Miller Industries (MLR) reported a sharp slowdown in Q3. Net sales were $178.7 million, down 43.1% year over year as distributors worked down elevated inventory and chassis deliveries slowed. Net income was $3.1 million, or $0.27 per diluted share, versus $15.4 million a year ago. Gross margin improved to 14.2% from 13.4% on a more favorable product mix, and SG&A fell 4.8%.
For the first nine months, sales were $618.4 million (down 40.3%) and net income was $19.6 million (down 63.0%), while gross margin rose to 15.2% from 13.3%. Cash from operations strengthened to $49.9 million, cash and temporary investments were $38.4 million, and borrowings on the revolving credit facility declined to $45.0 million with $55.0 million of availability. The company repurchased 26,707 shares in August under its $25 million program and reduced U.S. headcount by about 150 positions to align production with demand.
On November 3, the board declared a quarterly dividend of $0.20 per share, payable on December 9, 2025 to shareholders of record on December 2, 2025.
Miller Industries (MLR) furnished its quarterly results materials. On November 5, 2025, the company announced it issued a press release covering financial results for the fiscal third quarter ended September 30, 2025, furnished as Exhibit 99.1.
The company also scheduled a teleconference and audio webcast for November 6, 2025, with supplementary presentation materials furnished as Exhibit 99.2. The information under Item 2.02 and Exhibits 99.1 and 99.2 is being furnished and is not deemed filed under the Exchange Act.
Miller Industries, Inc. (ticker MLR) has filed a Form S-8 with the SEC to register 500,000 shares of its $0.01 par value common stock for issuance under the new 2025 Stock Incentive Plan. The filing designates the company as an Accelerated Filer and incorporates by reference the latest 10-K, 10-Q and recent 8-Ks to satisfy prospectus disclosure requirements. Standard indemnification language under the Tennessee Business Corporation Act and the company’s charter/by-laws is included, along with exhibits such as the opinion of counsel, auditor consent, and the plan document itself.
No financial statements or earnings figures are presented; the document’s sole purpose is to create an SEC-registered pool of shares that may be granted to employees, officers and directors. After effectiveness, the company may issue equity awards from this pool without additional SEC registration.