Miller Industries (NYSE: MLR) grows Q2 sales, trims debt by $20M
Rhea-AI Filing Summary
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.
Positive
- Q2 2026 net sales grew 12.1% to $239,993 (thousands) from $214,032 (thousands) in Q2 2025, while management reaffirmed a full-year 2026 revenue outlook of $850–$900 million and targeted gross margins returning to historical mid-13% levels.
Negative
- Profitability weakened materially: first-half 2026 net income fell 52.7% to $7,822 (thousands) from $16,523 (thousands) in the prior year, and diluted EPS for the period declined from $1.42 to $0.68.
Filing Explained
This August 5 Form 8-K reports Miller Industries’ second-quarter results and furnishes the earnings release and webcast materials under Item 2.02; those exhibits are expressly not treated as filed or incorporated by reference, so the disclosure reports the event without giving the exhibits that filed-report status.
8-K Event Classification
Key Figures
Key Terms
Right-of-use assets - operating leases financial
Deferred income tax liabilities financial
condensed consolidated statements of income financial
forward-looking statements regulatory
Earnings Snapshot
Reaffirmed full-year 2026 revenue guidance of $850–$900 million; expects EPS generally in line with 2025; anticipates gross margins in the mid-13% range and steady production volumes in the second half of 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Miller Industries (MLR) Q2 2026 net sales and net income?
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What guidance did Miller Industries (MLR) give for full-year 2026?
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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
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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:
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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 August 5, 2026, Miller Industries, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing its financial results for the fiscal second quarter ended June 30, 2026. A copy of the Earnings Release is furnished as Exhibit 99.1 to this Form 8-K.
On August 6, 2026, the Company will hold a teleconference and audio webcast to discuss its financial results from the fiscal second quarter ended June 30, 2026. 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 August 5, 2026, announcing its financial results for the fiscal second quarter ended June 30, 2026 | |
99.2 | Supplementary materials to be used during webcast conference call on August 6, 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: August 5, 2026 | ||
I
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 2026 SECOND QUARTER RESULTS
Sequential and YoY Revenue Growth Driven by Steady Production Levels
Significant Sequential Improvement in Net Income Supported by Production Efficiencies
Reduced Debt by $20 Million and Returned $4.9 Million to Shareholders
Board of Directors Approves Dividend of $0.21 per Share
CHATTANOOGA, Tennessee, August 5, 2026/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (“Miller Industries” or the “Company”) today announced financial results for the second quarter ended June 30, 2026, and provided updates on its global strategic initiatives.
Q2 2026 Financial Results vs. Q2 2025
| ● | Revenue: $240.0 million, a 12.1% increase from $214.0 million |
| ● | Gross Profit: $35.9 million, a 3.9% increase from $34.6 million |
| ● | Gross Margin: 15.0%, a 120 basis-point decrease from 16.2% |
| ● | SG&A Expenses: $25.2 million, a 7.6% increase from $23.4 million |
| ● | Net Income: $7.3 million, a 14.1% decrease from $8.5 million |
| ● | Diluted EPS: $0.63 per share, a decrease of 13.7% from $0.73 per diluted share |
Second Quarter Business Highlights
| ● | Delivered strong sequential and year-over-year revenue growth as the Company matched production to meet sustained order intake. |
| ● | Significant sequential improvement in net income, capitalizing on production efficiencies. |
| ● | Reduced debt by $20 million since the end of the first quarter of fiscal 2026, with no outstanding balance on the Company’s credit facility, strengthening the balance sheet and providing greater financial flexibility to execute on long-term strategic priorities. |
| ● | Strong cash flow generation supported strategic capital allocation, the return of $4.9 million to shareholders in the form of dividends and share repurchases, and continued investment in the business, most notably the capacity expansion at Ooltewah, which remains on schedule. |
“In the second quarter we were extremely pleased to deliver strong sequential and year-over-year revenue growth, even in a inconsistent macro environment,” said William G. Miller II, Chief Executive Officer. “Our pragmatic approach to maintaining steady production and healthy inventory levels in our distribution channel is beginning to pay off. As we move into the second half of the year, we believe these current production levels are sustainable. I also want to recognize our dedicated operations team for their outstanding execution in controlling labor costs and implementing manufacturing efficiencies. We are carrying those operational improvements forward, positioning the Company for higher levels of profitability in more favorable demand conditions.”
