Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sectors, emphasizing cash flow generation and growth potential [1] Group 1 - The service offers subscribers access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live discussions about the sector [1]

Financial Data and Key Metrics Changes - For Q4 2025, revenue was $171.2 million, down 22.9% year-over-year, reflecting a strategic decision to reduce production [5] - Full-year 2025 revenue was $790.3 million, down 37.2% from 2024, with gross profit at $120.4 million or 15.2% of sales [6] - Diluted EPS for Q4 was $0.29 per share, with net income for the full year at $23 million or $1.98 per diluted share [6][5] - SG&A expenses increased year-over-year due to one-time expenses related to a voluntary retirement program [7] Business Line Data and Key Metrics Changes - The acquisition of OMARS was completed on December 2, contributing approximately one month of results in Q4 [5] - Retail order activity showed sequential improvement late in Q4, leading to increased production levels at U.S. facilities to meet demand [5] Market Data and Key Metrics Changes - Domestic market conditions are improving with normalized distributor inventory and steadier retail demand as the company enters 2026 [9] - The export business remains strong, with growing demand in international markets such as Australia, Japan, Mexico, and Indonesia [9] - The company has secured over $150 million in military commitments, with production scheduled to begin in 2027 [11] Company Strategy and Development Direction - The company aims to expand its European footprint through the OMARS acquisition, which is expected to enhance sales channels and manufacturing capabilities [10] - A significant expansion project at the Ooltewah facility is underway, estimated at $100 million, to increase capacity and streamline workflow [12] - The company is focused on disciplined capital allocation, prioritizing dividends, debt reduction, share repurchases, and selective M&A opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 revenue outlook of $850 million to $900 million, with expectations for performance to accelerate in the second half of the year [14] - The company anticipates gross margins returning to historical levels in the mid-13% range for the full year [15] - Management highlighted the importance of normalized distributor inventories and stronger retail demand visibility as key factors for future growth [16] Other Important Information - The company has paid dividends for 61 consecutive quarters, returning approximately $15.1 million to shareholders in 2025 [13] - The integration of OMARS is progressing well, with expectations for it to be accretive in the first year [10] Q&A Session Summary Question: Margin expectations and cost reductions - The management indicated that gross margins are expected to normalize back to mid-13% range, better than pre-COVID levels [21] - Cost reductions have been implemented, but the impact on margins will be seen as production ramps back up [22] Question: Confidence in 2026 revenue outlook - Management expressed higher confidence in the 2026 outlook compared to the previous year, citing improved data analysis and normalized distributor inventory [25] Question: Mix of chassis and tow sales - The management confirmed that the mix is returning to a normalized level, though not a strict 50/50 split [30] Question: Accretion from OMARS acquisition - The management clarified that while OMARS is expected to be accretive in the first year, the long-term benefits will come from synergies and enhanced production capabilities [32]

Miller Industries (NYSE:MLR) Q4 2025 Earnings call March 05, 2026 10:00 AM ET Company ParticipantsDebbie Whitmire - EVP and CFOWilliam Miller - President and CEOConference Call ParticipantsMichael Shlisky - Managing Director and Senior Equity Research AnalystOperatorGood day, ladies and gentlemen, and welcome to the Miller Industries fourth quarter 2025 results conference call. Please note this event is being recorded. Now at this time, I would like to turn the call over to Will Miller at Miller Industries. ...

