MILLER INDUSTRIES REPORTS 2026 THIRD QUARTER RESULTS

Cash increased to $60.402 million from $44.682 million at year-end, while long-term obligations declined.

Rhea-AI Summary

Miller Industries (NYSE: MLR) reported third-quarter 2026 revenue of $212.2 million, with sales and earnings increasing from a year earlier. Revenue rose 18.8%, net income increased 97.2% to $6.1 million, and diluted earnings per share rose to $0.53 from $0.27. Gross margin fell to 14.0% from 14.2%. Non-cash Omars acquisition-related items added approximately $0.09 per diluted share.

The company reaffirmed full-year revenue guidance of $850 million to $900 million, expects EPS generally in line with 2025, and raised its gross-margin expectation to approximately 14%. Its approximately $100 million Ooltewah capacity expansion remains on schedule. Military commitments exceed $200 million, with production scheduled to begin in 2027. Nine-month net income fell 29.1% to $13.903 million despite sales growth of 2.4%. The board approved a $0.21 quarterly dividend, payable December 14, 2026.

16 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Military commitments exceed $200 million; production scheduled to begin in 2027 and accelerate into 2028–2029. 34% of market cap
• Moderate pointQ3 revenue rose 18.8% year over year to $212.2 million.
• Moderate pointQ3 net income increased 97.2% year over year to $6.1 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 gross margin expected at approximately 14%, higher than previously anticipated, reflecting a lower chassis mix.
• Moderate pointNine-month sales rose 2.4% year over year to $633.079 million.
• Moderate pointLong-term obligations declined to $1.017 million from $31.055 million at December 31, 2025.

10 minor points

• Minor pointQ3 diluted EPS rose 96.3% year over year to $0.53 from $0.27.
• Minor pointQ3 gross profit increased 17.6% year over year to $29.8 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance reaffirmed at $850 million to $900 million; EPS expected generally in line with 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ooltewah capacity expansion remains on schedule, with initial construction underway on a new 200,000+ square-foot facility.
• Minor point. Forward-looking: it has not happened yet and may not happen.European capacity plans include expanding Jige's heavy-duty integration facility and production enhancements at Boniface.
• Minor point. Forward-looking: it has not happened yet and may not happen.Omars remains on track for expected first-year accretion, following year-over-year growth.
• Minor pointNon-cash Omars acquisition-related items added approximately $0.09 per diluted share based on the final third-party valuation.
• Minor pointQuarterly dividend of $0.21 per share compares with $0.20 in Q3 2025, a 5.0% increase.
• Minor pointApproximately $2.7 million of shares repurchased during Q3 2026.
• Minor pointCash increased to $60.402 million at September 30, 2026, from $44.682 million at December 31, 2025.

Negative

• Moderate pointNine-month net income fell 29.1% year over year to $13.903 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Ooltewah expansion costs approximately $100 million, with most funding anticipated from operating cash flow over several years.
• Moderate pointCurrent liabilities increased to $175.200 million from $136.572 million at December 31, 2025.
• Minor pointNine-month diluted EPS declined 28.0% year over year to $1.21 from $1.68.
• Minor pointNine-month gross profit fell 2.6% year over year to $91.397 million.

6 minor points

• Minor pointQ3 gross margin declined approximately 20 basis points to 14.0% from 14.2% a year earlier.
• Minor pointQ3 selling, general and administrative expenses rose 3.5% year over year to $21.997 million.
• Minor pointNine-month selling, general and administrative expenses rose 4.7% year over year to $71.122 million.
• Minor pointQ3 net interest expense rose 286.0% year over year to $359,000.
• Minor pointNine-month net interest expense rose 77.6% year over year to $856,000.
• Minor pointPlanned holiday downtime and chassis supplier production challenges affected the quarter.

News Explained

Miller Industries repurchased about $2.7 million of stock during the third quarter under its repurchase program; at September 30, 2026, 11,303,758 common shares were issued and outstanding, versus 11,371,730 at December 31, 2025.