Mr. Miller continued, “Most importantly, during the quarter, we generated substantial cash flow, which allowed us to execute on our strategic capital allocation priorities. During the second quarter, we reduced our total debt balance by $20 million, resulting in greater financial flexibility to expand capacity in Ooltewah, and return capital to shareholders through our industry leading dividend and share repurchase program. We are encouraged by the strong foundation we have built in the first half of this year and remain confident in our ability to deliver on our full year 2026 outlook.”
Omars Update
Continued solid initial results from Omars reinforce confidence that the acquisition will be accretive in the first year, despite a negative impact of approximately $0.11 per diluted share from recognition of non-cash acquisition-related expenses in the quarter, based on preliminary valuation estimates. These non-cash acquisition-related expenses were primarily tied to adjustments of equipment to fair market value and amortization of the estimated intangible value of customer relationships. The majority of the expenses related to the Company’s acquisition and integration of Omars were recognized in the first and second quarters.
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 historically average levels, the Company plans to maintain production volumes in the second half 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 with the addition of Omars, the expansion of Jige’s heavy‑duty integration facility, and production enhancements at the Company’s Boniface facility, all of which will help ensure production stability, improved lead times, and a fully integrated supply strategy globally. |
3. | Prepare for Higher-Volume Global Military Production |
| ● | With military commitments now surpassing $200 million, 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. The dividend is payable September 15, 2026, to shareholders of record as of September 8, 2026, and represents the sixty-third consecutive quarter that Miller Industries has paid a dividend. Additionally, Miller Industries repurchased approximately $2.5 million of stock during the second quarter of 2026.
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 in the second half of 2026. Gross margins are expected to return to historical levels in the mid-13% range for full year 2026, with revenue mix continuing to shift 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, August 6, 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/dWQVqgwq5RK
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, August 20, 2026. The replay number is 1-844-512-2921, Passcode 116408.
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; 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 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; 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 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 | | Six Months Ended | ||||||||||||
| | June 30 | | June 30 | ||||||||||||
| | | | | | % | | | | | | % | ||||
| | 2026 | | 2025 | | Change | | 2026 | | 2025 | | Change | ||||
NET SALES | | $ | 239,993 | | $ | 214,032 | | 12.1% | | $ | 420,855 | | $ | 439,682 | | (4.3)% |
| | | | | | | | | | | ||||||
COSTS OF OPERATIONS | | | 204,057 | | | 179,446 | | 13.7% | | | 359,238 | | | 371,153 | | (3.2)% |
| | | | | | | | | | | ||||||
GROSS PROFIT | | | 35,936 | | | 34,586 | | 3.9% | | | 61,617 | | | 68,529 | | (10.1)% |
