Acquisition and Expansion - Miller Industries acquired substantially all assets of Southern Hydraulic Cylinder, Inc. in fiscal 2023, enhancing its product portfolio and supply chain stability[33]. - The company has invested over $100 million in property, plant, and equipment projects since 2017, increasing manufacturing production capacity and implementing advanced technologies[40]. - The company expects to launch multiple new products throughout fiscal year 2025, continuing its focus on innovation[38]. - The company has a diverse product line marketed under 10 separate brand names, catering to various customer segments[20]. Manufacturing and Operations - The company operates ten manufacturing facilities in the U.S., France, and the U.K., utilizing advanced technologies for efficient assembly-line manufacturing[35]. - The backlog of manufactured equipment returned to historical levels during fiscal 2024, but demand slowed in the second half due to delivery timing issues[51]. - Management expects a harmonized flow of manufactured equipment and chassis deliveries throughout fiscal 2025, despite potential global supply chain disruptions[51]. Distribution and Sales - In 2024, no distributor accounted for more than 10% of consolidated total sales, indicating a diverse distribution network[42]. - Approximately 76 distributor locations in North America and over 30 distributors in foreign markets support the company's sales efforts[41]. - Management believes that over 90% of independent distributors do not offer products from other manufacturers, reflecting strong brand loyalty[12]. Financial Performance - Net sales for the year ended December 31, 2024, reached $1,257,500, an increase of 9.0% compared to $1,153,354 in 2023[272]. - Gross profit for 2024 was $170,805, representing a gross margin of approximately 13.6%, up from $151,854 in 2023[272]. - Net income for 2024 was $63,494, reflecting a 8.8% increase from $58,291 in 2023[272]. - Basic earnings per share increased to $5.55 in 2024, compared to $5.10 in 2023, marking a 8.8% growth[272]. - Total assets as of December 31, 2024, were $667,015, up from $647,210 in 2023, indicating a growth of 3.9%[269]. - Total liabilities decreased to $265,985 in 2024 from $299,290 in 2023, a reduction of 11.1%[269]. - Shareholders' equity increased to $401,030 in 2024, compared to $347,920 in 2023, representing a growth of 15.2%[269]. - Cash and temporary investments decreased to $24,337 in 2024 from $29,909 in 2023, a decline of 18.5%[269]. - The company declared cash dividends of $0.76 per share in 2024, up from $0.72 in 2023[272]. Employee and Labor Management - As of December 31, 2024, the company employed approximately 1,711 employees globally, with 98.8% being full-time[56]. - Employee turnover rates have trended down throughout fiscal 2023 and 2024 due to various retention efforts[60]. - The company has invested in training programs, including a Welding School and a Front-Line Leadership Academy, to address skill shortages and develop future leaders[58]. - The company has experienced substantial increases in employee wages since 2022 to retain and recruit skilled labor, which may continue to affect profitability[109]. - The company continues to monitor labor costs and implement strategies to mitigate risks associated with employee turnover and recruitment challenges[109]. Regulatory and Compliance Issues - The company is subject to stringent environmental regulations, including California's Advanced Clean Trucks regulation, which may negatively impact customer demand[73]. - Compliance with new environmental regulations has already negatively impacted customer demand during 2024 and early 2025[73]. - The company is subject to various legal and regulatory risks, including anti-corruption laws, which could adversely affect its business operations[122]. - Compliance with environmental regulations, including those aimed at reducing emissions, is becoming increasingly stringent and may negatively impact customer demand[119]. Market and Economic Conditions - The towing and recovery equipment industry is highly competitive, with the company focusing on quality and innovation rather than solely on price[47]. - The towing and recovery industry is cyclical, with demand and revenues affected by consumer confidence and economic conditions, including volatility in capital and credit markets[111]. - Customer demand may be negatively impacted by rising fuel and insurance costs, as well as unpredictable weather conditions and global supply chain disruptions[114]. - The company faces risks related to government contracts, including potential decreases in government spending and intense competition for contract awards[113]. - The company is subject to risks from international political and economic uncertainties, including tariffs and trade restrictions, which could adversely affect supply chains and costs[104]. - The ongoing military conflicts in Ukraine and the Middle East have created legal, political, and economic uncertainties that may impact the company's operations[105]. Supply Chain and Inventory Management - The company experienced significant supply chain challenges in 2024, leading to substantial price increases for raw materials and component parts, which adversely impacted profitability and results of operations[95]. - In the first half of 2024, there was a buildup of inventory in the distribution channel due to elevated levels of chassis shipments earlier than expected, affecting sales[95]. - The company faced difficulties in accurately forecasting and managing inventory, resulting in unexpected production disruptions and increased costs[94]. Financial Risks and Investments - The company is exposed to interest rate risks and foreign currency exchange rate risks, which could affect cash flow and earnings fluctuations[245]. - The availability of capital and access to credit for customers has been affected by rising interest rates, which could materially impact sales[100]. - The U.S. Federal Reserve maintained elevated interest rates throughout 2023, but began to lower rates in 2024, which may influence inflation levels and customer purchasing behavior[102]. - The company has obligations to repurchase products from third-party lenders if distributors default, which could impact future revenues[138]. - The company incurred a net foreign currency exchange loss of $0.6 million for the year ended December 31, 2024, compared to a gain of $0.8 million in 2023[248]. - The company reported a foreign currency translation loss of $1.8 million for the year ended December 31, 2024, compared to a gain of $3.2 million in 2023[249]. - A hypothetical 100-basis point change in interest rates would have changed interest expense by approximately $0.4 million for the year ended December 31, 2024[246]. Strategic Initiatives - The company must continuously develop or acquire new technology and products to maintain market share, as rapid technological advancements characterize the industry[124]. - The company has incurred significant costs to implement security measures for its IT systems to protect against potential breaches[141]. - The loss of key executives could have a material adverse impact on the company's operations[144]. - The company invests significant time and expense in employee training, which increases their value to competitors, posing a risk of employee turnover and associated hiring costs[110]. - Rising costs of equipment ownership, including increased insurance premiums and fluctuating trade-in values, have negatively impacted customer demand for the company's products[101].