Key Figures

Q3 revenue: $212.2 million, up 18.8% Gross margin: 14.0%, down approximately 20 basis points from 14.2% Net income: $6.1 million, up 97.2% +5 more

Q3 revenue

$212.2 million, up 18.8%

Q3 2026 versus Q3 2025

Gross margin

14.0%, down approximately 20 basis points from 14.2%

Q3 2026 versus Q3 2025

Net income

$6.1 million, up 97.2%

Q3 2026 versus Q3 2025

Diluted EPS

$0.53 per share, up 96.3%

Q3 2026 versus Q3 2025

Full-year revenue guidance

$850 million to $900 million

2026 guidance reaffirmed

Full-year gross margin outlook

14%

2026 outlook; higher than previously anticipated

Quarterly dividend

$0.21 per share

Payable December 14, 2026

Military commitments

More than $200 million

Current commitments

Historical Context

1 past event · Latest: Aug 05

1 event

1. Aug 05

   Q2 earnings

   24h Move

   +7.0%

   Prior-quarter revenue rose, while net income and diluted EPS fell year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

operating cash flow, fair market value, amortization, rfqs

4 terms

operating cash flow financial

"funding the majority of this expansion through operating cash flow"

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

View in glossary

fair market value financial

"equipment adjustments to fair market value"

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

amortization financial

"amortization of the estimated intangible value of customer relationships"

Amortization is the process of spreading a large cost over a series of future periods, either by gradually writing off the value of an intangible asset (like a patent or license) or by showing how loan principal is paid down over time. For investors it matters because amortization affects reported profits and cash flow — similar to slicing a big bill into smaller monthly payments — and therefore influences valuations, comparisons between companies, and expectations for future earnings.

rfqs technical

"additional global RFQs are underway"

RFQs (requests for quotes) are messages an investor or broker sends to one or more dealers asking for a firm price to buy or sell a security, bond, or other financial instrument. They matter because they let investors compare actual offers, assess how easy it will be to trade (liquidity), and identify the best cost and timing — similar to asking several stores for a price before making a purchase.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Solid Year-Over-Year Revenue Growth Driven by Consistent Production and Demand

Expanded Product Offering with Recent Introduction of 65-ton Rotator

Board of Directors Approves Dividend of $0.21 per Share

On Track to Achieve Full-Year 2026 Revenue and Earnings Guidance

CHATTANOOGA, Tenn., Nov. 4, 2026 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the third quarter ended September 30, 2026, and provided updates on its global strategic initiatives.

Q3 2026 Financial Results vs. Q3 2025

• Revenue: $212.2 million, an 18.8% increase from $178.7 million
• Gross Profit: $29.8 million, a 17.6% increase from $25.3 million
• Gross Margin: 14.0%, a decrease of approximately 20 basis points from 14.2%
• SG&A Expenses: $22.0 million, a 3.5% increase from $21.2 million
• Net Income: $6.1 million, a 97.2% increase from $3.1 million
• Diluted EPS: $0.53 per share, an increase of 96.3% from $0.27 per diluted share

Third Quarter Business Highlights

• Delivered solid year-over-year revenue growth as the Company maintained production in line with steady order intake in a dynamic environment.
• Generated strong cash flow, enabling the return of $5.1 million to shareholders in the form of dividends and share repurchases, and continued investment in the business.
• Heavy-duty capacity expansion at Ooltewah remains on schedule, with initial building construction underway.
• Continuing to innovate the Company's product line; recently introduced the new 65-ton rotator (the Century M65) at an event attended by more than 1,000 global distributors and customers.
• Remain on track to achieve full-year 2026 revenue and earnings per share guidance.

"We are pleased to have delivered solid year-over-year revenue growth in the third quarter," said William G. Miller II, Chief Executive Officer. "We've seen no slowdown in customer demand, and our order intake remains consistent. While the quarter was impacted by planned holiday downtime and production challenges among our chassis suppliers, the underlying strength in demand for our products gives us confidence as we move into the final quarter of 2026, and into 2027."