| | | | | | | | | | | ||||||
OPERATING EXPENSES: | | | | | | | | | | | ||||||
Selling, General and Administrative Expenses | | | 25,176 | | | 23,404 | | 7.6% | | | 49,125 | | | 46,664 | | 5.3% |
| | | | | | | | | | | ||||||
NON-OPERATING (INCOME) EXPENSES: | | | | | | | | | | | ||||||
Interest Expense, Net | | | 352 | | | 294 | | 19.7% | | | 498 | | | 389 | | 28.0% |
| | | | | | | | | | | ||||||
Other (Income) Expense, Net | | | 338 | | | (479) | | 170.6% | | | 324 | | | (682) | | 147.5% |
| | | | | | | | | | | ||||||
Total Expense, Net | | | 25,866 | | | 23,219 | | 11.4% | | | 49,947 | | | 46,371 | | 7.7% |
| | | | | | | | | | | ||||||
INCOME BEFORE INCOME TAXES | | | 10,070 | | | 11,367 | | (11.4)% | | | 11,670 | | | 22,158 | | (47.3)% |
| | | | | | | | | | | ||||||
INCOME TAX PROVISION | | | 2,801 | | | 2,909 | | (3.7)% | | | 3,848 | | | 5,635 | | (31.7)% |
| | | | | | | | | | | ||||||
NET INCOME | | $ | 7,269 | | $ | 8,458 | | (14.1)% | | $ | 7,822 | | $ | 16,523 | | (52.7)% |
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
BASIC INCOME PER SHARE OF COMMON STOCK | | $ | 0.64 | | $ | 0.74 | | (13.5)% | | $ | 0.69 | | $ | 1.44 | | (52.1)% |
| | | | | | | | | | | ||||||
DILUTED INCOME PER SHARE OF COMMON STOCK | | $ | 0.63 | | $ | 0.73 | | (13.7)% | | $ | 0.68 | | $ | 1.42 | | (52.1)% |
| | | | | | | | | | | ||||||
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | | $ | 0.21 | | $ | 0.20 | | 5.0% | | $ | 0.42 | | $ | 0.40 | | 5.0% |
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | | | | | | | | | | | ||||||
Basic | | | 11,377 | | | 11,459 | | (0.7)% | | | 11,382 | | | 11,454 | | (0.6)% |
Diluted | | | 11,521 | | | 11,600 | | (0.7)% | | | 11,522 | | | 11,611 | | (0.8)% |
MILLER INDUSTRIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
| | June 30, | | December 31, | ||
| | 2026 | | 2025 | ||
ASSETS | | | | | | |
CURRENT ASSETS: | | | | | | |
Cash and cash equivalents | | $ | 55,635 | | $ | 44,682 |
Accounts receivable, net of allowance for credit losses of $1,994 and $1,876 as of June 30, 2026 and December 31, 2025, respectively | | | 224,984 | | | 198,261 |
Inventories, net | | | 157,307 | | | 184,231 |
Prepaid expenses | | | 15,772 | | | 12,409 |
Total current assets | | | 453,698 | | | 439,583 |
NON-CURRENT ASSETS: | | | | | | |
Property, plant and equipment, net | | | 127, 977 | | | 123,808 |
Right-of-use assets - operating leases | | | 2,544 | | | 276 |
Goodwill | | | 20,258 | | | 20,073 |
Other assets | | | 4,575 | | | 5,927 |
TOTAL ASSETS | | $ | 609,052 | | $ | 589,667 |
| | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | |
CURRENT LIABILITIES: | | | | | | |
Current portion of long-term debt | | $ | 2,146 | | $ | 2,246 |
Accounts payable | | | 127,385 | | | 78,548 |
Accrued liabilities | | | 54,257 | | | 55,602 |
Current portion of operating lease obligation | | | 745 | | | 176 |
Total current liabilities | | | 184,533 | | | 136,572 |
NON-CURRENT LIABILITIES: | | | | | | |
Long-term obligations | | | 1,023 | | | 31,055 |
Non-current portion of operating lease obligation | | | 1,799 | | | 100 |
Deferred income tax liabilities | | | 1,604 | | | 1,370 |
Total liabilities | | | 188,959 | | | 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 – 11,352,184 and 11,371,730 shares as of June 30, 2026 and December 31, 2025, respectively | | | 114 | | | 114 |
Additional paid-in capital | | | 149,736 | | | 153,046 |
Retained earnings | | | 271,838 | | | 268,798 |
