MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS

Rhea-AI Summary

Miller Industries (NYSE: MLR) reported Q4 2025 revenue of $171.2M (down 22.9% YoY) and net income of $3.4M (down 67.6%), with gross margin at 15.5%.

Key corporate actions: completed acquisition of Omars, secured >$150M in military commitments, approved a ~$100M 200,000+ sq ft Ooltewah expansion, and raised the quarterly dividend 5% to $0.21.

2026 revenue guidance is $850M–$900M, with full-year gross margins expected in the mid‑13% range.

Positive

• Completed acquisition of Omars to expand European footprint
• Secured >$150 million in military production commitments
• Board approved 5% dividend increase to $0.21 per share
• 2026 revenue guidance of $850M–$900M

Negative

• Q4 revenue down 22.9% year‑over‑year
• Net income declined 67.6% in Q4 2025
• Planned Ooltewah expansion cost ~$100 million
• Company expects full‑year 2026 gross margin to fall to mid‑13%

Key Figures

Q4 2025 Revenue: $171.2 million Q4 2025 Net Income: $3.4 million Q4 2025 Diluted EPS: $0.29 +5 more

8 metrics

Q4 2025 Revenue $171.2 million Q4 2025 vs. Q4 2024, down 22.9% from $221.9 million

Q4 2025 Net Income $3.4 million Q4 2025, 67.6% decrease from $10.5 million

Q4 2025 Diluted EPS $0.29 Q4 2025, down 67.6% from $0.91 per share

Q4 2025 Gross Margin 15.5% Q4 2025, up 40 basis points from 15.1%

Quarterly Dividend $0.21 per share Approved 5% increase from $0.20; payable March 23, 2026

Shareholder Returns 2025 $15.1 million Total dividends and repurchases in 2025; includes ~$2.2M Q4 buyback

2026 Revenue Guidance $850–$900 million Full-year 2026 expected revenue range

Ooltewah Expansion Cost Approximately $100 million New 200,000+ sq ft facility at headquarters site

Market Reality Check

Price: $44.98 Vol: Volume 64,040 is 34% abov...

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$44.98 Last Close

Volume Volume 64,040 is 34% above the 20-day average of 47,919 shares. normal

Technical Price at $43.29 is trading above the 200-day MA of $41.46 and 25.98% below the 52-week high.

Peers on Argus

MLR was up 0.67% with elevated volume, while peers were mixed: SES down 4.81%, S...

1 Up 1 Down

MLR was up 0.67% with elevated volume, while peers were mixed: SES down 4.81%, SLDP up 1.20%, AXL up 7.27%, and others modestly negative. This points to stock-specific drivers rather than a unified sector move.

Common Catalyst Some peers also reported earnings or participated in conferences, but their mixed price action suggests no single sector-wide catalyst.

Historical Context

5 past events · Latest: Feb 25 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 25	Earnings call notice	Neutral	+0.4%	Announced timing and access details for Q4 and full-year 2025 results call.
Dec 02	Acquisition announcement	Positive	-0.1%	Closed all-cash acquisition of Omars to expand European footprint and capacity.
Nov 13	Investor conference	Neutral	-0.9%	Management presenting and hosting 1x1 meetings at Southwest IDEAS conference.
Nov 05	Quarterly earnings	Negative	-4.4%	Q3 2025 showed steep sales and earnings declines despite improved gross margin.
Oct 29	Earnings call notice	Neutral	+1.8%	Scheduled Q3 2025 earnings release and webcast with company overview.

Pattern Detected

Recent fundamental updates, especially weak quarterly results, have often been met with negative price reactions, while event notices and acquisition news saw muted moves.

Recent Company History

Over the past several months, Miller Industries has reported softer results with significant year-over-year sales and earnings declines, as seen in Q3 2025 where net sales fell 43.1% and net income dropped sharply. Despite this, the company completed the acquisition of Omars for about €17.5 million, reaffirmed capital returns via dividends and buybacks, and continued investor outreach through conferences and earnings calls. Today’s full-year and Q4 2025 update, plus 2026 guidance and capacity expansion plans, builds on that narrative of navigating a cyclical downturn while investing for future growth.

Market Pulse Summary

This announcement combines softer Q4 2025 results with an ambitious growth roadmap. Revenue declined...

