About Miller Industries Accessibility StatementSkip Navigation CHATTANOOGA, Tenn., Oct. 29, 2025 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) intends to release its results for the Third Quarter ended September 30, 2025, on Wednesday, November 5, 2025, after market close. The Company will host a conference call the following day that will be simultaneously broadcast live over the Internet: Thursday, November 6, 202510:00 AM ET9:00 AM CT8:00 AM MT7:00 AM PT Listeners can access the conference call liv ...

Group 1 - Miller Industries, Inc. will host one-on-one meetings with investors at the D.A. Davidson Diversified Industrials & Services Conference on September 18, 2025 [1] - The company is recognized as the world's largest manufacturer of towing and recovery equipment, marketing its products under several well-known brands [2] - The company has announced a workforce reduction of approximately 150 positions across three locations [4]

Summary of Miller Industries Conference Call Company Overview - **Company Name**: Miller Industries - **Ticker**: MLR - **Founded**: 1990 - **Industry**: Towing and Recovery Equipment - **Manufacturing Facilities**: Four in the U.S., one in England, one in France - **Brands**: Century, Vulcan, Chevron, Holmes, Boniface, GJ [3][14] Core Business and Products - **Product Range**: Light duty car carriers, specialty transport vehicles, medium and heavy duty recovery units, rotators, military recovery vehicles [9][10] - **Key Features**: Innovation in weight capacity, tow capacity, and safety [4][10] - **Distribution Network**: Largest in the industry with approximately 90% of revenue from North American distribution [15][16] Financial Performance - **2024 Revenue**: $1.26 billion with a net income of $63.5 million, EPS of $5.47 [22] - **2025 Quarterly Revenue**: $214 million with a net income of $8.5 million, EPS of $0.73 [22] - **2025 Guidance**: Estimated revenue of $750 million to $800 million, EPS guidance suspended [29] Industry Insights - **Market Size**: Multibillion-dollar global market with primary segments including commercial towing, government sales, and military [11] - **Industry Drivers**: Miles driven, accidents per mile, last mile deliveries, aging vehicle fleet, infrastructure, and natural disasters [11][12] - **Last Mile Deliveries**: Increased demand due to the rise of e-commerce and delivery services [57][59] Challenges and Risks - **Inventory Issues**: Retail activity down by 20% in Q2, leading to inventory stretching longer than anticipated [23][24] - **Consumer Confidence**: General decline affecting revenue, with rising insurance costs impacting customer spending [32][34] - **Cost Reduction Initiatives**: First layoffs in 16 years, focusing on maintaining quality workforce [25][45] Growth Opportunities - **Military Contracts**: Increased activity post-COVID, with a focus on armored vehicle recovery [12][19][43] - **European Market Expansion**: Ongoing investments in facilities and distribution to capture market share [18][20] - **Rental Market**: Growth in partnerships with major rental companies [19][66] Innovation and Development - **R&D Investment**: Significant increase in engineering staff from 7 to 60 since 2010 [66] - **Electric Vehicle Development**: Ongoing collaboration with OEMs for electric chassis, but challenges remain in meeting specific towing requirements [52][53] Capital Allocation Strategy - **Priorities**: Quarterly dividends, debt reduction, share repurchase, innovation, automation, and capacity expansion [22][28] Conclusion Miller Industries remains a leader in the towing and recovery equipment sector, with a strong focus on innovation and expansion. However, the company faces challenges related to inventory management and consumer confidence, which may impact short-term performance. The long-term outlook appears positive with growth opportunities in military contracts and the European market.

Company Overview - Miller Industries, Inc. is recognized as the World's Largest Manufacturer of Towing and Recovery Equipment, offering products under various well-known brands such as Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan®, and Eagle® [4]. Event Announcement - The CEO William Miller II and CFO Deborah Whitmire will present at the Midwest IDEAS Investor Conference on August 27, 2025, at 10:00 AM CT in Chicago, IL [1]. - The presentation will be available via webcast on the conference host's website and the investor relations section of Miller Industries' website [1]. IDEAS Investor Conferences - IDEAS Conferences aim to provide independent venues for quality companies to present their investment merits to investment professionals, distinguishing themselves from traditional bank-sponsored events [2]. - The sponsors of the IDEAS Conferences collectively manage over $200 billion in assets, including various investment management firms [2].

"This was an incredibly difficult decision, and we understand the impact it will have on our employees and their families," said William G. Miller II, CEO of the Company. "We are deeply grateful for the contributions of each individual who is leaving the Company. They have been instrumental in our success, and we wish them well in their future endeavors." 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 ...