Mr. Miller continued, "More importantly, we have continued to generate cash at an impressive rate throughout the year, enabling us to not only return capital directly to our shareholders through our industry-leading dividend and our share repurchase program, but also to invest in our long-term growth. In addition to our ongoing capacity expansion in Ooltewah, we recently hosted more than 1,000 global distributors and customers in Chattanooga to showcase the Century M65. By continuing to prioritize our people, our products, and the health of our distribution network, we remain well positioned to finish the year on a strong note and deliver on our full year 2026 outlook."

Omars Update

Omars delivered solid performance, including significant year-over-year growth, reinforcing confidence that the acquisition remains on track to meet the Company's expectations for first-year accretion. Separately, non-cash acquisition-related items had a positive impact of approximately $0.09 per diluted share based on the final third-party valuation. These items primarily reflected equipment adjustments to fair market value, amortization of the estimated intangible value of customer relationships, and the associated tax amortization benefit. Most of the expenses related to the Company's acquisition and integration of Omars were recognized in the first and second quarters of 2026.

Ooltewah, TN Manufacturing Capacity Expansion

To support future growth, European demand, and defense production commitments, Miller Industries previously announced the addition of a new 200,000+ sq ft facility at its Ooltewah headquarters site, at a cost of approximately $100 million. 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

• As distributor inventories have returned to historical levels, the Company plans to maintain production volumes through the end of 2026 to meet anticipated steady retail activity.
• The new facility will significantly expand output capacity to meet growing domestic and international demand and reinforce Miller Industries as the global leader in the heavy–duty recovery market.
• 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, and Regional Expansion

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

3.   Prepare for Higher-Volume Global Military Production

• Military commitments currently exceed $200 million, and additional global RFQs are underway. The new facility will be capable of supporting higher-volume global defense–grade recovery vehicle production for global military programs.
• 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 per share, payable December 14, 2026, to shareholders of record as of December 7, 2026. This represents the sixty-fourth consecutive quarter that Miller Industries has paid a dividend. Separately, the Company repurchased approximately $2.7 million of stock during the third quarter of 2026 under the Company's stock repurchase program.

2026 Guidance and Production Outlook

The Company is re-affirming its previously issued revenue guidance of $850 million to $900 million for full year 2026 and expects earnings per share to be generally in line with full year 2025 results.

Miller Industries expects production volumes to remain steady through the end of 2026. For the full year, gross margins are now expected to be  approximately 14%, higher than previously anticipated, reflecting a lower mix of chassis. In the fourth quarter, revenue mix is expected to return toward historical levels of bodies and chassis.

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, November 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/k8KEn3m1Gq7

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, November 19, 2026. The replay number is 1-844-512-2921, Passcode 1148648.

