MLR
Miller Industries, Inc.38.40
-0.34-0.88%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A boosts outlook confidence
Q&A largely reaffirmed the prepared script, but management voiced higher confidence in 2026's $850M-$900M revenue guide versus last year, citing sharper forecasting tech, normalized distributor inventories, and steady retail demand. Gross margins will hit mid-13% as mix normalizes—better than pre-COVID lows—though production rehiring tempers cost-cut gains. OMARS adds year-one accretion plus synergies in European manufacturing allocation and U.S. exports. Confidence is markedly higher. Analysts probed margins and outlook; answers were direct, no hedges. Watch production ramp and military RFQs for growth proof.
Key Stats
Market Cap
439.99MP/E (TTM)
14.88Basic EPS (TTM)
2.58Dividend Yield
0.02%Recent Filings
8-K
Overhauls exec severance, bonuses
Miller Industries' Compensation Committee approved the Second Amended Severance Protection Plan on March 2, 2026, scrapping single-trigger change-in-control payouts for double-trigger qualifying terminations only—without cause, death, disability, or good reason. It ties executive bonuses to Pretax Income over $20M, scaling pool to 14% with rising cash/RSU mixes. Executives signed participation letters. Ties pay to profits.
8-K
Q4 revenue drops; growth eyed
Miller Industries reported Q4 2025 revenue of $171.2 million, down 22.9% year-over-year, with net income at $3.4 million. Completed Omars acquisition to bolster Europe; secured $150 million military commitments starting 2027. Board hiked dividend 5% to $0.21/share. Guides 2026 revenue $850-900 million. Capacity ramps ahead.
10-K
FY2025 results
Miller Industries posted FY2025 net sales of $790M, down 37% y/y from $1.26B, as it curbed production in H2 to clear distributor inventory buildup while foreign sales climbed 19% to $149M. Gross margins expanded to 15.2% from 13.6% on a richer unit mix sans chassis; yet net income plunged 64% to $23M amid softer demand from high equipment costs and tariffs. Q4 saw Omars acquisition in Italy for manufacturing muscle, $30M debt (paid to $20M postyear), $9M dividends, and $6M buybacks. Cash swelled to $45M on $99M operating flow. Supply disruptions threaten quarterly cadence.
8-K
Miller acquires Omars for $20.3M
Miller Industries' subsidiary closed the acquisition of Italian towing equipment maker Omars on December 2, 2025, for ~€17.5M ($20.3M) on a debt-free, cash-free basis, with $876K escrowed for indemnities and financed via cash and credit. Omars bolsters Miller's European footprint and manufacturing capacity. Deal includes post-closing adjustments and Hartmann divestment.
10-Q
Q3 FY2025 results
Miller Industries posted Q3 sales of $178.7M, down 43.1% y/y yet gross margin expanded to 14.2% from 13.4% on better product mix. Net income fell to $3.1M ($0.27 diluted EPS) from $15.4M ($1.33), aligning with 11,446K basic shares and 11,595K diluted. Operating cash flow drove YTD FCF of $41.3M (derived), lifting cash to $38.4M while trimming debt to $45.0M on $100M facility (matures 2027, compliant). Distributors cleared excess inventory; foreign sales rose 10.6%. Headwinds persist from high equipment costs.
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