Core Viewpoint - Oscar Health (OSCR) is experiencing a short-term reset that the market has misinterpreted as a long-term structural failure [1] Financial Performance - The company's Q2 earnings showed significant results at a surface level, indicating potential for recovery despite market misreadings [1] Leadership & Management Analysis - Oscar Health has a proven track record in scaling businesses, demonstrating smart capital allocation and insider ownership [1] - The company has shown consistent revenue growth and credible guidance, which are critical for investor confidence [1] Market Positioning - Oscar Health benefits from a strong technology moat and first-mover advantage, which positions it well in the competitive landscape [1] - The company is leveraging network effects that drive exponential growth and has achieved market penetration in high-growth industries [1] Financial Health - Oscar Health is characterized by sustainable revenue growth and efficient cash flow, contributing to its financial stability [1] - The company maintains a strong balance sheet and a long-term survival runway, which are essential for navigating market challenges [1] Investment Methodology - The investment strategy focuses on identifying high-conviction opportunities with a balanced portfolio construction, including core positions, growth bets, and speculative investments [1]

Financial Data and Key Metrics Changes - Net sales for Q2 2025 were $214 million, a 42.4% decrease year over year from $371.5 million in Q2 2024, primarily due to a drop in chassis volumes [7] - Gross profit was $34.6 million, representing 16.2% of net sales, compared to $51.5 million or 13.8% of net sales in the prior year, with margin improvement attributed to a higher percentage of body deliveries [7] - Net income for Q2 2025 was $8.5 million or $0.73 per diluted share, down from $20.5 million or $1.78 per diluted share in the prior year [10] - Cash balance increased to $31.8 million, up $4.4 million sequentially and $7.5 million year to date [10] - Debt was reduced by $20 million to $55 million during the quarter, with an additional $5 million paid down since then [10] Business Line Data and Key Metrics Changes - Retail sales activity decreased by 20% quarter over quarter, leading to a 30% decrease in order intake from distributors [5] - SG&A expenses were $23.4 million in Q2 2025, compared to $22.8 million in Q2 2024, with SG&A as a percentage of net sales increasing to 10.9% [8] Market Data and Key Metrics Changes - Elevated field inventory in the distribution channel has persisted since the end of the previous year, impacting demand [5] - The company anticipates a recovery in the commercial towing market in the near term, but current pressures include interest rates, insurance costs, and tariff-related price increases [12] Company Strategy and Development Direction - The company is adjusting production levels to reduce field inventory and align with current demand [6] - Targeted cost reduction initiatives are being implemented to preserve margins and create operating leverage as demand normalizes [13] - The company remains committed to investing in its business and returning capital to shareholders through dividends and share repurchases [18] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing industry-wide demand headwinds and the expectation of a rebound in demand in the second half of the year [12] - The company is proactively addressing the evolving tariff landscape and has implemented surcharges on new orders [14] - Despite current challenges, fundamental drivers for long-term business performance are improving, and the company is generating significant free cash flow [16] Other Important Information - The company is evaluating plans for capacity expansion related to military RFQ activity [19] - Revised revenue guidance for fiscal year 2025 is now expected to be in the range of $750 million to $800 million, with earnings per share guidance suspended [19] Q&A Session Summary Question: Actions to reduce cost structure - The company is analyzing all aspects of the business, including SG&A expenses and current projects, to ensure short-term decisions do not affect long-term success [24][25] Question: Sales strategies to encourage orders - The company has worked with chassis partners to create incentives and programs to help move products, particularly focusing on class five model chassis [28][29] Question: Impact of potential interest rate cuts on orders - A potential interest rate cut could be an upside, but current predictions are based on no changes in the environment [30] Question: Update on stock buyback - There is $20 million remaining on the buyback plan, and the board evaluates this every quarter [31][32] Question: Military contracts and RFQs - The company is actively pursuing multiple larger RFQs and has secured a contract with the Canadian military [33][34] Question: Expectations for chassis and body invoice mix - The company anticipates a normalization of chassis inventory and expects margins to settle back in the mid-thirteens in the future [36][37]

Core Insights - Miller Industries reported a significant decline in revenue and profits for Q2 2025, with GAAP net sales at $214.0 million, down 42.4% year-over-year, and net income falling by 58.5% to $8.5 million [1][2][5] Financial Performance - Diluted earnings per share (EPS) were $0.73, exceeding analyst estimates of $0.55, but down 59.0% from $1.78 in Q2 2024 [2][5] - Management revised its full-year revenue outlook down by 20-25%, now expecting $750 million to $800 million, compared to previous guidance of $950 million to $1.0 billion [1][13] - Gross margin improved to 16.2% from 13.8% year-over-year, attributed to a favorable sales mix despite lower gross profit dollars [2][6] Operational Challenges - The decline in revenue was primarily linked to reduced product shipments, particularly chassis, due to lower consumer confidence and elevated costs of ownership [5][10] - Retail sales through the distribution network fell 20% quarter-over-quarter, and order intake from distributors dropped 30%, reflecting excess inventory issues [5][10] - SG&A expenses rose 2.6% to $23.4 million, representing 10.9% of net sales, indicating less