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 order intake and 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 source of funding for the expansion, timing thereof and anticipated impact of the expansion on our business); future customer demand levels; acquisition-related costs and the success and timing of integration plans associated with Omars; our anticipated priorities relating to capital allocation; expectations regarding the industry cost environment and the Company's cost control and operational efficiency initiatives; the future health of the Company's distribution network; the Company's future product innovation; 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; special risks from our sales to U.S. and other governmental entities through prime contractors and the ability of counterparties to military commitments and contracts to adjust, delay or cancel such commitments or contracts based on the availability of funding or financing, or under the terms of existing contractual arrangements or applicable law; various international political, economic and other uncertainties, including as a result of new or ongoing military conflicts in the Middle East and Ukraine, which may continue to adversely impact our customer spending patterns; volatility in fuel and other transportation costs, including as a result of the geopolitical tensions in the Middle East and the disruptions in international shipping through the Strait of Hormuz; 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; the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general;  changes in 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)   (Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
							%								%
		2026			2025		Change			2026			2025		Change
NET SALES	$	212,224		$	178,670		18.8 %		$	633,079		$	618,353		2.4 %
COSTS OF OPERATIONS		182,445			153,338		19.0 %			541,682			524,491		3.3 %
GROSS PROFIT		29,779			25,332		17.6 %			91,397			93,862		(2.6) %
OPERATING EXPENSES:
Selling, General and Administrative Expenses		21,997			21,247		3.5 %			71,122			67,912		4.7 %
NON-OPERATING (INCOME) EXPENSES:
Interest Expense, Net		359			93		286.0 %			856			482		77.6 %
Other (Income) Expense, Net		(100)			(312)		(67.9 %)			224			(994)		122.5 %
Total Expense, Net		22,256			21,028		5.8 %			72,202			67,400		7.1 %
INCOME BEFORE INCOME TAXES		7,523			4,304		74.8 %			19,195			26,462		(27.5) %
INCOME TAX PROVISION		1,444			1,222		18.2 %			5,292			6,857		(22.8) %
NET INCOME	$	6,079		$	3,082		97.2 %		$	13,903		$	19,605		(29.1) %
BASIC INCOME PER SHARE OF COMMON STOCK	$	0.54		$	0.27		100.0 %		$	1.22		$	1.71		(28.7) %
DILUTED INCOME PER SHARE OF COMMON STOCK	$	0.53		$	0.27		96.3 %		$	1.21		$	1.68		(28.0) %
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$	0.21		$	0.20		5.0 %		$	0.63		$	0.60		5.0 %
WEIGHTED-AVERAGE SHARES OUTSTANDING:
Basic		11,330			11,446		(1.0) %			11,364			11,451		(0.8) %
Diluted		11,485			11,595		(0.9) %			11,513			11,640		(1.1) %

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	September 30,			December 31,
	2026 (Unaudited)			2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	60,402		$	44,682
Accounts receivable, net of allowance for credit losses of $2,038 and $1,876 as of September 30, 2026 and December 31, 2025, respectively		198,389			198,261
Inventories, net		163,589			184,231
Prepaid expenses		15,066			12,409
Total current assets		437,446			439,583
NON-CURRENT ASSETS:
Property, plant and equipment, net		134,383			123,808
Right-of-use assets - operating leases		2,352			276
Goodwill		22,206			20,073
Other assets		7,239			5,927
TOTAL ASSETS	$	603,626		$	589,667
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	2,473		$	2,246
Accounts payable		115,239			78,548
Accrued liabilities		57,050			55,602
Current portion of operating lease obligation		438			176
Total current liabilities		175,200			136,572
NON-CURRENT LIABILITIES:
Long-term obligations		1,017			31,055
Non-current portion of operating lease obligation		1,662			100
Deferred income tax liabilities		3,894			1,370
Total liabilities		181,773			169,097
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 – 11,303,758 and 11,371,730 shares as of    September 30, 2026 and December 31, 2025, respectively		113			114
Additional paid-in capital		148,420			153,046
Retained earnings		275,512			268,798
Accumulated other comprehensive loss		(2,192)			(1,388)
Total shareholders' equity		421,853			420,570
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	603,626		$	589,667

 

 

 

View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2026-third-quarter-results-302929738.html

SOURCE Miller Industries, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Miller Industries' third-quarter 2026 earnings results?

Miller Industries reported $6.1 million in net income and $0.53 diluted EPS, up 97.2% and 96.3%, respectively, from Q3 2025. Revenue increased 18.8% to $212.2 million. Non-cash Omars acquisition-related items contributed approximately $0.09 per diluted share.

What is Miller Industries' full-year 2026 guidance?

Miller Industries reaffirmed revenue guidance of $850 million to $900 million and expects EPS generally in line with full-year 2025 results. The company expects gross margin of approximately 14%, higher than previously anticipated, and steady production volumes through year-end.

When is the record date for Miller Industries' December 2026 dividend?

Shareholders must be holders of record as of December 7, 2026, for the $0.21-per-share quarterly dividend payable December 14, 2026. This marks the sixty-fourth consecutive quarter in which Miller Industries has paid a dividend.

How does Miller Industries plan to fund its Ooltewah expansion?

Miller Industries anticipates funding the majority of the approximately $100 million expansion through operating cash flow over the next several years. The planned facility is intended to support heavy-duty recovery output, European demand and higher-volume military production.