MILLER INDUSTRIES INC (MLR) is the subject of an amended Schedule 13G filing in which Neuberger Berman Group LLC, Neuberger Berman Investment Advisers LLC and related entities report beneficial ownership of 1,135,556 shares of the company’s common stock, representing 10.0% of the class. The Neuberger entities report shared power to vote 1,084,874 shares and shared power to dispose of 1,135,556 shares, with no sole voting or dispositive power. They state that these shares are held in various client and fund accounts, that the clients have the economic interest in the securities, and that no single client holds more than 5% of the class.
Miller Industries, Inc. reported Q2 2026 net sales of $239.993 million, up 12.1% year over year, and net income of $7.269 million ($0.63 diluted EPS), down 14.1% as gross margin narrowed to 15.0% from 16.2% on higher chassis mix and Section 232 steel and aluminum tariffs.
For the first half of 2026, net sales were $420.855 million, down 4.3%, and net income fell to $7.822 million from $16.523 million, with gross margin at 14.6%. Operating cash flow more than doubled to $62.980 million, boosting cash to $55.635 million and leaving the $100.0 million revolving credit facility undrawn.
The Omars acquisition added $16.2 million of revenue in the first half but reduced pretax income by about $0.4 million, including roughly $0.11 per diluted share of largely non-cash acquisition expenses in Q2. Management is funding significant capital projects, including an estimated $100.0 million Ooltewah, Tennessee plant expansion and a €8.0 million French facility build-out, while returning capital through $4.6 million of share repurchases and a $0.21-per-share quarterly dividend amid demand headwinds from higher interest and fuel costs and tariff uncertainty.
Miller Industries reported fiscal second-quarter 2026 net sales of $239,993 (thousands), up 12.1% from $214,032 (thousands) a year earlier, driven by steady production and healthier channel inventories. Net income was $7,269 (thousands) versus $8,458 (thousands), with diluted EPS of $0.63 compared with $0.73. For the first six months, net sales were $420,855 (thousands) and net income was $7,822 (thousands), down 52.7% from $16,523 (thousands) in 2025.
Management highlighted strong cash generation, using it to reduce total debt by $20 million in the quarter and to return $4.9 million to shareholders, including approximately $2.5 million of share repurchases. The balance sheet showed cash of $55,635 (thousands) and total shareholders’ equity of $420,093 (thousands) as of June 30, 2026.
The company continues integrating its Omars acquisition, which had a negative impact of about $0.11 per diluted share in Q2 from non-cash acquisition-related expenses but is still expected to be accretive in its first year. Miller Industries reaffirmed full-year 2026 revenue guidance of $850 million to $900 million, expects EPS to be generally in line with 2025, and targets full-year gross margins in the mid-13% range. The board approved a quarterly dividend of $0.21 per share and the company is planning a new 200,000+ sq ft Ooltewah, TN facility at an estimated cost of $100 million, to be funded largely from operating cash flow.
Vanguard Capital Management, together with certain affiliates, reports beneficial ownership of 563,344 shares of Miller Industries Inc. common stock on an amended Schedule 13G. This represents 4.94% of the class, indicating a sizeable but sub‑5% institutional position.
Vanguard has sole voting power over 75,240 shares and sole dispositive power over 563,344 shares, with no shared voting or dispositive power reported. The holdings include securities held by various Vanguard entities and funds over which Vanguard Capital Management or its affiliates exercise voting and/or dispositive power.
Miller Industries director Theodore H. Ashford III reported equity compensation activity, including a new restricted stock unit grant and a vesting event. On May 26, 2026, he received 2,578 restricted stock units at a price of $0.00 per unit under the 2023 Non-Employee Director Stock Plan. These time-based units vest on the earlier of the day before the next annual shareholder meeting or the first anniversary of the grant, assuming continued board service.
On May 21, 2026, 1,804 restricted stock units vested and were converted into 1,804 shares of common stock, with the vested shares to be delivered within 30 days after vesting. Following these transactions, Ashford directly owns 19,399 shares of Miller Industries common stock. The filing reflects routine director equity compensation and an associated RSU conversion, not any open-market purchase or sale.
Miller Industries director Leigh Walton reported routine equity compensation activity. On May 26, 2026, Walton received a grant of 2,578 restricted stock units under the company’s 2023 Non-Employee Director Stock Plan.
Separately, 1,804 previously granted RSUs vested and were converted into common stock on May 21, 2026, bringing Walton’s direct common stock holdings to 10,474 shares.
Miller Industries director Susan E. Sweeney reported routine equity compensation activity. On May 26, 2026, she received a grant of 2,578 Restricted Stock Units (RSUs) at no cost under the company’s 2023 Non-Employee Director Stock Plan.
Each RSU represents the right to receive one share of common stock, with time-based vesting tied to future board service. Separately, on May 21, 2026, 1,804 RSUs vested and were converted into 1,804 shares of common stock. Following these transactions, Sweeney directly holds 5,988 shares of common stock. The filing shows no stock sales, only awards and conversions related to director compensation.
Miller Industries director Javier A. Reyes reported equity-based compensation activity. He received a grant of 2,578 restricted stock units on May 26, 2026 under the company’s 2023 Non-Employee Director Stock Plan. Each unit represents a right to receive one share of common stock.
On May 21, 2026, 1,804 restricted stock units vested and were converted into 1,804 shares of common stock at no cash exercise price, increasing his direct common stock holdings to 5,988 shares. The newly granted time-based units will vest around the next annual shareholder meeting or on the first anniversary of the grant date, assuming continued board service.
Miller Industries director Peter Lee Jackson reported equity compensation activity rather than open-market trading. He received a grant of 2,578 restricted stock units under the 2023 Non-Employee Director Stock Plan, each representing a contingent right to one share of common stock.
Separately, 1,804 restricted stock units vested and were converted into 1,804 shares of common stock on May 21, 2026, with vested shares to be delivered within 30 days of vesting. Following these transactions, Jackson directly holds 5,988 shares of common stock and 2,578 time-based restricted stock units that vest around the next annual shareholder meeting or the first anniversary of the grant, subject to continued board service.
Miller Industries, Inc. held its Annual Meeting of Shareholders on May 22, 2026 in Dalton, Georgia. As of the record date of March 31, 2026, 11,371,730 common shares were entitled to vote, and 10,439,472 shares were represented in person or by proxy, a turnout of 91.80%.
Shareholders voted to elect seven director nominees. For example, William G. Miller received 9,353,857 votes for and 174,646 votes withheld, with 910,969 broker non-votes, while Leigh Walton received 8,662,757 votes for and 865,746 votes withheld, plus 910,969 broker non-votes.
Shareholders also approved one proposal with 9,042,141 votes for, 374,596 against, 111,766 abstentions, and 910,969 broker non-votes, and another proposal with 10,144,785 votes for, 282,135 against, 12,552 abstentions, and no broker non-votes.