Miller Industries (NYSE: MLR) posts weaker 2025 results but guides higher for 2026
Rhea-AI Filing Summary
Miller Industries reported a sharp slowdown for 2025 while outlining major growth plans. Full-year net sales fell to $790,271,000 from $1,257,500,000, with net income down to $23,014,000 from $63,494,000. In Q4 2025, net sales were $171,168,000 versus $221,907,000 a year earlier, and diluted EPS declined to $0.29 from $0.91.
The company approved a new 200,000+ square foot facility at its Ooltewah, Tennessee headquarters, with expected cost of approximately $100 million, and plans to fund most of it from operating cash flow. Management highlighted more than $150 million in global military commitments and issued 2026 revenue guidance of $850 million to $900 million, targeting revenue of about $250 million per quarter in the second half of 2026 and gross margins in the mid‑13% range. The board raised the quarterly dividend 5% to $0.21 per share and the company returned $15.1 million in 2025 through dividends and share repurchases.
Positive
- Capacity and growth investments: The company approved a 200,000+ sq ft expansion at its Ooltewah facility costing approximately $100 million, tied to European demand and global military production, and guided 2026 revenue to $850 million–$900 million with gross margins expected in the mid‑13% range.
- Shareholder returns and military commitments: Miller highlighted more than $150 million in global military commitments, raised its quarterly dividend 5% to $0.21 per share, and returned $15.1 million in 2025 through dividends and buybacks.
Negative
- Significant revenue and earnings decline: Full-year 2025 net sales fell from $1,257,500,000 to $790,271,000, with net income down from $63,494,000 to $23,014,000. Q4 2025 diluted EPS dropped to $0.29 from $0.91, marking a materially weaker profitability profile.
Insights
Results weakened sharply in 2025, but Miller is investing heavily and guiding to revenue recovery in 2026.
Miller Industries saw full-year net sales drop from $1,257,500,000 to $790,271,000, with net income falling from $63,494,000 to $23,014,000. Q4 2025 showed similar pressure, as diluted EPS declined from $0.91 to $0.29. This signals a materially weaker earnings base heading into 2026.
At the same time, the company is committing approximately $100 million to expand its Ooltewah manufacturing footprint, intending to fund most of this from operating cash flow. Management also cites more than $150 million in global military commitments, suggesting a growing defense-related demand stream, though timing and conversion into revenue will depend on program execution and customer schedules described only at a high level.
Looking ahead, guidance calls for $850 million to $900 million of 2026 revenue, with production volumes starting near Q4 2025 levels and activity increasing through the first and second quarters of 2026. Revenue is expected to approach $250 million per quarter in the second half of 2026 and gross margins to return to the mid‑13% range for the year, indicating management’s expectation of a rebound from 2025’s downturn.
8-K Event Classification
FAQ
How did Miller Industries (MLR) perform financially in full-year 2025?
What were Miller Industries’ Q4 2025 results compared with Q4 2024?
What 2026 revenue and margin guidance did Miller Industries (MLR) provide?
What major capital projects is Miller Industries planning at its Ooltewah facility?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices)
(Zip Code)
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02Results of Operations and Financial Condition.
On March 4, 2026, Miller Industries, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing its financial results for the fiscal fourth quarter and year ended December 31, 2025. A copy of the Earnings Release is furnished as Exhibit 99.1 to this Form 8-K.
On March 5, 2026, the Company will hold a teleconference and audio webcast to discuss its financial results from the fiscal fourth quarter and year ended December 31, 2025. A copy of supplementary materials that will be referred to in the teleconference and webcast, and which will be posted to the Company’s website, is furnished as Exhibit 99.2 hereto.
The information included in this Item 2.02, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. | | Exhibit Description |
99.1 | Press Release of Miller Industries, Inc. dated March 4, 2026, announcing its financial results for the fiscal fourth quarter and year ended December 31, 2025 | |
99.2 | Supplementary materials to be used during webcast conference call on March 5, 2026 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Miller Industries, Inc. (Registrant) | ||
