Miller Industries Inc Updates on Financial Performance for Q2 2025

Miller Industries Reports Second Quarter Results for 2025

Miller Industries, Inc. (NYSE: MLR), a leader in towing and recovery equipment production, has released its financial results for the second quarter of 2025, providing insight into its current operational state and future outlook.

Decreased Revenue and Product Shipments

In the second quarter, Miller Industries announced net sales of $214.0 million, which signifies a substantial decrease of 42.4% compared to $371.5 million during the same period in 2024. This decline was primarily attributed to reduced product shipments, especially chassis, as the previous year marked a recovery phase for original equipment manufacturers (OEMs) facing supply chain constraints.

Gross Profit and Margins

Gross profit for this quarter was $34.6 million, accounting for 16.2% of net sales. This reflects an improvement from a gross profit of $51.1 million or 13.8% of sales in 2024. This positive shift in gross margin percentage highlights a change in the sales product mix from chassis to a larger share of bodies in the current period.

Operational Expenses Analysis

The company's selling, general, and administrative expenses rose to $23.4 million, which represents 10.9% of net sales, compared to $22.8 million or 6.1% of net sales in Q2 of the previous year. This increase is mainly due to higher stock-based compensation and costs associated with employee compensation and training.

Net Income Overview

Miller Industries reported a net income of $8.5 million, equivalent to $0.73 per diluted share, marking a decrease of 58.8% and 59.0%, respectively, from the net income of $20.5 million or $1.78 per diluted share a year prior.

Dividend Announcement

The Board of Directors has declared a quarterly cash dividend of $0.20 per share, scheduled for payment to shareholders on September 15, 2025. This represents the fifty-ninth consecutive quarter in which the company has issued a dividend.

Market Challenges Encountered

William G. Miller, II, Chief Executive Officer of Miller Industries, commented on market challenges faced during the quarter. He noted that retail sales activity has decreased by 20% compared to the prior quarter, resulting in a 30% drop in order intake from distributors. Factors influencing demand include reduced consumer confidence, increased ownership costs, and the impact of elevated field inventory continuing from last year’s figures.

Future Outlook for Miller Industries

Looking ahead, Mr. Miller expressed confidence in the fundamental drivers of the business, such as increased miles driven and the rise in the average age of vehicles, which could result in heightened demand for towing and recovery services. The company aims to enhance operational efficiency and align capital allocation strategies to ensure sustained growth. Miller Industries anticipates a recovery in the commercial market and potential benefits from upcoming military contracts.

Updated 2025 Guidance

Given the ongoing uncertainties and market challenges, Miller Industries has revised its guidance for the 2025 fiscal year. Revenue is now projected between $750 million to $800 million, while earnings per share guidance has been suspended pending further assessments of the operational initiatives being considered.

Conference Call Announcement

Miller Industries will conduct a conference call to discuss these results, scheduled for August 7, 2025, at 10:00 AM ET. Interested parties are encouraged to access the call remotely. A replay will be available approximately one hour after the call concludes.

About Miller Industries, Inc.

Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering a diverse range of well-known brands including Century, Vulcan, and Champion.

Frequently Asked Questions

What are the key financial highlights from Miller Industries' Q2 2025 results?

Miller Industries reported net sales of $214 million, a 42.4% decrease from the prior year, with a gross profit of $34.6 million.

What factors contributed to the decrease in sales?

The downturn was primarily due to reduced product shipments, particularly chassis, as OEMs were recovering from previous supply chain issues.

How is Miller Industries planning to address current market challenges?

The company is focusing on operational efficiency and capital allocation while monitoring production levels to respond to demand changes.

Have there been any changes to the dividend policy?

Yes, Miller Industries announced a dividend of $0.20 per share, continuing its long-standing practice of quarterly dividends.

What is the company’s outlook for the remainder of the fiscal year?

Miller Industries expects a gradual recovery in the commercial market and is adjusting its guidance for 2025 amid ongoing uncertainties.

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