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.

CHATTANOOGA, Tenn., Aug. 21, 2025 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR), the World's Largest Manufacturer of Towing and Recovery Equipment, today announced that Chief Executive Officer, William Miller II, and Chief Financial Officer, Deborah Whitmire, will present at the Midwest IDEAS Investor Conference on Wednesday August 27, 2025 at The InterContinental in Chicago, IL. Miller Industries' presentation is scheduled to begin at 10:00 AM CT. The presentation is webcast and can be accessed throu ...

"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]

Miller Industries (MLR 0.36%), the world's largest manufacturer of towing and recovery equipment, reported second quarter 2025 results on August 6, 2025. The headline news was a sharp drop in revenue and profits compared to the prior year, with GAAP net sales and net income both declining significantly as industry demand softened. Revenue (GAAP) was $214.0 million, falling short of the $222.9 million analyst estimate (GAAP). Despite this, diluted earnings per share (GAAP) were $0.73, comfortably beating GAA ...

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: June 30, 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 ...

[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)

CHATTANOOGA, Tenn., Aug. 6, 2025 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the second quarter ended June 30, 2025.For the second quarter of 2025, net sales were $214.0 million, a decrease of 42.4%, compared to $371.5 million for the second quarter of 2024. The decrease was driven primarily by a decline in product shipments, predominantly chassis, relative to the prior year period in which we saw significantly elevated cha ...

CHATTANOOGA, Tenn., July 30, 2025 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) intends to release its results for the Second Quarter ended June 30, 2025, on Wednesday, August 6, 2025, after market close. The Company will host a conference call the following day that will be simultaneously broadcast live over the Internet: About Miller Industries Thursday, August 7, 2025 10:00 AM ET 9:00 AM CT 8:00 AM MT 7:00 AM PT Listeners can access the conference call live over the Internet at: https://app.webinar ...