Accumulated other comprehensive loss | | | (1,595) | | | (1,388) |
Total shareholders’ equity | | | 420,093 | | | 420,570 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 609,052 | | $ | 589,667 |
Exhibit 99.2
| THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT Q2 2026 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 to our 2026 guidance (including under the heading “2026 Guidance”) and expected production levels; the growth and effect of the drivers of our long-term business performance; our domestic production capacity expansion plans and plans relating to the Jige expansion and Boniface facility efficiency improvements (including, in each case, the timing thereof and anticipated impact on our business); future customer demand levels; future backlog levels; the potential easing of potential geopolitical tensions; acquisition related costs and the success and timing of integration plans related to Omars; expectations regarding the industry cost environment and the Company’s cost control and operational efficiency initiatives; the Company’s capital allocation strategy; 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 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; 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 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 |
| “ MILLER INDUSTRIES OUR TEAM THANK YOU TO OUR GLOBAL TEAM |
| MILLER INDUSTRIES SECOND QUARTER 2026 QUARTERLY KEY METRICS Q2 YOY - Increased 12.1% Q2 ’26 vs Q1 ’26 - Increased 32.7% REVENUE GROSS PROFIT - 15.0% $240.0M $35.9M NET INCOME - 3.0% $7.3M EPS, DILUTED $0.63 $4.9M CASH RETURNED TO SHAREHOLDERS Q2 YOY - Increased 3.9% Q2 ’26 vs Q1 ’26 - Increased 39.9% Q2 YOY - Decreased 14.1% Q2 ’26 vs Q1 ’26 - Increased 1,209.7% Q2 YOY - Decreased 13.7% Q2 ’26 vs Q1 ’26 - Increased 1,160.0% $420.1M SHAREHOLDERS’ EQUITY SHARE REPURCHASE + DIVIDEND Diluted Shares: 11,521,478 |
| MILLER INDUSTRIES DOMESTIC OVERVIEW 2026 DOMESTIC MARKET OUTLOOK ■ POTENTIAL EASING OF GEOPOLITICAL TENSIONS ■ RETAIL ACTIVITY ■ PRODUCTION LEVELS ■ PRODUCT MIX |
| MILLER INDUSTRIES EXPORT OVERVIEW 2026 EXPORT OUTLOOK ■ STRONG BACKLOG ■ JIGE EXPANSION UPDATE ■ BONIFACE FACILITY EFFICIENCY IMPROVEMENTS ■ OMARS INTEGRATION |
| MILLER INDUSTRIES MILITARY MILITARY ACTIVITY ■ PREPARING FOR CONTRACT COMMITMENTS TO BE MANUFACTURED THROUGHOUT 2027-2029 ■ SIGNIFICANT VALUE OF OUTSTANDING RFQ S IN PROCESS |
| MILLER INDUSTRIES EXPANSION OOLTEWAH EXPANSION UPDATE ■ SITE WORK SCHEDULED TO BE COMPLETED IN AUGUST OF 2026 ■ PURPOSE-BUILT MANUFACTURING FACILITY ON ORDER ■ BUILDING CONSTRUCTION TO BEGIN Q4 2026 ■ CAPITAL EXPENDITURES TO INCREASE THROUGHOUT 2026 & 2027, VAST MAJORITY FUNDED THROUGH OPERATING CASH FLOW |
| MILLER INDUSTRIES CAPITAL ALLOCATION CAPITAL ALLOCATION STRATEGY ■QUARTERLY DIVIDEND ■SHARE REPURCHASE ■WORKING CAPITAL ■M&A OPPORTUNITIES ■INNOVATION ■AUTOMATION ■HUMAN CAPITAL ■CAPACITY EXPANSION |
| MILLER INDUSTRIES GUIDANCE 2026 GUIDANCE ■ REVENUE $850 - $900M FOR FY2026 ■ REVENUE APPROX. $250M PER QUARTER FOR REMAINDER OF 2026 ■ FY2026 EPS IN LINE WITH FY2025 ■ FY2026 GROSS MARGIN MID-13% |
| MILLER INDUSTRIES INVESTOR RELATIONS INVESTOR RELATIONS SCHEDULE 2026 ■ D.A. DAVIDSON SMALL CAP CONFERENCE ■ THREE PART ADVISORS IDEAS CONFERENCES (CHICAGO AND DALLAS) ■ D.A. DAVIDSON INDUSTRIALS CONFERENCE ■ ROADSHOWS TBD ■ REACH OUT TO INVESTOR.RELATIONS@MILLERIND.COM FOR MORE INFORMATION |
| MILLER INDUSTRIES Q2 2026 EARNINGS PRESENTATION Q&A |
| THANK YOU |