Financial Data and Key Metrics Changes - For Q4 2025, revenue was $171.2 million, down 22.9% year-over-year, reflecting a strategic decision to reduce production [5] - Full-year 2025 revenue was $790.3 million, down 37.2% from 2024, with gross profit at $120.4 million or 15.2% of sales [6] - Diluted EPS for Q4 was $0.29 per share, with net income for the full year at $23 million or $1.98 per diluted share [6] Business Line Data and Key Metrics Changes - The company strategically decreased production to normalize distributor inventories, which has now returned to historical levels, allowing for improved visibility into retail demand [6][9] - SG&A expenses increased year-over-year due to one-time expenses related to a voluntary retirement program and transaction costs from the OMARS acquisition [6][7] Market Data and Key Metrics Changes - Domestic market conditions are improving with normalized distributor inventory and steadier retail demand as the company enters 2026 [9] - The export business remains strong, with growing demand in international markets such as Australia, Japan, Mexico, and Indonesia [9] Company Strategy and Development Direction - The acquisition of OMARS is a key part of the company's strategy to expand its European footprint and capitalize on strong regional demand for heavy-duty products [3][10] - The company plans to increase production levels in response to improved demand and is investing in expanding its manufacturing capabilities, including a significant project at the Ooltewah facility [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of retail demand and production levels, expecting revenues between $850 million and $900 million for 2026 [13][14] - The company anticipates gross margins returning to historical levels in the mid-13% range as product mix normalizes [14] Other Important Information - The company has maintained a consistent quarterly dividend, increasing it by 5% to $0.21 per share, and has reduced debt to $20 million as of January 2026 [12][13] - A robust pipeline of military RFQs is expected to provide significant long-term growth opportunities, with over $150 million in military commitments secured [11] Q&A Session Summary Question: Understanding margin expectations - The company believes gross margins are normalizing and may be better than pre-COVID levels, with expectations to return to mid-13% range [20][21] Question: Impact of cost reductions on margins - Cost reductions primarily involved hourly employees, and as production ramps up, some employees will be added back to support operations [22] Question: Confidence in 2026 outlook compared to previous year - Management expressed higher confidence in the 2026 outlook due to improved data analysis and normalized distributor inventory [24][25] Question: Mix between chassis and tow sales - The mix is returning to a normalized level, but it is not a one-to-one ratio as some distributors provide their own chassis [28][29] Question: Accretion from OMARS acquisition - The OMARS acquisition is expected to be accretive in the first year, with additional long-term synergies anticipated as integration progresses [30][31]

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THE WORLD'S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT Q4 & FULL YEAR 2025 INVESTOR PRESENTATION MILLER INDUSTRIES FORWARD LOOKING STATEMENTS SAFE HARBOR STATEMENT Certain statements in this presentation may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", ...

