Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul>
<li>MLKN posted 3QFY25 adjusted EPS of $0.44, $0.01 below our estimate and 3QFY24 on weaker-than-expected revenue offset by better margins.</li>
<li>Total revenue came in $43 million lower than expected, with growth in Global Retail of 3.9% partially offsetting a decline in International Contract of 1.5% and modest growth in North America Contract of 1.7% on an organic basis.</li>
<li>Given how leading indicators in North America Contract had been trending positive over the past several quarters, we expected stronger revenue growth in 3QFY25.</li>
</ul>


MLKN posted 3QFY25 adjusted EPS of $0.44, $0.01 below our estimate and 3QFY24 on weaker-than-expected revenue offset by better margins.
Total revenue came in $43 million lower than expected, with growth in Global Retail of 3.9% partially offsetting a decline in International Contract of 1.5% and modest growth in North America Contract of 1.7% on an organic basis.
Given how leading indicators in North America Contract had been trending positive over the past several quarters, we expected stronger revenue growth in 3QFY25.


MillerKnoll, Inc. - 3Q25 Adj. EPS $0.44 on Lower-Than- Expected Revenue & Better Margins