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Miller Industries (MLR) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Company Participants Mike Gaudreau - Senior Director - M&A, Activism Defense & Capital MarketsWilliam Miller - Director, President & CEODeborah Whitmire - Executive VP, CFO & Treasurer Conference Call Participants Michael Shlisky - Managing Director & Senior Equity Research Analyst Operator Day, ladies and gentlemen, and welcome to the Miller Industries First Quarter twenty twenty five Results Conference Call. Please note this event is b ...

Miller Industries (MLR) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Speaker0 Day, ladies and gentlemen, and welcome to the Miller Industries First Quarter twenty twenty five Results Conference Call. Please note this event is being recorded. And now at this time, I would now like to turn the call over to Mike Goudreaux at FTI Consulting. Please go ahead, sir. Speaker1 Thank you, and good morning, everyone. I would like to welcome you to the Miller Industries conference call. We are here to discuss the com ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File No. 001-14124 MILLER INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Tennessee ...

Exhibit 99.1 FTI Consulting, Inc. Mike Gaudreau millerind@fticonsulting.com MILLER INDUSTRIES REPORTS 2025 FIRST QUARTER RESULTS 8503 Hilltop Drive, Ooltewah, TN 37363 Telephone (423) 238-4171 CHATTANOOGA, Tenn., May 7, 2025/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the first quarter ended March 31, 2025. Net Sales for the first quarter of 2025 were $225.7 million, compared to $349.9 million for the first quarter of 2024, ...

CHATTANOOGA, Tenn., May 7, 2025 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the first quarter ended March 31, 2025.Net Sales for the first quarter of 2025 were $225.7 million, compared to $349.9 million for the first quarter of 2024, a decrease of 35.5%. The year over year decrease was driven primarily by a decline in chassis shipments, which, in prior quarters, were significantly elevated due to the inconsistent delivery s ...

Company Overview - Miller Industries, Inc. (NYSE: MLR) has experienced significant growth since the onset of Covid-19 and has shown strong performance over the past few years [1] - The company has increased its capacity and workforce to meet rising demand and continues to launch new products [1] Market Focus - The analysis includes a focus on foreign stocks, particularly within the Nordic market, covering a range of companies from stable blue-chip firms to emerging market leaders [1] - In addition to Nordic equities, there is an emphasis on growth stocks in the U.S. market, with in-depth research on companies that have high potential for long-term expansion [1] Investment Strategy - The goal is to uncover undervalued opportunities and explore unique business models to assist investors in making informed, strategic decisions [1]

Financial Data and Key Metrics Changes - For the full year 2024, net sales were $1.26 billion, a 9% increase from $1.15 billion in 2023, driven by strong demand for products [11] - Gross profit for 2024 was $170.8 million, or 13.6% of sales, compared to $151.9 million, or 13.2% of sales in 2023, reflecting an improvement in product mix and supply chain [11][12] - Net income for 2024 was $63.5 million, or $5.47 per diluted share, up from $58.3 million, or $5.07 per diluted share in 2023, representing increases of 8.9% and 7.9% respectively [12] - For Q4 2024, sales were $221.9 million, a decrease of 25.1% from $296.2 million in Q4 2023, primarily due to a decline in chassis shipments [13] - Q4 gross profit was $33.5 million, or 15.1% of sales, compared to $38.6 million, or 13% of sales in Q4 2023, with margin improvement driven by product mix [14][15] Business Line Data and Key Metrics Changes - The decline in chassis shipments in Q4 2024 was attributed to elevated shipments in Q4 2023 due to supply chain disruptions [13][14] - The company noted that gross margins vary due to product mix, particularly in Q4 2024 [14][20] Market Data and Key Metrics Changes - The company anticipates a return to normalized chassis deliveries in the second half of 2025, which should stabilize revenues and margins [22][37] - The rising cost of equipment ownership is impacting end-market towers, with increased insurance premiums and interest rates affecting customer purchasing decisions [25] Company Strategy and Development Direction - The company is focused on returning capital to shareholders through dividends and share repurchases, with a recent quarterly cash dividend of $0.20 per share approved [19][43] - An expansion of €8 million at a facility in France has been authorized to meet future demand [44] - The company plans to launch multiple new products across all categories to enhance offerings and support growth [38][45] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong second half of 2025 and beyond, citing stable demand for products and improvements in supply chain predictability [37][40] - The company is preparing for advanced clean truck regulations and expects to have CARB-compliant chassis available by the second half of 2025 [36][42] Other Important Information - The company had a cash balance of $24.3 million as of December 31, 2024, down from $40.6 million at the end of Q3 2024, primarily due to a reduction in accounts payable [16] - The debt balance was $65 million at year-end, with a focus on reducing debt levels as cash conversion improves in 2025 [18][19] Q&A Session Summary Question: Does the 2025 outlook include financial effects of military developments? - The current military contract production is expected to begin in late 2026, with most production in 2027 and 2028 [51] Question: How do you see the first half of 2025 compared to the second half? - The first half is expected to be similar to Q4 2024, with chassis shipments lower than normal, while the second half is anticipated to show upward momentum [53] Question: Can we expect margin levels to be the same as Q4? - Margins are expected to be relatively equal to last year [55] Question: How is the company managing working capital with anticipated sales decline? - The plan is to reduce inventories to historical levels, which ran about 20% of revenue pre-COVID [57] Question: Are you doing anything to help dealers navigate the next few quarters? - Dealers are currently healthy and working through their chassis inventory buildup, with expectations of returning to optimal levels in the next two to four months [61]

