - Q1'16 Ahead of Consensu, Guidance Close to Expectations
6/18
NeoCon Takeaways: Traffic Up, Small to Medium Sized Business is Back, Focus on Better Managing Tech + TILE, HNI, KNL, MLHR, SCS Feedback
6/10
Office Furniture Initiation - Robust Non-res Construction Driving Commercial and Residential Durables Demand; Initiating Coverage of HNI, KNL, MLHR, SCS