flexibility in managing overhead costs [6][10] Strategic Focus - Miller Industries emphasizes innovation and supply chain management as key components of its strategy, including recent investments in product development and vertical integration [4][11] - The company aims to enhance supply chain resilience through acquisitions and proactive cost management to mitigate tariff-related risks [11][12] - Regulatory challenges, such as California's Advanced Clean Trucks standards, continue to impact product eligibility and customer demand [12] Distribution Network - The health of Miller's distributor network is critical, with over 90% of distributors not offering competing lines, but excess inventory has delayed new orders [10] - Management is focused on reducing channel inventory before pursuing growth, highlighting the importance of a stable distribution base [10] Future Outlook - The company suspended its EPS guidance due to potential extraordinary costs in the second half of the year, emphasizing the need to monitor distributor inventory reduction and new product developments [13] - Long-term industry fundamentals remain positive, driven by factors like average vehicle age and miles driven, but short-term caution is warranted due to operational challenges [13]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%2E%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents Miller Industries' unaudited condensed consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (vs. Dec 31, 2024) | | :-------------------------------- | :----------------------------- | :------------------------------- | :------------------------ | | Cash and temporary investments | $31,821 | $24,337 | +$7,484 | | Accounts receivable, net | $270,419 | $313,413 | -$42,994 | | Inventories, net | $165,458 | $186,169 | -$20,711 | | Total current assets | $485,409 | $529,766 | -$44,357 | | Total assets | $622,933 | $667,015 | -$44,082 | | Accounts payable | $98,035 | $145,853 | -$47,818 | | Total current liabilities | $146,346 | $197,873 | -$51,527 | | Long-term obligations | $55,000 | $65,000 | -$10,000 | | Total liabilities | $204,339 | $265,985 | -$61,646 | | Total shareholders' equity | $418,594 | $401,030 | +$17,564 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Income Statement Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | NET SALES | $214,032 | $371,451 | (42.4)% | $439,682 | $721,322 | (39.0)% | | COST OF OPERATIONS | $179,446 | $320,373 | (44.0)% | $371,153 | $626,001 | (40.7)% | | GROSS PROFIT | $34,586 | $51,078 | (32.3)% | $68,529 | $95,321 | (28.1)% | | Selling, general and administrative expenses | $23,404 | $22,773 | 2.8% | $46,664 | $44,316 | 5.3% | | Interest expense, net | $294 | $2,048 | (85.6)% | $389 | $3,293 | (88.2)% | | INCOME BEFORE INCOME TAXES | $11,367 | $26,244 | (56.7)% | $22,158 | $47,732 | (53.6)% | | NET INCOME | $8,458 | $20,514 | (58.8)% | $16,523 | $37,537 | (56.0)% | | Basic EPS | $0.74 | $1.79 | (58.7)% | $1.44 | $3.28 | (56.1)% | | Diluted EPS | $0.73 | $1.78 | (59.0)% | $1.42 | $3.26 | (56.4)% | | Cash Dividends Declared Per Share | $0.20 | $0.19 | 5.3% | $0.40 | $0.38 | 5.3% | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | NET INCOME | $8,458 | $20,514 | (58.8)% | $16,523 | $37,537 | (56.0)% | | Foreign currency translation adjustment | $5,271 | $(63) | N/A | $5,150 | $(638) | N/A | | TOTAL COMPREHENSIVE INCOME | $13,729 | $20,451 | (32.8)% | $21,673 | $36,899 | (41.3)% | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' Equity Changes | Metric (in thousands) | Balance, December 31, 2024 | Balance, June 30, 2025 | Change | | :-------------------------------- | :------------------------- | :--------------------- | :----- | | Common Stock (Shares) | 11,439,292 | 11,458,123 | +18,831 | | Common Stock (Amount) | $114 | $115 | +$1 | | Additional Paid-in Capital | $153,704 | $154,176 | +$472 | | Retained Earnings | $254,938 | $266,879 | +$11,941 | | Accumulated Other Comprehensive Loss | $(7,726) | $(2,576) | +$5,150 | | Total Equity | $401,030 | $418,594 | +$17,564 | - The increase in **total equity** is primarily driven by **net income** and a **positive foreign currency translation gain**, partially offset by dividends paid and common stock repurchases[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Net cash flows from operating activities | $29,956 | $(1,707) | +$31,663 | | Net cash flows from investing activities | $(6,804) | $(7,693) | +$889 | | Net cash flows from financing activities | $(17,184) | $3,581 | -$20,765 | | Effects of exchange rate changes on cash | $1,516 | $(274) | +$1,790 | | Net change in cash and temporary investments | $7,484 | $(6,093) | +$13,577 | | Cash and temporary investments, end of period | $31,821 | $23,816 | +$8,005 | - **Operating activities generated significant cash** in H1 **2025**, a substantial improvement from cash usage in H1 **2024**, primarily due to **net income**, non-cash expenses, and a positive change in working capital[24](index=24&type=chunk)[108](index=108&type=chunk) - **Cash used in financing activities increased significantly** due to payments on the credit facility, cash dividends, and common stock repurchases[24](index=24&type=chunk)[110](index=110&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Basis of Presentation and Significant Accounting Policies](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) Outlines the basis of financial statement presentation, significant accounting policies, and segment reporting for Miller Industries - The condensed consolidated financial statements are prepared in accordance with SEC instructions for Form 10-Q and GAAP for interim financial reporting, with all necessary adjustments included[29](index=29&type=chunk)[30](index=30&type=chunk) - **No material changes** in significant accounting policies occurred during the six months ended June 30, **2025**[32](index=32&type=chunk) - The Company adopted ASU **2023-07** (Segment Reporting) in fiscal year **2024**, which had no impact on its single reportable segment[33](index=33&type=chunk) - The Company is evaluating ASU **2023-09** (Income Taxes) for enhanced annual disclosures, effective for fiscal years beginning after December **15**, **2024**[35](index=35&type=chunk) - Miller Industries operates as one reportable segment: towing and recovery equipment, manufactured in the US, UK, and France. The CODM assesses performance based on consolidated net income[36](index=36&type=chunk)[37](index=37&type=chunk) Net Sales by Geographic Region | Net Sales by Geographic Region (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | North America | $175,942 | $340,699 | $362,280 | $659,236 | | Foreign | $38,090 | $30,752 | $77,402 | $62,086 | | **Total Net Sales** | **$214,032** | **$371,451** | **$439,682** | **$721,322** | [Note 2. Inventory](index=13&type=section&id=Note%202.