Analysis

This announcement combines softer Q4 2025 results with an ambitious growth roadmap. Revenue declined to $171.2 million and EPS to $0.29, but gross margin improved to 15.5%, the dividend rose to $0.21, and management guided 2026 revenue to $850–$900 million. A planned $100 million Ooltewah expansion and over $150 million in military commitments highlight a capacity and defense-growth focus. Investors may watch revenue cadence toward $250 million per quarter and margin trends toward the mid-13% range.

AI-generated analysis. Not financial advice.

Completed Acquisition of Omars to Expand the Company's European Footprint

Ended 2025 with More Than $150 Million in Global Military Commitments

Approved Significant Capacity Expansion at Ooltewah Facility to Support Future Growth

Board of Directors Approves 5% Increase in Dividend to $0.21 per Share

CHATTANOOGA, Tenn., March 4, 2026 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided updates on its global strategic initiatives.

Q4 2025 Financial Results vs. Q4 2024¹

• Revenue: $171.2 million, a 22.9% decrease from $221.9 million
• Gross Profit: $26.5 million, a 20.7% decrease from $33.5 million
• Gross Margin: 15.5%, a 40 basis point increase from 15.1%
• SG&A Expenses: $21.1 million, a 7.1% increase from $19.7 million
• Net Income: $3.4 million, a 67.6% decrease from $10.5 million
• Diluted EPS: $0.29 per share, a decrease of 67.6% from $0.91 per diluted share

Fourth Quarter Business Highlights

• Completed the acquisition of Omars—S.p.A., a manufacturer of light-duty, medium-duty and heavy-duty recovery vehicles and car carriers based in Italy with a well-recognized European brand.
• Continued the growth of the Company's military production business; ended 2025 with $150 million in military commitments for heavy–duty recovery products, with production beginning in 2027 and the majority of revenue expected in 2028 and 2029.
• Investing in European production capability through the ongoing €8 million expansion of production at Jige – which is expected to double its heavy–duty integration capacity – while investing in production efficiencies at Boniface for light- and heavy-duty units.
• Began preparation for construction of a new manufacturing facility at the Company's Ooltewah headquarters, which is expected to be production–ready in late 2027 to significantly enhance North American production capacity and manufacturing support for the Company's European operations and military production.

1 All comparisons are made to prior year period unless otherwise specified

"We are extremely proud of how our team executed throughout 2025," said William G. Miller II, Chief Executive Officer. "From normalizing distributor inventory levels to strengthening our European footprint and preparing for major military programs, we enter 2026 with tremendous momentum."

Miller continued, "Our manufacturing expansion in Ooltewah, combined with our European investments and disciplined financial approach, should position us to meet global demand, and continue delivering value to our shareholders for years to come."

Ooltewah, TN Manufacturing Capacity Expansion
To support future growth, European needs and defense production commitments, Miller Industries announced that it is adding a new 200,000+ sq ft facility at its Ooltewah headquarters site, at a cost of approximately $100 million. As the Company expects to continue its strong cash generation, Miller Industries anticipates funding the majority of this expansion through operating cash flow over the next several years.

This expansion is intended to:

1.  Increase Overall Production Capacity and Efficiency

• With distributor inventories returning to historically average levels, production volumes are expected to rise meaningfully throughout the first and second quarters of 2026 and return to a steady level to meet retail deliveries.
• The new facility will significantly expand output capacity to meet growing domestic and international demand, reduce lead times, and reinforce Miller Industries' global leadership in heavy–duty recovery vehicle technology.
• In particular, the expansion will increase output capacity for heavy–duty recovery units, which remain the Company's largest global export.

2.  Support European Demand Through U.S. Backfill, Integrated Capacity & Regional Expansion

• U.S. production will continue to serve as a critical backbone for European demand with the addition of Omars, the expansion of Jige's heavy–duty integration, and production enhancements at the Company's Boniface facility.
• The combination of Jige expansion, Omars integration, and Boniface growth supported by U.S. backfill capability will help to ensure production stability, improved lead times, and a fully integrated supply strategy globally.

3.  Prepare for Higher-Volume Global Military Production

• With more than $150 million in military commitments secured and additional global RFQs underway, the new facility will be capable of supporting higher-volume global defense–grade recovery vehicle production.
• Military programs production is scheduled to begin in 2027 and accelerate into 2028 and 2029, requiring enhanced capacity, specialized equipment, and advanced production flow capabilities.

