Miller Industries(US:MLR) Prnewswireยท2025-05-07 20:15Financial Performance - Net Sales for Q1 2025 were $225.7 million, a decrease of 35.5% compared to $349.9 million in Q1 2024, primarily due to a decline in chassis shipments [2] - Gross profit for Q1 2025 was $33.9 million, representing 15.0% of net sales, compared to $44.2 million or 12.6% of net sales in Q1 2024, with the increase in gross margin attributed to a shift in product mix [3] - Selling, general and administrative (SG&A) expenses rose to $23.3 million, or 10.3% of net sales, from $21.5 million or 6.2% of net sales in the prior year, driven by salary adjustments and increased employee benefit costs [4] - Net income for Q1 2025 was $8.1 million, or $0.69 per diluted share, down 52.6% from $17.0 million or $1.47 per diluted share in Q1 2024 [5] Strategic Initiatives - The company is focused on reducing field inventory and product lead times as the industry normalizes, positioning for future growth [6] - Approximately $2.1 million was executed in share repurchases during the quarter, alongside a quarterly cash dividend of $0.20 per share, marking the fifty-eighth consecutive quarter of dividend payments [5][6] - The company has implemented a tariff surcharge on new orders and additional price increases on accessories and parts to mitigate tariff-related uncertainties [6] Market Outlook - The company anticipates continued improvement in the second half of 2025, supported by strong activity in the global military market and a return to optimal channel inventory levels [6] - Despite ongoing tariff-related uncertainties, the company remains optimistic about the fundamentals in its end markets [6]