%20Inventory) Details Miller Industries' inventory valuation methods and composition, including chassis, raw materials, work in process, and finished goods - Inventories are stated at the lower of cost or net realizable value, primarily using a moving average unit cost basis[39](index=39&type=chunk) Inventory Composition | Inventory Category (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Chassis | $31,813 | $36,930 | | Raw materials | $64,769 | $77,358 | | Work in process | $42,291 | $48,251 | | Finished goods | $26,585 | $23,630 | | **TOTAL INVENTORY** | **$165,458** | **$186,169** | | Inventory reserves | $8,200 | $5,200 | - **No inventory impairment** was recognized for the three and six months ended June 30, **2025** and **2024**[40](index=40&type=chunk) [Note 3. Property, Plant and Equipment](index=13&type=section&id=Note%203.%20Property%2C%20Plant%20and%20Equipment) Provides a breakdown of Miller Industries' property, plant, and equipment, including land, buildings, machinery, and software, along with depreciation Property, Plant and Equipment Details | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Land and improvements | $22,662 | $22,580 | | Buildings and improvements | $91,242 | $85,993 | | Machinery and equipment | $93,803 | $93,275 | | Furniture and fixtures | $14,238 | $14,732 | | Software costs | $15,459 | $15,845 | | **TOTAL PROPERTY, PLANT AND EQUIPMENT, gross** | **$237,404** | **$232,425** | | Less accumulated depreciation | $(121,434) | $(116,446) | | **TOTAL PROPERTY, PLANT AND EQUIPMENT, net** | **$115,970** | **$115,979** | - Depreciation expense for property, plant and equipment was **$3.7 million** for Q2 **2025** (vs. **$3.5 million** in Q2 **2024**) and **$7.4 million** for H1 **2025** (vs. **$7.0 million** in H1 **2024**)[42](index=42&type=chunk) [Note 4. Long-Term Obligations](index=13&type=section&id=Note%204.%20Long-Term%20Obligations) Describes Miller Industries' long-term debt, primarily an unsecured revolving credit facility, and related interest expenses and covenant compliance - The Company has a **$100.0 million** unsecured revolving credit facility maturing May **31**, **2027**, with interest at one-month Term SOFR plus **1.00%** or **1.25%**[43](index=43&type=chunk) - The Company was in compliance with all credit facility covenants throughout **2024** and H1 **2025**[44](index=44&type=chunk) Outstanding Borrowings | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Outstanding borrowings under credit facility | $55,000 | $65,000 | - Interest expense on the credit facility was **$1.0 million** for Q2 **2025** (vs. **$1.1 million** in Q2 **2024**) and **$1.9 million** for H1 **2025** (vs. **$2.1 million** in H1 **2024**)[45](index=45&type=chunk) [Note 5. Income Taxes](index=15&type=section&id=Note%205.%20Income%20Taxes) Details Miller Industries' income tax position, including federal and state net operating loss carryforwards - As of June **30**, **2025**, the Company had **no federal net operating loss carryforwards**[47](index=47&type=chunk) - State net operating loss carryforwards were **$8.9 million** as of June **30**, **2025** and December **31**, **2024**[47](index=47&type=chunk) [Note 6. Leases](index=15&type=section&id=Note%206.%20Leases) Explains Miller Industries' accounting for operating leases, including right-of-use assets, liabilities, lease costs, and related party transactions - Operating leases are recognized on the balance sheet as right-of-use assets and corresponding liabilities, based on the present value of lease payments[49](index=49&type=chunk) - The Company uses its incremental borrowing rate for discounting lease payments as most leases do not provide an implicit rate[49](index=49&type=chunk) Lease Cost Details | Lease Cost (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total long-term operating lease cost | $91 | $91 | $178 | $186 | | Total short-term operating lease cost | $234 | $190 | $375 | $383 | | **TOTAL LEASE COST** | **$325** | **$281** | **$553** | **$569** | Lease Information Summary | Lease Information | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Weighted-average remaining lease term (years) | 1.7 | 2.0 | | Weighted-average discount rate | 3.5% | 3.5% | | Total lease payments (remaining fiscal 2025-2029) | $451 | N/A | | Lease obligation as of June 30, 2025 | $448 | N/A | - Related party lease costs for the UK subsidiary were **$0.1 million** for both Q2 and H1 **2025** and **2024**. French subsidiary vehicle lease costs were **$0.2 million** for Q2 **2025** (vs. **$0.1 million** in Q2 **2024**) and **$0.3 million** for H1 **2025** (vs. **$0.1 million** in H1 **2024**)[53](index=53&type=chunk) [Note 7. Commitments and Contingencies](index=16&type=section&id=Note%207.%20Commitments%20and%20Contingencies) Outlines Miller Industries' capital commitments, potential repurchase obligations, and pending legal claims and lawsuits Commitments for Property, Plant and Equipment | Commitment (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Commitments for construction and acquisition of property, plant and equipment | $9,000 | $14,200 | - The Company authorized **$9.1 million** (€**8.0 million**) for a French facility expansion, expected to begin in Q3 **2025**[55](index=55&type=chunk) - Maximum repurchase obligation for repossessed products from independent distributors was **$147.7 million** as of June **30**, **2025** (vs. **$154.9 million** as of December **31**, **2024**). No repurchases occurred in H1 **2025** or FY **2024**[56](index=56&type=chunk) - Management believes pending claims and lawsuits will not significantly impact financial position or results of operations[57](index=57&type=chunk)[58](index=58&type=chunk) [Note 8. Shareholders' Equity](index=18&type=section&id=Note%208.