Group 1 - The most recent coverage on Miller Industries, Inc. (NYSE: MLR) was in January of the previous year, where a 'Hold' rating was reiterated for the towing and recovery equipment supplier [1] - At that time, shares had recently failed to break through their 2021 highs, indicating a potential resistance level in the stock price [1] - The investment strategy discussed involves buying undervalued profitable stocks with strong balance sheets and minimal debt, along with writing calls against positions for additional income [1]

Group 1 - Miller Industries, Inc. plans to release its Fourth Quarter and Full Year results for the period ending December 31, 2024, on March 5, 2025, after market close [1] - A conference call will be held on March 6, 2025, at 10:00 AM ET, which will be broadcast live over the Internet [1] - Listeners are advised to access the conference call 15 minutes early to download any necessary audio software [1] Group 2 - Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment [2] - The company markets its products under several well-known brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface, and Eagle [2]

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps define momentum characteristics, with Miller Industries (MLR) currently holding a Momentum Style Score of B [2] - Style Scores complement the Zacks Rank system, which has a strong track record of outperforming the market; MLR has a Zacks Rank of 2 (Buy) [3] Group 2: Performance Metrics of Miller Industries - MLR shares have increased by 2.35% over the past week, outperforming the Zacks Automotive - Original Equipment industry, which rose by 0.49% [6] - Over the past quarter, MLR shares have risen by 29.77%, and by 86.07% over the last year, compared to the S&P 500's increases of 9.71% and 33.24%, respectively [7] - MLR's average 20-day trading volume is 108,812 shares, indicating a bullish sign when combined with rising stock prices [8] Group 3: Earnings Outlook - Recent earnings estimate revisions for MLR show one upward revision and no downward revisions, increasing the consensus estimate from $5.60 to $5.68 over the past 60 days [10] - For the next fiscal year, there has been one upward estimate revision with no downward changes, indicating positive earnings outlook [10] - Given these factors, MLR is positioned as a 2 (Buy) stock with a Momentum Score of B, suggesting it is a promising near-term investment [11]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates can be challenging due to inherent risks and volatility [1] Group 1: Company Overview - Miller Industries (MLR) is identified as a promising growth stock, supported by a favorable Growth Score and a top Zacks Rank [2] - The company operates in the vehicle towing and recovery equipment sector [3] Group 2: Earnings Growth - Historical EPS growth rate for Miller Industries is 15.8%, with projected EPS growth of 12% this year, surpassing the industry average of 11.5% [5] Group 3: Cash Flow Growth - Year-over-year cash flow growth for Miller Industries is 122.8%, significantly higher than the industry average of 0% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 11.5%, compared to the industry average of 1.2% [7] Group 4: Earnings Estimate Revisions - Current-year earnings estimates for Miller Industries have been revised upward, with a 1.4% increase in the Zacks Consensus Estimate over the past month [8] Group 5: Investment Positioning - Miller Industries has achieved a Growth Score of B and a Zacks Rank 2, indicating strong potential for outperformance in the growth stock category [9][10]