Miller Industries, Inc. (NYSE:MLR) Q4 2024 Earnings Conference Call March 6, 2025 10:00 AM ET Company Participants Mike Gaudreau - FTI Consulting Will Miller - President and Chief Executive Officer Deborah Whitmire - Executive Vice President and Chief Financial Officer Conference Call Participants Linda Umwali - D.A. Davidson Operator Good day, ladies and gentlemen, and welcome to the Miller Industries Fourth Quarter and Full Year 2024 Results Conference Call. Please note this event is being recorded. And n ...

Financial Performance - For Q4 2024, net sales were $221.9 million, a decrease of 25.1% compared to $296.2 million in Q4 2023, primarily due to a decline in chassis shipments[2] - Gross profit for Q4 2024 was $33.5 million, or 15.1% of net sales, compared to $38.6 million, or 13.0% of net sales in Q4 2023, reflecting an increase in gross margin driven by product mix[3] - Net income for Q4 2024 was $10.5 million, or $0.91 per diluted share, down 36.9% from $16.7 million, or $1.45 per diluted share in Q4 2023[5] - For the full year 2024, net sales were $1.26 billion, an increase of 9.0% from $1.15 billion in 2023, with net income rising to $63.5 million, or $5.47 per diluted share, up 8.9% from $58.3 million, or $5.07 per diluted share in 2023[6] Expenses and Dividends - Selling, general and administrative expenses for Q4 2024 were $19.7 million, or 8.9% of net sales, up from $16.4 million, or 5.5% of net sales in the prior year, due to increased executive compensation and new product launches[4] - The company declared a quarterly cash dividend of $0.20 per share, marking the fifty-seventh consecutive quarter of dividend payments[7] Future Projections - In 2025, the company expects to generate revenue between $950 million and $1.0 billion, with diluted earnings per share projected between $2.90 and $3.20[10] - The CEO expressed confidence in the company's prospects for 2025, citing the normalization of chassis market dynamics and upcoming new product launches[9] Shareholder Actions - The company repurchased 49,500 shares of common stock during 2024, representing $2.9 million of a $25.0 million repurchase program[7] Asset and Liability Management - Total assets increased to $667,015 million in 2024 from $647,210 million in 2023, representing a growth of approximately 3.8%[21] - Current assets rose to $529,766 million in 2024, up from $510,471 million in 2023, an increase of about 3.0%[21] - Accounts receivable increased to $313,413 million in 2024, compared to $286,138 million in 2023, reflecting a growth of approximately 9.5%[21] - Total liabilities decreased to $265,985 million in 2024 from $299,290 million in 2023, a reduction of about 11.1%[21] - Total shareholders' equity increased to $401,030 million in 2024, up from $347,920 million in 2023, indicating a growth of approximately 15.2%[21] - Accounts payable decreased significantly to $145,853 million in 2024 from $191,782 million in 2023, a decline of about 24.0%[21] - Accumulated surplus rose to $254,938 million in 2024, compared to $200,165 million in 2023, an increase of approximately 27.3%[21] - Long-term obligations increased to $65,000 million in 2024 from $60,000 million in 2023, reflecting an increase of about 8.3%[21] - The company reported a decrease in the non-current portion of operating lease obligations from $506 million in 2023 to $227 million in 2024, a decline of approximately 55.2%[21] - The cash and temporary investments decreased to $24,337 million in 2024 from $29,909 million in 2023, a decline of about 18.6%[21]