%20Shareholders%27%20Equity) Details Miller Industries' shareholder equity changes, including stock plans, restricted stock units, compensation costs, and stock repurchase programs - The **2023 Non-Employee Director Stock Plan** authorizes up to **125,000 shares** for non-employee directors, terminating May **26**, **2033**[59](index=59&type=chunk) - The **2025 Stock Incentive Plan**, adopted in May **2025**, authorizes up to **500,000 shares** for employees, directors, and consultants, replacing the **2016 Plan** and terminating March **31**, **2035**[60](index=60&type=chunk) Restricted Stock Units Activity | Restricted Stock Units (in thousands, except share amounts) | Non-vested as of Dec 31, 2024 | Granted | Vested | Forfeited | Non-vested as of June 30, 2025 | | :------------------------------------------------ | :---------------------------- | :------ | :----- | :-------- | :----------------------------- | | Number of Shares/Units | 214,493 | 133,369 | (97,900) | — | 249,962 | | Weighted Average Grant Date Fair Value | $38.81 | $44.68 | $49.29 | — | $41.24 | - Total unrecognized compensation cost for non-vested restricted stock units is **$5.564 million**, expected to be recognized over a weighted-average period of **1.8 years**[62](index=62&type=chunk) - The Board approved a **$25.0 million** stock repurchase program on April **2**, **2024**, with no expiration date[64](index=64&type=chunk) - During H1 **2025**, the Company repurchased **57,975 shares** for **$2.6 million**, at an average price of **$44.88** per share[65](index=65&type=chunk) [Note 9. Revenue](index=19&type=section&id=Note%209.%20Revenue) Describes Miller Industries' revenue recognition policies, primary sources, geographic breakdown, and customer concentration - Primary revenue source is sales of towing and recovery equipment, with one operating segment[66](index=66&type=chunk) Net Revenues by Geographic Region | Net Revenues by Geographic Region (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | North America | $175,942 | $340,699 | (48.4)% | $362,280 | $659,236 | (45.0)% | | Foreign | $38,090 | $30,752 | 23.9% | $77,402 | $62,086 | 24.7% | | **TOTAL NET REVENUE** | **$214,032** | **$371,451** | **(42.4)%** | **$439,682** | **$721,322** | **(39.0)%** | - No single customer accounted for more than **10%** of total revenues for the three or six months ended June **30**, **2025** or **2024**[68](index=68&type=chunk) - One customer's trade accounts receivable represented **10.5%** of total trade receivable as of June **30**, **2025** (vs. **14.9%** as of December **31**, **2024**)[68](index=68&type=chunk) [Note 10. Earnings Per Share](index=20&type=section&id=Note%2010.%20Earnings%20Per%20Share) Presents Miller Industries' basic and diluted earnings per share calculations, including net income and weighted average shares outstanding Earnings Per Share Calculation | EPS Metric (in thousands, except per share amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income - basic | $8,458 | $20,514 | $16,523 | $37,537 | | Weighted shares outstanding - basic | 11,458,754 | 11,461,141 | 11,454,348 | 11,456,597 | | Basic earnings per share | $0.74 | $1.79 | $1.44 | $3.28 | | Weighted shares outstanding - diluted | 11,599,964 | 11,549,885 | 11,611,440 | 11,531,091 | | Diluted earnings per share | $0.73 | $1.78 | $1.42 | $3.26 | [Note 11. Subsequent Events](index=20&type=section&id=Note%2011.%20Subsequent%20Events) Reports significant events occurring after the balance sheet date, including the declaration of a quarterly cash dividend - On August **4**, **2025**, the Board declared a quarterly cash dividend of **$0.20 per share**, payable September **15**, **2025**[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's perspective on Miller Industries' operating results, financial condition, liquidity, and cash flows, highlighting key trends and performance [ABOUT MILLER INDUSTRIES, INC.](index=21&type=section&id=ABOUT%20MILLER%20INDUSTRIES%2C%20INC.) Provides an overview of Miller Industries as the world's largest manufacturer of towing and recovery equipment, its products, and strategic investments - Miller Industries is the **world's largest manufacturer of towing and recovery equipment**, with manufacturing in Tennessee, Pennsylvania, France, and the UK[75](index=75&type=chunk) - The Company designs and manufactures car carrier and wrecker bodies, sold under various brand names (e.g., Century, Vulcan, Jige) through a global distributor network[76](index=76&type=chunk)[77](index=77&type=chunk) - Key performance indicators include revenue, operating income, gross margin, net income, EPS, capital expenditures, and cash flow[79](index=79&type=chunk) - Ongoing investments in R&D, automation, robotics, and supply chain strengthening (e.g., Southern Hydraulic Cylinder, Inc. acquisition) are crucial for future growth and operational excellence[80](index=80&type=chunk) [TRENDS AND OTHER FACTORS AFFECTING OUR BUSINESS](index=21&type=section&id=TRENDS%20AND%20OTHER%20FACTORS%20AFFECTING%20OUR%20BUSINESS) Discusses key trends and external factors impacting Miller Industries' business, including gross profit, chassis inventory, demand headwinds, and regulations - **Gross profit as a percentage of sales improved** in H1 **2025** due to productivity enhancements and better supply chain conditions, despite lower net sales and earnings[81](index=81&type=chunk) - Results in Q2 **2025** were impacted by high chassis inventory in the distribution channel, though levels are moving closer to optimal[81](index=81&type=chunk) - Unexpected demand headwinds emerged in Q2 and Q3 **2025**, attributed to high equipment ownership costs (interest rates, insurance), and uncertainty regarding tariffs[82](index=82&type=chunk)[83](index=83&type=chunk)[88](index=88&type=chunk) - New near-zero emission regulations adopted by certain states as of January **1**, **2025**, are limiting diesel-powered commercial vehicle sales and impacting demand[88](index=88&type=chunk) - Future performance will be influenced by equipment ownership costs, tariffs, supply chain timing, geopolitical factors, economic conditions, and emissions regulations, which