Acquisitions and Expansions - In fiscal 2025, the company completed the acquisition of Omars – S.p.A, enhancing its product portfolio and expanding its footprint in the European market[15]. - The company acquired substantially all assets of Southern Hydraulic Cylinder, Inc. in fiscal 2023, improving supply chain stability[16]. - The company continues to seek additional acquisition opportunities to enhance and diversify its product line[17]. - The company is open to future acquisitions, which involve risks such as integration challenges, unrealized sales expectations, and potential liabilities[129]. - The company has authorized approximately $9.1 million (€8.0 million) for a facility expansion in France, with construction expected to commence in Q2 2026[47]. - A plant expansion at the Ooltewah, TN facility is anticipated to cost approximately $100.0 million, with construction expected to begin in late 2026[48]. Product Development and Manufacturing - The company launched multiple new products in fiscal 2025, including the Century 5130/5230 heavy-duty wrecker, which has been a top seller for over 20 years[38]. - The company operates 11 manufacturing facilities across the U.S., France, Italy, and the U.K., focusing on efficient assembly-line manufacturing[36]. - The company utilizes advanced technologies in manufacturing, including robotics and computer-aided design, to enhance production efficiency[36][46]. - The company’s product lines include car carriers, wreckers, and trailers marketed under 11 separate brand names, catering to various customer segments[24]. Financial Performance - Net sales for the year ended December 31, 2025, were $790.271 million, a decrease of 37.1% compared to $1,257.500 million in 2024[297]. - Gross profit for 2025 was $120.392 million, down from $170.805 million in 2024, reflecting a gross margin of approximately 15.2%[297]. - Net income for 2025 was $23.014 million, a significant decline of 63.8% from $63.494 million in 2024[297]. - Basic earnings per share decreased to $2.01 in 2025 from $5.55 in 2024, representing a decline of 63.8%[297]. - Total assets as of December 31, 2025, were $589.667 million, down from $667.015 million in 2024, indicating a decrease of 11.6%[294]. - Total liabilities decreased to $169.097 million in 2025 from $265.985 million in 2024, a reduction of 36.4%[294]. - Retained earnings increased to $268.798 million in 2025 from $254.938 million in 2024, reflecting a growth of 5.4%[294]. - Cash and cash equivalents rose to $44.682 million in 2025, up from $24.337 million in 2024, an increase of 83.8%[294]. - The company declared cash dividends of $0.80 per share in 2025, compared to $0.76 per share in 2024, marking a 3.9% increase[297]. - Cash flows from operating activities increased significantly to $98.720 million in 2025, compared to $16.870 million in 2024[302]. Employee and Workplace Initiatives - The company has invested in employee training programs, including a Welding School and a Front-Line Leadership Academy, to address skill shortages and develop future leaders[68]. - The company provides comprehensive employee benefits, including medical coverage, disability insurance, and a 401(k) plan with company match[69]. - The company is committed to fostering an inclusive workplace and monitors pay equity to ensure equal compensation for similar work[73]. - The company invests significant time and expense in employee training, which increases their value to competitors, posing a risk of employee retention[120]. Regulatory and Compliance Issues - The company is subject to various government regulations, including those related to environmental protection and emissions standards for commercial vehicles[78][80]. - The company complies with privacy and data protection laws, including the GDPR and California's Consumer Privacy Act[84]. - The company is subject to extensive regulations and risks associated with government contracts, including potential decreases in government spending and intense competition for contract awards[123]. - The company is subject to increasing regulatory scrutiny regarding data protection and privacy laws, which could raise operational costs[159]. - The company is subject to various environmental regulations that could impose material costs and limit operational capacity[130]. - The company faces challenges related to compliance with conflict minerals regulations, which could impact sourcing, availability, and pricing of materials used in products[145]. Market and Economic Conditions - The company has faced significant supply chain challenges, leading to increased prices for raw materials and component parts, which have adversely affected profitability and operational results[104]. - In fiscal 2025, the U.S. government imposed additional tariffs on steel and aluminum imports, impacting supply chain dynamics and financial performance[106]. - Rising costs of equipment ownership, including increased insurance premiums and fluctuating interest rates, have negatively impacted customer demand for the company's products[111]. - The ongoing military conflicts in Ukraine and the Middle East have created uncertainties that could disrupt trade and impact the company's operations[115]. - The company is dependent on outside suppliers for raw materials, and any fluctuations in availability or pricing could materially affect financial performance[102]. - Labor costs for skilled positions have increased, which may limit the company's ability to maintain sales and profitability levels[118]. - The company has noted that macroeconomic trends, including inflation and interest rate volatility, have adversely affected customer purchasing power and demand for products[112]. - The competitive market for skilled labor has led to substantial wage increases, impacting overall operational costs and profitability[119]. - The towing and recovery equipment manufacturing industry is highly competitive, with low capital requirements for entry, leading to increased competition that could impact sales and revenue[125]. Currency and Interest Rate Risks - The company is subject to foreign currency exchange risks due to sales and expenses denominated in currencies like the British pound and euro[116]. - For the year ended December 31, 2025, a hypothetical 100-basis point change in interest rates would have changed interest expense by approximately $0.6 million, with no material impact on earnings or cash flows[272]. - The company recognized a net foreign currency exchange gain of $0.2 million for the year ended December 31, 2025, following a loss of $0.6 million in 2024 and a gain of $0.8 million in 2023[274]. - Foreign currency translation resulted in a gain of $6.3 million for the year ended December 31, 2025, compared to a loss of $1.8 million in 2024 and a gain of $3.2 million in 2023 due to fluctuations in the U.S. dollar[275]. Internal Controls and Governance - The effectiveness of the company's internal control over financial reporting was confirmed as of December 31, 2025, ensuring reliable financial reporting[280]. - The company has been in compliance with its credit facility covenants throughout 2025 and expects to maintain this compliance in 2026[151]. - The company’s charter includes anti-takeover provisions that may deter potential acquirers and affect stock price[150].

CONTACT: Miller Industries, Inc. Debbie Whitmire, Chief Financial Officer (423) 238-8464 FTI Consulting, Inc. Mike Gaudreau millerind@fticonsulting.com MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS Exhibit 99.1 Completed Acquisition of Omars to Expand the Company's European Footprint Ended 2025 with More Than $150 Million in Global Military Commitments 8503 Hilltop Drive, Ooltewah, TN 37363 Telephone (423) 238-4171 Approved Significant Capacity Expansion at Ooltewah Facility to Support ...

MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS Accessibility Statement Skip NavigationCompleted Acquisition of Omars to Expand the Company's European FootprintEnded 2025 with More Than $150 Million in Global Military CommitmentsApproved Significant Capacity Expansion at Ooltewah Facility to Support Future GrowthBoard of Directors Approves 5% Increase in Dividend to $0.21 per ShareCHATTANOOGA, Tenn., March 4, 2026 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" o ...

Core Viewpoint - Miller Industries (MLR) has experienced a stock decline of over 40% since the beginning of 2025, making it incrementally more attractive, although it is still not considered cheap enough for investment [1]. Group 1 - The stock of Miller Industries has decreased by more than 40% since early 2025 [1]. - The current valuation of Miller Industries is seen as incrementally more attractive due to the significant decline [1]. - Despite the decline, the stock is not viewed as cheap enough for favorable investment consideration [1].