MILLER INDUSTRIES REPORTS 2026 FIRST QUARTER RESULTS
Rhea-AI Summary
Miller Industries (NYSE: MLR) reported Q1 2026 results: Revenue $180.9M (-19.8% YoY), Net income $0.6M (-93.1% YoY), and Diluted EPS $0.05. The board approved a $0.21 quarterly dividend; $4.6M returned to shareholders in Q1. Acquisition-related non-cash charges tied to Omars reduced EPS by about $0.13. The company reaffirmed 2026 revenue guidance of $850M–$900M and plans a ~$100M Ooltewah expansion to support production and military commitments.
Positive
- Sequential revenue growth from increased production
- Generated strong cash flow; $4.6M returned to shareholders
- Board approved quarterly dividend of $0.21 per share
- Ooltewah expansion planned (~$100M) to boost capacity
- Reaffirmed 2026 revenue guidance of $850M–$900M
Negative
- Revenue declined 19.8% year-over-year to $180.9M
- Net income fell 93.1% to $555 thousand
- Acquisition-related non-cash charges reduced EPS by ~$0.13
- SG&A rose 3.0% versus prior year quarter
- Ongoing pricing pressures prompted a 3% price increase
Key Figures
Market Reality Check
Peers on Argus
Sector peers showed mixed moves: AXL up 7.27%, PLOW up
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Earnings date notice | Neutral | +3.1% | Announced timing and webcast details for Q1 2026 earnings release. |
| Mar 04 | Earnings release | Negative | +6.4% | Reported Q4 revenue and net income down sharply YoY but outlined guidance and expansion. |
| Feb 25 | Earnings date notice | Neutral | +0.4% | Set schedule and access details for Q4 and full-year 2025 results call. |
| Dec 02 | Acquisition announcement | Positive | -0.1% | Completed Omars acquisition to expand European operations and capacity, expected accretion. |
| Nov 13 | Investor conference | Neutral | -0.9% | Management scheduled to present and host 1x1 meetings at investor conference. |
Recent fundamentally driven news, including Omars and Q4 2025 results, has sometimes seen price moves opposite headline fundamentals, indicating occasional divergence between near-term earnings pressure and investor reaction.
Over the last six months, Miller Industries has highlighted several milestones. In December 2025, it closed the Omars acquisition, expanding its European footprint. Q4 2025 results in March 2026 showed notable year-over-year declines in revenue and net income but reiterated $850M–$900M 2026 guidance and detailed a ~$100M Ooltewah expansion. Two "earnings date" notices in February and April 2026 signaled upcoming results. An investor conference appearance in November 2025 underscored ongoing outreach. Today’s Q1 2026 release updates these same themes: Omars impacts, capacity expansion, and reaffirmed guidance.
Market Pulse Summary
This announcement reports Q1 2026 revenue of $180.9M and diluted EPS of $0.05, both sharply lower year over year, while reaffirming full-year 2026 revenue guidance of $850M–$900M. Management details non-cash Omars acquisition expenses, a planned 200,000+ sq ft Ooltewah expansion costing about $100M, and over $150M in military commitments. Investors may focus on margin trends, execution of the capacity build-out, integration of Omars, and whether demand supports the expected second-half weighting.
Key Terms
basis-point financial
diluted EPS financial
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
Sequential Revenue Growth Driven by Disciplined Production Increases
Ooltewah Capacity Expansion on Track
Strong Cash Flow Supports Capacity Expansion, Debt Reduction, and Shareholder Returns
Board of Directors Approves Dividend of
Q1 2026 Financial Results vs. Q1 2025
- Revenue:
$180.9 million 19.8% decrease from$225.7 million - Gross Profit:
$25.7 million 24.3% decrease from$33.9 million - Gross Margin:
14.2% , an 80 basis-point decrease from15.0% - SG&A Expenses:
$23.9 million 3.0% increase from$23.3 million - Net Income:
$555 thousand 93.1% decrease from$8.1 million - Diluted EPS:
$0.05 92.8% from$0.69
In addition, Miller Industries acquired Omars in the fourth quarter of fiscal 2025. Based on preliminary valuation estimates, non-cash acquisition-related expenses associated with Omars—primarily tied to the sale of equipment adjusted to fair market value and amortization of the estimated intangible value of customer relationships—negatively impacted the Company's financial results for the first fiscal quarter of 2026 by approximately
First Quarter Business Highlights
- Delivered sequential revenue growth as the Company increased production to meet rising order intake.
- Advancing site preparation for capacity expansion at
Ooltewah to significantly enhance North American production capacity and support manufacturing for European and military operations; site expected to be ready for construction to begin by late summer. - Continued strong cash flow generation, supporting the capacity expansion, continued debt reduction and returns of capital to shareholders.
- Returned
$4.6 million
"First–quarter performance was consistent with our expectations, as we continued to carefully increase production in response to improving retail activity and order flow, driving sequential revenue growth," said William G. Miller II, Chief Executive Officer. "Near–term profitability continues to reflect elevated acquisition–related costs associated with Omars; however, we expect these expenses to moderate as the year progresses. Importantly, the business continued to generate solid cash flow, further strengthening our balance sheet and financial flexibility."