are largely beyond the Company's control and may adversely impact results through **2025**[84](index=84&type=chunk)[85](index=85&type=chunk) [Critical Accounting Policies](index=23&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES) Identifies Miller Industries' critical accounting policies, including accounts receivable, inventory, long-lived assets, warranty reserves, revenues, and income taxes - Critical accounting policies include accounts receivable, inventory, long-lived assets, warranty reserves, revenues, and income taxes[86](index=86&type=chunk) - **No significant changes** in critical accounting policies occurred during the six months ended June **30**, **2025**[86](index=86&type=chunk) [Results of Operations](index=23&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes Miller Industries' consolidated operating results for the three and six months ended June 30, 2025, compared to the prior year Operating Results for Three Months Ended June 30 | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | NET SALES | $214,032 | $371,451 | (42.4)% | | COST OF OPERATIONS | $179,446 | $320,373 | (44.0)% | | GROSS PROFIT | $34,586 | $51,078 | (32.3)% | | Gross Profit as % of Sales | 16.2% | 13.8% | +17.5% | | Selling, general and administrative | $23,404 | $22,773 | 2.8% | | Interest expense, net | $294 | $2,048 | (85.6)% | | Other (income) expense, net | $(479) | $13 | (3787.7)% | | INCOME BEFORE INCOME TAXES | $11,367 | $26,244 | (56.7)% | | INCOME TAX PROVISION | $2,909 | $5,730 | (49.2)% | | NET INCOME | $8,458 | $20,514 | (58.8)% | - The decrease in net sales for Q2 **2025** was primarily due to a reduction of chassis deliveries to mitigate inventory buildup[89](index=89&type=chunk) - **Gross profit as a percentage of sales increased to 16.2%** in Q2 **2025** from **13.8%** in Q2 **2024**, driven by a favorable product mix shift towards bodies[91](index=91&type=chunk) - Selling, general and administrative expenses increased due to higher stock-based compensation and employee costs[92](index=92&type=chunk) - Net interest expense decreased significantly due to increased interest income from accounts receivable[93](index=93&type=chunk) - The income tax provision rate increased to **25.6%** in Q2 **2025** from **21.8%** in Q2 **2024**, mainly due to non-deductible executive compensation[95](index=95&type=chunk) Operating Results for Six Months Ended June 30 | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | NET SALES | $439,682 | $721,322 | (39.0)% | | COST OF OPERATIONS | $371,153 | $626,001 | (40.7)% | | GROSS PROFIT | $68,529 | $95,321 | (28.1)% | | Gross Profit as % of Sales | 15.6% | 13.2% | +17.9% | | Selling, general and administrative | $46,664 | $44,316 | 5.3% | | Interest expense, net | $389 | $3,293 | (88.2)% | | Other (income) expense, net | $(682) | $(20) | (3307.6)% | | INCOME BEFORE INCOME TAXES | $22,158 | $47,732 | (53.6)% | | INCOME TAX PROVISION | $5,635 | $10,195 | (44.7)% | | NET INCOME | $16,523 | $37,537 | (56.0)% | - Net sales for H1 **2025** decreased by **39.0%** due to reduced chassis deliveries to manage inventory buildup[97](index=97&type=chunk) - **Gross profit as a percentage of sales for H1 2025 increased to 15.6%** from **13.2%** in H1 **2024**, driven by a favorable product mix shift[99](index=99&type=chunk) - Selling, general and administrative expenses for H1 **2025** increased by **5.3%** due to higher stock-based compensation and employee costs[100](index=100&type=chunk) - Net interest expense for H1 **2025** decreased by **88.2%** due to increased interest income from accounts receivable[101](index=101&type=chunk) - The income tax provision rate for H1 **2025** increased to **25.4%** from **21.4%** in H1 **2024**, primarily due to non-deductible executive compensation[103](index=103&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Assesses Miller Industries' liquidity and capital resources, including cash position, credit facility, cash flow activities, and future cash requirements - The Company believes it has adequate capital resources to fund operations and future cash needs for the next **12 months**, based on available capital and projected operating cash flows[104](index=104&type=chunk) Cash and Temporary Investments | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash and temporary investments | $31,821 | $24,337 | | Availability under credit facility | $45,000 | N/A | | Cash held by foreign subsidiaries | $23,100 | N/A | - Primary cash requirements include working capital, capital expenditures, dividends, stock repurchases, and debt payments[105](index=105&type=chunk) Cash Flow Activity Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Operating activities | $29,958 | $(1,707) | 1,855.0% | | Investing activities | $(6,806) | $(7,693) | 11.5% | | Financing activities | $(17,184) | $3,581 | (579.9)% | | Net increase (decrease) in cash | $7,485 | $(6,093) | 222.8% | - Cash provided by operating activities was **$30.0 million** in H1 **2025**, a significant improvement from cash used in H1 **2024**, driven by net income and positive working capital changes[108](index=108&type=chunk) - Cash used in investing activities was **$6.8 million** in H1 **2025**, primarily for property, plant, and equipment purchases, and investments in automation and ERP system enhancements[109](index=109&type=chunk)[114](index=114&type=chunk) - Cash used in financing activities was **$17.2 million** in H1 **2025**, primarily due to credit facility payments, dividends, and stock repurchases[110](index=110&type=chunk) - Commitments for property, plant, and equipment acquisition decreased to **$9.0 million** as of June **30**, **2025** (from **$14.2 million** as of December **31**, **2024**), reflecting ongoing investments in automation[111](index=111&type=chunk) - Outstanding borrowings under the credit facility were **$55.0 million** as of June **30**, **2025**, and further reduced to **$50.0 million** as of July **31**, **2025**[112](index=112&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) States no material changes to Miller Industries' market risk disclosures since the prior Annual Report on Form 10-K - **No material changes to market risk disclosures** since the December **31**, **2024** Annual Report on Form **10-K**[116](index=116&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Details the evaluation of Miller Industries' disclosure controls and procedures and internal controls over financial reporting - As of June **30**, **2025**, management, including the CEO and CFO, concluded that **disclosure controls and procedures were effective**[117](index=117&type=chunk) - **No significant changes in internal controls** over financial reporting occurred during the period covered by the report[118](index=118&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) Refers to disclosures regarding Miller Industries' litigation in the Notes to Condensed Consolidated Financial Statements - Disclosures on legal proceedings are incorporated by reference from Note **7** of the Notes to Condensed Consolidated Financial Statements[120](index=120&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to Miller Industries' risk factors previously disclosed in the Annual Report on Form 10-K - **No material changes to risk factors** described in the Annual Report on Form **10-K** for the fiscal year ended December **31**, **2024**[121](index=121&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Provides information on Miller Industries' common stock repurchases during the quarter ended June 30, 2025 Common Stock Repurchases | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) | | :----------------------------- | :----------------------------- | :--------------------------- | :---------------------------------------------------------------------------------------------------------------- | | April 1, 2025 - April 30, 2025 | — | $— | $20,000 | | May 1, 2025 - May 31, 2025 | 11,158 | $44.81 | $19,500 | | June 1, 2025 - June 30, 2025 | — | $— | $19,500 | | **TOTAL** | **11,158** | **N/A** | **N/A** | - The repurchases were made under a stock repurchase program approved on April **2**, **2024**, authorizing up to **$25.0 million** in common stock purchases[122](index=122&type=chunk) [Item 3. Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Indicates that Miller Industries had no defaults upon senior securities - **No defaults upon senior securities**[123](index=123&type=chunk) [Item 4. Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that mine safety disclosures are not applicable to Miller Industries - **Mine safety disclosures are not applicable**[124](index=124&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) Provides information on securities trading plans of Miller Industries' directors and executive officers - **No director or officer adopted, modified, or terminated** a Rule **10b5-1** or non-Rule **10b5-1** trading arrangement during the quarter ended June **30**, **2025**[125](index=125&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of Miller Industries' Form 10-Q, including certifications, the 2025 Stock Incentive Plan, and XBRL-related documents - Exhibits include certifications by the CEO and CFO (**31.1**, **31.2**, **32.1**, **32.2**), the Miller Industries, Inc. **2025 Stock Incentive Plan** (**10.1**), and Inline XBRL documents (**101.INS**, **101.SCH**, **101.CAL**, **101.DEF**, **101.LAB**, **101.PRE**, **104**)[129](index=129&type=chunk)

[Q2 2025 Financial Results Overview](index=1&type=section&id=Q2%202025%20Financial%20Results%20Overview) [Q2 2025 Key Financial Highlights](index=1&type=section&id=Q2%202025%20Key%20Financial%20Highlights) Miller Industries reported a significant decline in Q2 2025 net sales and net income compared to Q2 2024, primarily due to decreased product shipments, especially chassis, despite an improved gross margin percentage due to a favorable product mix shift towards bodies, and declared its 59th consecutive quarterly cash dividend Q2 2025 Key Financial Highlights vs Q2 2024 | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------- | :------------- | :------------- | :------------- | | Net Sales | $214.0 million | $371.5 million | (42.4)% | | Gross Profit | $34.6 million | $51.1 million | (32.3)% | | Gross Margin % | 16.2% | 13.8% | +2.4 pp | | SG&A Expenses | $23.4 million | $22.8 million | +2.8% | | SG&A % of Net Sales| 10.9% | 6.1% | +4.8 pp | | Net Income | $8.5 million | $20.5 million | (58.8)% | | Diluted EPS | $0.73 | $1.78 | (59.0)% | | Quarterly Dividend | $0.20/share | $0.19/share | +5.3% | - The decrease in **net sales** was primarily driven by a decline in product shipments, predominantly chassis, compared to the prior year period which saw significantly elevated chassis shipments[2](index=2&type=chunk) - The year-over-year increase in **gross margin percentage** was largely driven by a sales product mix shift from a higher percentage of chassis in the prior year to a higher percentage of bodies in the current period[3](index=3&type=chunk) - **Selling, general and administrative expenses** increased primarily due to higher stock-based compensation expense and employee compensation and training costs[4](index=4&type=chunk) [Management Commentary and Business Outlook](index=1&type=section&id=Management%20Commentary%20and%20Business%20Outlook) CEO William G. Miller, II, acknowledged significant market challenges in Q2, including a **20%** quarter-over-quarter decline in retail sales and a **30%** decrease in order intake, attributed to lower consumer confidence, elevated ownership costs (interest rates, insurance, tariffs), and high field inventory, but the company is taking proactive steps to adjust production, reduce channel inventory, improve costs, and secure the supply chain, remaining confident in long-term business drivers and anticipating a market recovery with potential upside from military contracts - Retail sales activity was down **20%** quarter over quarter, resulting in a **30%** decrease in order intake from distributors[6](index=6&type=chunk) - Decreased demand is largely attributed to lower consumer confidence, elevated costs of ownership (interest rates, insurance costs, tariff-related price increases), and elevated field inventory in the distribution channel[6](index=6&type=chunk) - The company is closely monitoring and adjusting production levels, accelerating the reduction of channel inventory, taking steps to improve costs, and securing the supply chain to mitigate tariff risks[6](index=6&type=chunk) - Fundamental