Return of Capital to Shareholders
The Company's Board of Directors approved a quarterly cash dividend of $0.21, a 5% increase from the $0.20 dividend declared in the prior year period. The dividend is payable March 23, 2026, to shareholders of record as of March 16, 2026, and represents the sixty-first consecutive quarter that Miller Industries has paid a dividend. Additionally, Miller Industries repurchased approximately $2.2 million of stock during the fourth quarter of 2025, and paid $15.1 million in total dividends and share repurchases in 2025 as part of its commitment to driving shareholder value creation.

2026 Guidance and Production Outlook
The Company expects to generate $850 million to $900 million in revenue for the full year 2026.

With distributor inventories returning to historical average levels during 2025, Miller Industries expects 2026 production volumes to begin at approximately fourth quarter 2025 levels, with manufacturing activity increasing throughout the first and second quarters.  Production volumes are expected to meet retail activity levels in the third and fourth quarter of 2026, with revenue approaching $250 million per quarter by the second half of 2026.  As product shifts to a historical percentage of manufactured product and chassis, gross margins are expected to return to historical levels in the mid–13% range for the full year of 2026.

The statements in the 2026 guidance and production outlook provided above are forward looking. Actual results may differ materially. See our cautionary note regarding "forward-looking statements" below.

Conference Call
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, March 5, 2026, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through the following link:

https://app.webinar.net/9AXVJwqopwz

Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through Thursday, March 19, 2026. The replay number is 1-844-512-2921, Passcode 1167594.

About Miller Industries, Inc.
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Omars™, Titan® and Eagle®.

Forward-Looking Statements
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek", "estimate", "predict", "expect", "anticipate" and similar expressions, or the negative of such terms, or other comparable terminology and include, without limitation, any statements relating to our 2026 guidance and expected production levels (including under the heading "2026 Guidance and Production Outlook"), the growth and effect of the drivers of our long-term business performance, our future production capacity expansion plans (including the timing thereof and anticipated impact on our business), future customer demand levels, our priorities relating to capital allocation, and any potential upside from pending military contracts and their potential effect on revenue and earnings growth. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: our dependence upon outside suppliers for component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products leaves us subject to changes in price and availability, the cadence and quantity of deliveries from our suppliers, and delays in receiving supplies of such materials, component parts or chassis; our customers' and towing operators' access to capital and credit to fund purchases; the implementation of new or increased tariffs and any resulting trade wars and any resulting macroeconomic uncertainty; the rising costs of equipment ownership, including continuing increases in insurance premiums and elevated interest rates that have added cost pressures to our end users, and fluctuations in the value of used trucks; macroeconomic trends, availability of financing, and changing interest rates; our customers' ability to fund purchases of our products; various international political, economic and other uncertainties, including as a result of changes to trade policies, and new or ongoing military conflicts in the Middle East and Ukraine; increases in the cost of skilled labor;  risks relating to our indebtedness, including our ability to maintain compliance with the covenants in our credit facility; special risks from our sales to U.S. and other governmental entities through prime contractors; the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general; changes in fuel and other transportation costs, insurance costs and weather conditions; competition in our industry and our ability to attract or retain customers; changes in government regulations, including environmental and health and safety regulations; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in the tax regimes and related government policies and regulations in the countries in which we operate; our dependence on the continued participation and level of service of our numerous independent distributors; the catastrophic loss of one of our manufacturing facilities; risks relating to acquisitions; environmental and health and safety liabilities and requirements; failure to comply with domestic and foreign anti-corruption laws; loss of the services of our key executives; the effects of regulations relating to conflict minerals; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; fluctuations of our stock price and involvement with activist shareholders; a disruption in, or breach in security of, our information technology systems or any violation of data protection laws; risks related to our use of artificial intelligence, including generative artificial intelligence and machine learning; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
							%								%
		2025			2024		Change			2025			2024		Change
NET SALES	$	171,168		$	221,907		(22.9) %		$	790,271		$	1,257,500		(37.2) %
COST OF OPERATIONS		144,637			188,449		(23.2) %			669,879			1,086,695		(38.4) %
GROSS PROFIT		26,532			33,458		(20.7) %			120,392			170,805		(29.5) %
OPERATING EXPENSES:
Selling, General and Administrative Expenses		21,071			19,680		7.1 %			88,983			86,322		3.1 %
NON-OPERATING (INCOME) EXPENSES:
Interest Expense, Net		178			384		(53.6) %			660			3,928		(83.2) %
Other (Income) Expense, Net		249			766		67.5 %			(745)			425		275.3 %
Total Expense, Net		21,498			20,830		3.2 %			88,898			90,675		(2.0) %
INCOME BEFORE INCOME TAXES		5,033			12,628		(60.1) %			31,494			80,130		(60.7) %
INCOME TAX PROVISION		1,623			2,096		(22.5) %			8,480			16,636		(49.0) %
NET INCOME	$	3,410		$	10,532		(67.6) %		$	23,014		$	63,494		(63.8) %
BASIC INCOME PER SHARE OF COMMON STOCK	$	0.30		$	0.92		(67.5) %		$	2.01		$	5.55		(63.8) %
DILUTED INCOME PER SHARE OF COMMON STOCK	$	0.29		$	0.91		(67.6) %		$	1.98		$	5.47		(63.8) %
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$	0.20		$	0.19		5.3 %		$	0.80		$	0.76		5.3 %
WEIGHTED-AVERAGE SHARES OUTSTANDING:
Basic		11,419			11,439		(0.2) %			11,447			11,450		0.0 %
Diluted		11,572			11,601		(0.2) %			11,615			11,602		0.1 %