Miller continued, "Late in the quarter, rising geopolitical tensions in the
To support future growth, European needs and defense production commitments, Miller Industries previously announced the addition of a new 200,000+ sq ft facility at its
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 in the second half 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. 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 - 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
Pricing Actions and Cost Environment Update
Miller Industries continues to experience ongoing pricing pressure driven by tariff impacts, regulatory and compliance requirements, and the elevated cost structure associated with manufacturing in the
As a result, the Company announced that the existing surcharge will be rolled into its standard pricing structure. In addition, Miller Industries will implement a
Management remains focused on disciplined cost control and operational efficiency initiatives; however, these pricing adjustments are necessary to help mitigate ongoing margin pressure and maintain the long–term sustainability of Miller Industries' domestic manufacturing operations.
2026 Guidance and Production Outlook
The Company is re-affirming its previously issued revenue guidance of
Given geopolitical tensions in the
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, May 7, 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/NZVRAYXeQbW
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, May 21, 2026. The replay number is 1-844-512-2921, Passcode 1182125.
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; acquisition related costs and the success and timing of integration plans associated with Omars; our priorities relating to capital allocation; increases in the Company's product pricing, including the timing and success thereof; expectations regarding the industry cost environment and the Company's cost control and operational efficiency initiatives; 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 continuing impact of existing tariffs, 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 new or ongoing military conflicts in the
MILLER INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(In thousands, except per share data) (Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31 | ||||||||
% | ||||||||
2026 | 2025 | Change | ||||||
NET SALES | $ | 180,863 | $ | 225,651 | (19.8) % | |||
COST OF OPERATIONS | 155,181 | 191,707 | (19.1) % | |||||
GROSS PROFIT | 25,682 | 33,944 | (24.3) % | |||||
OPERATING EXPENSES: | ||||||||
Selling, General and Administrative Expenses | 23,949 | 23,260 | 3.0 % | |||||
NON-OPERATING (INCOME) EXPENSES: | ||||||||
Interest Expense, Net | 145 | 95 | 52.6 % | |||||
Other (Income) Expense, Net | (15) | (202) | 92.6 % | |||||
Total Expense, Net | 24,079 | 23,153 | 4.0 % | |||||
INCOME BEFORE INCOME TAXES | 1,603 | 10,791 | (85.1) % | |||||
INCOME TAX PROVISION | 1,048 | 2,726 | (61.6) % | |||||
NET INCOME | $ | 555 | $ | 8,065 | (93.1) % | |||
BASIC INCOME PER SHARE OF COMMON STOCK | $ | 0.05 | $ | 0.70 | (92.9) % | |||
DILUTED INCOME PER SHARE OF COMMON STOCK | $ | 0.05 | $ | 0.69 | (92.8) % | |||
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ | 0.21 | $ | 0.20 | 5.0 % | |||
WEIGHTED-AVERAGE SHARES OUTSTANDING: | ||||||||
Basic | 11,387 | 11,450 | (0.6) % | |||||
Diluted | 11,528 | 11,614 | (0.7) % | |||||
MILLER INDUSTRIES, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(In thousands) | |||||
March 31, | December 31, | ||||
2026 (Unaudited) | 2025 | ||||
ASSETS | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | $ | 52,973 | $ | 44,682 | |
Accounts receivable, net of allowance for credit losses of | 186,572 | 198,261 | |||
Inventories, net | 172,494 | 184,231 | |||
Prepaid expenses | 18,061 | 12,409 | |||
Total current assets | 430,100 | 439,583 | |||
NON-CURRENT ASSETS: | |||||
Property, plant and equipment, net | 127,842 | 123,808 | |||
Right-of-use assets - operating leases | 1,783 | 276 | |||
Goodwill | 20,259 | 20,073 | |||
Other assets | 5,603 | 5,927 | |||
TOTAL ASSETS | $ | 585,587 | $ | 589,667 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
CURRENT LIABILITIES: | |||||
Current portion of long-term debt | $ | 2,176 | $ | 2,246 | |
Accounts payable | 85,791 | 78,548 | |||
Accrued liabilities | 56,215 | 55,602 | |||
Current portion of operating lease obligation | 348 | 176 | |||
Total current liabilities | 144,530 | 136,572 | |||
NON-CURRENT LIABILITIES: | |||||
Long-term obligations | 21,030 | 31,055 | |||
Non-current portion of operating lease obligation | 1,435 | 100 | |||
Deferred income tax liabilities | 1,335 | 1,370 | |||
Total liabilities | 168,330 | 169,097 | |||
SHAREHOLDERS' EQUITY: | |||||
Preferred stock, | |||||
Authorized – 5,000,000 shares, Issued and outstanding – none | — | — | |||
Common stock, | |||||
Authorized – 100,000,000 shares, Issued and outstanding – 11,395,716 and 11,371,730 shares as of | 114 | 114 | |||
Additional paid-in capital | 150,826 | 153,046 | |||
Retained earnings | 266,965 | 268,798 | |||
Accumulated other comprehensive loss | (648) | (1,388) | |||
Total shareholders' equity | 417,257 | 420,570 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 585,587 | $ | 589,667 | |
View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2026-first-quarter-results-302764646.html
SOURCE Miller Industries, Inc.