drivers of long-term business performance, such as miles driven, average age of vehicles on the road, and accidents per mile, are steadily climbing[7](index=7&type=chunk) - For the remainder of 2025, the company will prioritize operational efficiency and capital allocation, anticipating a meaningful recovery in the commercial market and potential upside from pending military contracts[7](index=7&type=chunk) [Revised 2025 Guidance](index=3&type=section&id=Revised%202025%20Guidance) [2025 Fiscal Year Guidance Update](index=3&type=section&id=2025%20Fiscal%20Year%20Guidance%20Update) Due to heightened uncertainty and near-term challenges, Miller Industries has revised its 2025 fiscal year guidance, now expecting revenue in the range of **$750 million to $800 million** and suspending guidance on earnings per share, citing potential material impacts on cost structure from ongoing operational initiatives that could result in extraordinary expenses and potential losses in the second half of the year - Revised 2025 revenue guidance is in the range of **$750 million to $800 million**[8](index=8&type=chunk) - Guidance on earnings per share for 2025 has been suspended due to heightened uncertainty and potential material impacts on cost structure from organization-wide operational initiatives, which could lead to extraordinary expenses and potential losses in the second half of the year[8](index=8&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The condensed consolidated statements of income show a significant year-over-year decline in net sales, gross profit, and net income for both the three and six months ended June 30, 2025, with an improved gross profit margin percentage in Q2 but a decrease in absolute gross profit, and increased selling, general and administrative expenses contributing to the overall decline in profitability Condensed Consolidated Statements of Income (Q2 and YTD June 30) | Metric (in thousands) | Q2 2025 | Q2 2024 | % Change (QoQ) | YTD 2025 | YTD 2024 | % Change (YoY) | | :-------------------- | :------ | :------ | :------------- | :------- | :------- | :------------- | | Net Sales | $214,032 | $371,451 | (42.4)% | $439,682 | $721,322 | (39.0)% |\n| Costs of Operations | $179,446 | $320,373 | (44.0)% | $371,153 | $626,001 | (40.7)% |\n| Gross Profit | $34,586 | $51,078 | (32.3)% | $68,529 | $95,321 | (28.1)% |\n| SG&A Expenses | $23,404 | $22,773 | 2.8% | $46,664 | $44,316 | 5.3% |\n| Income Before Taxes | $11,367 | $26,244 | (56.7)% | $22,158 | $47,732 | (53.6)% |\n| Net Income | $8,458 | $20,514 | (58.8)% | $16,523 | $37,537 | (56.0)% |\n| Diluted EPS | $0.73 | $1.78 | (59.0)% | $1.42 | $3.26 | (56.3)% |\n| Cash Dividends Declared Per Share | $0.20 | $0.19 | 5.3% | $0.40 | $0.38 | 5.3% | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Miller Industries' total assets decreased to **$622.9 million** from **$667.0 million** at December 31, 2024, primarily driven by reductions in accounts receivable and inventories, while total liabilities also decreased significantly from **$266.0 million** to **$204.3 million** mainly due to lower accounts payable and long-term obligations, and shareholders' equity increased to **$418.6 million** from **$401.0 million** Condensed Consolidated Balance Sheets (June 30, 2025 vs Dec 31, 2024) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Cash and temporary investments | $31,821 | $24,337 | $7,484 |\n| Accounts receivable, net | $270,419 | $313,413 | $(42,994) |\n| Inventories, net | $165,458 | $186,169 | $(20,711) |\n| Total Current Assets | $485,409 | $529,766 | $(44,357) |\n| Total Assets | $622,933 | $667,015 | $(44,082) |\n| Accounts payable | $98,035 | $145,853 | $(47,818) |\n| Total Current Liabilities | $146,346 | $197,873 | $(51,527) |\n| Long-term obligations | $55,000 | $65,000 | $(10,000) |\n| Total Liabilities | $204,339 | $265,985 | $(61,646) |\n| Total Shareholders' Equity | $418,594 | $401,030 | $17,564 | [Additional Information](index=3&type=section&id=Additional%20Information) [About Miller Industries, Inc.](index=3&type=section&id=About%20Miller%20Industries%2C%20Inc.) Miller Industries, Inc. is recognized as the world's largest manufacturer of towing and recovery equipment, marketing its products under several well-known brands including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan®, and Eagle® - Miller Industries is **The World's Largest Manufacturer of Towing and Recovery Equipment®**[10](index=10&type=chunk) - Markets its equipment under well-recognized brands including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan®, and Eagle®[10](index=10&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section provides a cautionary note regarding forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, identifying various factors that could cause actual results to differ materially from those anticipated, including dependence on suppliers, customer access to capital, tariffs, rising equipment ownership costs, macroeconomic trends, and regulatory changes, with the company explicitly stating it does not undertake to update any forward-looking statements - Forward-looking statements are identified by specific terminology (e.g., "may", "will", "should", "expect", "anticipate") and include statements related to 2025 guidance, production adjustments, cost improvements, supply chain security, market recovery, and military contracts[12](index=12&type=chunk) - Actual results may differ materially due to various risks, including dependence on outside suppliers, customer access to capital, tariffs, rising equipment ownership costs, macroeconomic trends, and changes in government regulations[12](index=12&type=chunk) - The company does not undertake to update any forward-looking statement[12](index=12&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Miller Industries will host a conference call on August 7, 2025, at 10:00 AM ET to discuss the results, with the call broadcast live over the Internet and a replay available for a limited time - A conference call is scheduled for **August 7, 2025, at 10:00 AM ET**[9](index=9&type=chunk) - The call will be simultaneously broadcast live over the Internet, with a replay available until **August 14, 2025**[9](index=9&type=chunk)