By: | /s/ Deborah L. Whitmire | |
Deborah L. Whitmire | ||
Executive Vice President, Chief Financial Officer and Treasurer | ||
Dated: March 4, 2026 | ||
Exhibit 99.1
| | 8503 Hilltop Drive, Ooltewah, TN 37363 |
| CONTACT: | Miller Industries, Inc. |
| | Debbie Whitmire, Chief Financial Officer |
| | |
| | FTI Consulting, Inc. |
| | Mike Gaudreau |
MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
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, Tennessee, 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 |
| THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT Q4 & FULL YEAR 2025 INVESTOR PRESENTATION |
| MILLER INDUSTRIES FORWARD LOOKING STATEMENTS SAFE HARBOR STATEMENT Certain statements in this presentation 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 our 2026 guidance (including under the heading “2026 Guidance”), the growth and effect of the drivers of our long-term business performance, our future production capacity expansion plans, our priorities relating to operational efficiency and 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. This presentation and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together. |
| MILLER INDUSTRIES OVERVIEW THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT LIGHT-DUTY RECOVERY CAR CARRIER SPECIALTY TRANSPORT MEDIUM- & HEAVY-DUTY RECOVERY ROTATORS MILITARY RECOVERY NYSE: MLR FOUNDED IN 1990 HEADQUARTERS - OOLTEWAH, TN OPERATIONS IN TN, PA, ENGLAND, FRANCE, AND ITALY ~1,500 EMPLOYEES GLOBALLY COMPANY PROFILE |
| “ MILLER INDUSTRIES CORE PHILOSOPHY WE HAVE THE BEST PEOPLE, THE BEST PRODUCTS, AND THE BEST DISTRIBUTION NETWORK IN THE TOWING AND RECOVERY INDUSTRY.” - BILL MILLER - 1990 |
| THANK YOU TO OUR DEVOTED TEAM RESULTS REFLECT THE ONGOING COMMITMENT AND SUPPORT OF OUR EMPLOYEES, SUPPLIERS, CUSTOMERS, AND SHAREHOLDERS |
| MILLER INDUSTRIES FOURTH QUARTER 2025 QUARTERLY KEY METRICS Q4 YOY - Decreased 22.9% Q4 ’25 vs Q3 ’25 - Decreased 4.6% REVENUE GROSS PROFIT - 15.5% $171.2M $26.5M NET INCOME - 2.0% $3.4M EPS, DILUTED $0.29 $4.5M CASH RETURNED TO SHAREHOLDERS Q4 YOY - Decreased 20.7% Q4 ’25 vs Q3 ’25 - Increased 4.7% Q4 YOY - Decreased 67.6% Q4 ’25 vs Q3 ’25 - Increased 10.6% Q4 YOY - Decreased 67.6% Q4 ’25 vs Q3 ’25 - Increased 10.8% 5.6% RETURN ON EQUITY (TTM) DIVIDEND + SHARE REPURCHASE BASED ON AVERAGE EQUITY |
| MILLER INDUSTRIES FULL YEAR 2025 FY 2025 KEY METRICS YOY - Decreased 37.2% REVENUE GROSS PROFIT - 15.2% $790.3M $120.4M NET INCOME - 2.9% $23.0M EPS, DILUTED $1.98 $15.1M CASH RETURNED TO SHAREHOLDERS YOY - Decreased 29.5% YOY - Decreased 63.8% YOY - Decreased 63.8% 5.6% RETURN ON EQUITY (TTM) DIVIDEND + SHARE REPURCHASE BASED ON AVERAGE EQUITY |
| MILLER INDUSTRIES MARKET OVERVIEW 2026 DOMESTIC MARKET OUTLOOK ■ DISTRIBUTOR INVENTORY ■ SALES ORDER ENTRY ■ PRODUCTION LEVELS ■ CHASSIS SALES |
| MILLER INDUSTRIES EXPORT OVERVIEW 2026 EXPORT OUTLOOK ■ EUROPEAN GROWTH ■ OMARS ACQUISITION ■ JIGE EXPANSION ■ BONIFACE FACILITY IMPROVEMENTS ■ MILITARY RFQ’S |
| MILLER INDUSTRIES EXPORT OMARS ACQUISITION ■ PREMIER MANUFACTURER IN ITALY ■ NEW SALES CHANNELS AND DISTRIBUTION ■ ESSENTIAL TO OUR LONG-TERM GROWTH IN THE EUROPEAN MARKET |
| MILLER INDUSTRIES EXPORT ■Double heavy duty integration capacity at Jige ■Requires Ooltewah facility to increase center-section production to supply Boniface, Jige, and Omars with production to meet consumer demand. €8 MILLION EXPANSION AT JIGE |
| MILLER INDUSTRIES EXPORT MILITARY ACTIVITY ■ $150M+ IN COMMITMENTS TO BE MANUFACTURED THROUGHOUT 2027-2029 ■ SIGNIFICANT VALUE OF OUTSTANDING RFQ’S IN PROCESS |
| MILLER INDUSTRIES EXPANSION OOLTEWAH EXPANSION UPDATE ■ Estimated $100m expansion to increase production and improve manufacturing efficiency ■ Estimated completion late 2027 |
| MILLER INDUSTRIES EXPANSION OOLTEWAH EXPANSION UPDATE ■Capital Expenditures to increase throughout 2026 & 2027, funded mostly through operating cash flow |
| MILLER INDUSTRIES CAPITAL ALLOCATION CAPITAL ALLOCATION STRATEGY ■QUARTERLY DIVIDEND ■DEBT REDUCTION ■SHARE REPURCHASE ■M&A OPPORTUNITIES ■INNOVATION ■AUTOMATION ■HUMAN CAPITAL ■CAPACITY EXPANSION |
| MILLER INDUSTRIES GUIDANCE 2026 GUIDANCE ■REVENUE $850 - $900M FOR FY 2026 ■REVENUE RAMPING TOWARDS $250M PER QUARTER FOR Q3 AND Q4 IN 2026 ■ESTIMATED GROSS MARGIN ~ 13% |
| MILLER INDUSTRIES INVESTOR RELATIONS INVESTOR RELATIONS SCHEDULE 2026 ■ THREE PART ADVISORS IDEAS CONFERENCES (NY, CHI, AND DAL) ■ D.A. DAVIDSON INDUSTRIALS CONFERENCE ■ ROADSHOWS TBD ■ REACH OUT TO INVESTOR.RELATIONS@MILLERIND.COM FOR MORE INFORMATION |
| THANK YOU |