Core Viewpoint - The focus is on identifying undervalued stocks using the Zacks Rank system and Style Scores, with a particular emphasis on value investing strategies [1][2][3] Company Summary - Miller Industries (MLR) has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for value investors [4] - MLR's current P/E ratio is 12.44, which is lower than the industry average P/E of 15.56, suggesting it may be undervalued [4] - Over the past year, MLR's Forward P/E has fluctuated between 10.40 and 13.12, with a median of 11.38, further indicating its valuation dynamics [4] - The P/S ratio for MLR is 0.64, compared to the industry average P/S of 0.75, reinforcing the notion of MLR being undervalued [5] - The combination of MLR's favorable valuation metrics and strong earnings outlook positions it as an impressive value stock [6]

Core Viewpoint - The sustainability of a trend is crucial for successful short-term investing, and confirming fundamental factors is essential to maintain momentum in stocks [1][2]. Group 1: Trend Analysis - Timing entries into a trend significantly impacts investment success, as trends can reverse unexpectedly, leading to potential losses [1][2]. - A predefined screening strategy, "Recent Price Strength," helps identify stocks with strong fundamentals that can sustain their upward momentum [3]. Group 2: Stock Example - Miller Industries (MLR) - Miller Industries has shown a solid price increase of 29.6% over the past 12 weeks, indicating strong investor interest [4]. - The stock has also increased by 10.8% in the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, MLR is trading at 90.1% of its 52-week high-low range, indicating a potential breakout [6]. Group 3: Fundamental Strength - MLR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [7]. Group 4: Additional Insights - Besides MLR, there are other stocks that meet the criteria of the "Recent Price Strength" screen, which can be considered for investment [8]. - The effectiveness of stock-picking strategies can be backtested using tools like the Zacks Research Wizard, which includes successful strategies [9].

Group 1 - The company Miller Industries (NYSE: MLR) has been recognized for its strong performance in recent years, indicating a positive investment outlook [1] - The focus of the investment service provided by Crude Value Insights is on cash flow and the companies that generate it, highlighting the importance of financial health in the oil and natural gas sector [1] - The service offers subscribers access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production firms, and live discussions about the sector [2] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas investment community [3]

Group 1 - Miller Industries, Inc. will present at the Southwest IDEAS Investor Conference on November 20, 2024, at 10:45 AM CT [1] - The presentation will be accessible via webcast on the conference host's website and Miller Industries' investor relations section [1] - Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, with a portfolio of well-known brands [4] Group 2 - The IDEAS Investor Conferences aim to provide independent venues for quality companies to present to investment professionals, distinguishing themselves from traditional bank-sponsored events [2] - Conference sponsors manage over $200 billion in assets, including various investment management firms [2] - The conferences are produced annually by Three Part Advisors, LLC, with additional information available on their website [3]

Group 1 - Miller Industries, Inc. announced that CEO William Miller II and CFO Deborah Whitmire will hold one-on-one meetings with investors at the Raymond James Sonoma Small Cap Summit on November 18th in Sonoma, CA [1] - Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, marketing its products under several well-known brands [2]