Miller Industries Inc.

03/04/2026 | Press release | Distributed by Public on 03/04/2026 15:24

MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS (Form 8-K)

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®.

Miller Industries Inc. published this content on March 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 04, 2026 at 21:24 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]