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	December 31,			December 31,
	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	44,682		$	24,337
Accounts receivable, net of allowance for credit losses of $1,876 and $1,850 as of December 31, 2025 and December 31, 2024, respectively		198,261			313,413
Inventories, net		184,231			186,169
Prepaid expenses		12,409			5,847
Total current assets		439,583			529,766
NON-CURRENT ASSETS:
Property, plant and equipment, net		123,808			115,979
Right-of-use assets - operating leases		276			545
Goodwill		20,073			19,998
Other assets		5,927			727
TOTAL ASSETS	$	589,667		$	667,015
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	2,246		$	—
Accounts payable		78,548			145,853
Accrued liabilities		55,602			51,702
Current portion of operating lease obligation		176			318
Total current liabilities		136,572			197,873
NON-CURRENT LIABILITIES:
Long-term obligations		31,055			65,000
Non-current portion of operating lease obligation		100			227
Deferred income tax liabilities		1,370			2,885
Total liabilities		169,097			265,985
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value per share:
Authorized – 5,000,000 shares, Issued and outstanding – none		—			—
Common stock, $0.01 par value per share:
Authorized – 100,000,000 shares, Issued and outstanding – 11,371,730 and 11,439,292 shares as of    December 31, 2025 and December 31, 2024, respectively		114			114
Additional paid-in capital		153,046			153,704
Retained earnings		268,798			254,938
Accumulated other comprehensive loss		(1,388)			(7,726)
Total shareholders' equity		420,570			401,030
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	589,667		$	667,015

 

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SOURCE Miller Industries, Inc.

FAQ

What were Miller Industries (MLR) Q4 2025 results and key metrics?

Miller Industries reported Q4 2025 revenue of $171.2M and net income of $3.4M. According to the company, gross margin was 15.5%, diluted EPS was $0.29, and SG&A increased to $21.1M compared with the prior year period.

What did the Omars acquisition mean for Miller Industries (MLR)?

The acquisition adds a recognized European recovery vehicle brand and production capability. According to the company, Omars strengthens European footprint, complements Jige and Boniface investments, and supports integrated global production and lead‑time improvements.

How material are Miller Industries' military commitments and timing (MLR)?

Miller Industries ended 2025 with over $150M in military commitments for heavy‑duty recovery products. According to the company, production begins in 2027 with the majority of related revenue expected in 2028–2029.

What is the scope and funding plan for the Ooltewah facility expansion by Miller Industries (MLR)?

The company approved a new 200,000+ sq ft Ooltewah facility at an approximate cost of $100M. According to the company, it expects to fund the majority of the expansion through operating cash flow over the next several years.

What guidance did Miller Industries (MLR) provide for full‑year 2026 revenue and margins?

Miller Industries expects full‑year 2026 revenue of $850M–$900M and gross margins in the mid‑13% range. According to the company, production volumes should ramp through H1 2026 with retail deliveries improving in H2.

How did Miller Industries return capital to shareholders in 2025 (MLR)?

The board raised the quarterly dividend to $0.21 and repurchased about $2.2M of stock in Q4 2025. According to the company, total dividends and repurchases for 2025 were $15.1M and represent ongoing capital return priorities.