Miller Industries(US:MLR) Prnewswireยท2025-08-06 20:15Core Viewpoint - Miller Industries reported a significant decline in net sales and net income for the second quarter of 2025, primarily due to decreased product shipments and industry-wide demand challenges [2][5][6]. Financial Performance - Net sales for Q2 2025 were $214.0 million, a decrease of 42.4% from $371.5 million in Q2 2024 [2]. - Gross profit was $34.6 million, representing 16.2% of net sales, compared to $51.1 million or 13.8% of net sales in the prior year [3]. - Selling, general and administrative expenses increased to $23.4 million, or 10.9% of net sales, from $22.8 million, or 6.1% of net sales, in the previous year [4]. - Net income fell to $8.5 million, or $0.73 per diluted share, down 58.8% and 59.0% respectively from $20.5 million, or $1.78 per diluted share, in Q2 2024 [5]. Market Challenges - The company faced a 20% decline in retail sales activity quarter over quarter, leading to a 30% decrease in order intake from distributors [6]. - Decreased demand was attributed to lower consumer confidence and increased ownership costs, including interest rates and insurance [6]. Future Outlook - The company revised its 2025 revenue guidance to a range of $750 to $800 million and suspended earnings per share guidance due to operational challenges [7]. - Despite current market difficulties, the company remains optimistic about long-term performance drivers, such as increased miles driven and accident rates, and is taking steps to improve operational efficiency and reduce channel inventory [6][7]. Dividend Information - The Board of Directors declared a quarterly cash dividend of $0.20 per share, marking the fifty-ninth consecutive quarter of dividend payments [5]. Company Overview - Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, operating under several well-known brands [10].