Have a look at News Release: Knoll, Inc. (NYSE: KNL)

On Thursday, Knoll, Inc. stock identified change of 66.86% away from 52-week low price and recently located move of -0.87% off 52-week high price. It has market worth of $1315.17M and dividend yield of 2.59%. KNL stock has been recorded 8.39% away from 50 day moving average and 20.14% away from 200 day moving average. Moving closer, we can see that shares have been trading 5.49% off 20-day moving average.

Knoll, Inc. (KNL) recently reported results for the third quarter ended September 30, 2019.

Net sales were $356.5M for the third quarter of 2019, a raise of 8.8%, from the third quarter of 2018. Net sales for the Office section were $219.1M during the third quarter of 2019, a raise of $18.5M, or 9.2%, contrast to the third quarter of 2018. The increase was driven primarily by investments in expanding our height adjustable table offerings and improved office system products, continued growth in conference room solutions and the addition of Fully, a recently completed acquisition. Net sales for the Lifestyle section were $137.4M during the third quarter of 2019, a raise of $10.3M, or 8.2%, contrast with the third quarter of 2018. Sales growth was led by strong growth at Muuto and increased crossover sales in commercial workplace settings.

Gross margin for the third quarter of 2019 was 39.4%, a raise of 190 basis points contrast to 37.5% in the previous year. The increase in gross margin was primarily the result of increased volume, continuous improvement initiatives and price realization, partially offset by year-over-year material inflation and tariffs.

Operating expenses were $103.7M for the third quarter of 2019, or 29.1% of net sales, contrast to $89.9M, or 27.4% of net sales, for the third quarter of 2018. Operating expenses in the third quarter of 2019 included acquisition related amortization of purchased intangible assets of $2.1M and customary acquisition related expenses of $0.3M. Operating expenses in the third quarter of 2019 also included debt refinancing fees of $0.5M and restructuring charges of $0.1M. Not Including these items, adjusted operating expenses were $100.7M for the third quarter of 2019, or 28.3% of net sales, contrast to $85.9M, or 26.2% of net sales in the third quarter of 2018. The increase in adjusted operating expenses was related primarily to higher commissions and selling expenses from increased volume, and planned investments in information technology infrastructure, showrooms, and marketing and product development initiatives.

During the third quarter of 2019, interest expense was $5.5M, a raise of $0.5M contrast to the third quarter of 2018. In spite of the $35.0M incremental debt to fund the Fully acquisition, the Company reduced leverage from 2.42x in the second quarter of 2019 to 2.33x in the third quarter of 2019.  In the third quarter, the Company completed an amendment and extension of its credit facility. The maturity date was extended to August 2024, and reduced the pricing of borrowings under its term loan and revolving credit facility, as well as unused capacity. All other terms remained consistent.  In connection with the amendment and extension, the Company recognized a $0.4M loss on extinguishment of debt.

Other expense was $7.3M during third quarter of 2019 contrast to other expense of $0.4M in the previous year. During the third quarter of 2019, the Company initiated payouts for the  termination of the Company’s pension plan for bargaining unit employees. The termination resulted in a settlement charge of $8.4M as a result of the purchase of annuities to liquidate the plan.  In addition, the Company incurred a settlement charge of $1.4M in connection with cash payments of lump sum elections. The Company intends to finalize the termination of the bargaining unit plan and expects to realize additional pension settlement charges during the fourth quarter of 2019. Pension settlement charges of $0.6M in the third quarter of 2018 resulted from cash payments of lump sum elections. Not Including pension settlement charges, other income increased $2.3M contrast to the third quarter of 2018, due primarily to foreign exchange gains driven by the appreciation of the US dollar against the Danish Krone.

The Consumer Goods sector company, Knoll, Inc. noticed change of 1.86% to $26.23 along volume of 392896 shares in recent session compared to an average volume of 226.94K. The stock observed return of 1.67% in 5 days trading activity. The stock was at 2.94% over one month performance. KNL’s shares are at 5.38% for the quarter and driving a 25.14% return over the course of the past year and is now at 59.16% since this point in 2018.   The average volatility for the week at 3.64% and for month was at 2.69%. There are 50.14M shares outstanding and 48.47M shares are floated in market. Right now the stock beta is 1.43.

 

Ronald Hemphill

Ronald Hemphill– Business Stories My Name is Ronald Hemphill and I am also the main source from the ‘Journalnewsbulletin.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

Leave a Reply

Your email address will not be published. Required fields are marked *