Miller Industries, Inc. (MLR) Q2 2025 Earnings Call Transcript
Net Sales $214 million for Q2 2025, a 42.4% year-over-year decrease from $371.5 million in Q2 2024, driven largely by a drop in chassis volumes after elevated volumes in the prior year period.
Gross Profit $34.6 million or 16.2% of net sales for Q2 2025, compared to $51.1 million or 13.8% of net sales in Q2 2024. The margin improvement was driven mainly by product mix with a higher percentage of body deliveries compared to chassis volumes.
SG&A Expenses $23.4 million in Q2 2025 compared to $22.8 million in Q2 2024. As a percentage of net sales, SG&A was 10.9%, 480 basis points higher than the prior year period, driven primarily by higher stock-based compensation expense and employee compensation.
Interest Expense $294,000 in Q2 2025 compared to $2 million in Q2 2024, a decline of around 85.6%, driven primarily by lower customer floor plan expense and a reduction in debt levels.
Other Expenses $479,000 in Q2 2025 compared to other income of $13,000 in Q2 2024, attributable largely to currency exchange rate fluctuations.
Net Income $8.5 million or $0.73 per diluted share in Q2 2025 compared to $20.5 million or $1.78 per diluted share in Q2 2024, reflecting the combined impact of lower sales and other financial factors.
Cash Balance $31.8 million at the end of Q2 2025, up $4.4 million sequentially and $7.5 million from the end of last year, driven by faster conversion of receivables into cash.
Debt Balance Reduced by $20 million to $55 million during Q2 2025, with an additional $5 million paid down subsequently, bringing the current balance to $50 million.
Accounts Receivable $270.4 million as of June 30, 2025, compared to $292.6 million at the end of last quarter and $313.4 million at the end of last year, reflecting continued conversion of receivables to cash.
Inventories $165.5 million as of the end of Q2 2025, compared to $164.9 million in Q1 2025 and $186.2 million as of December 31, 2024, indicating normalization of inventory levels.
Accounts Payable $98 million as of June 30, 2025, compared to $113.5 million as of March 31, 2025, and $145.9 million as of December 31, 2024, reflecting reduced obligations.
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Hidden Gems: 5 Overlooked Small Cap Income Compounders You Shouldn't Miss
Investment Strategy: Investors focusing on smaller companies with strong fundamentals, high dividend yields, and consistent cash flow can uncover long-term wealth opportunities that are often overlooked by the market.
Company Examples: Five companies highlighted—Miller Industries, Bassett Furniture, Getty Realty, H2O America, and USCB Financial Group—demonstrate solid business models, strong balance sheets, and reliable dividend policies, making them attractive for disciplined investors.
Market Inefficiency: Smaller companies are less analyzed and not universally owned, allowing savvy investors to find quality stocks at discounted prices before they gain wider recognition.
Long-Term Value Creation: The combination of steady cash distributions and strong operational performance in these companies positions them well for compounding growth, providing investors with income while they wait for the market to catch up.
Miller Industries Acquires Omars for $20.3 Million to Expand European Market
- Acquisition Deal: Miller Industries has completed the all-cash acquisition of Italy's Omars for approximately €17.5 million ($20.3 million), which is expected to enhance its market share in Europe and improve manufacturing flexibility.
- Market Expansion: With Omars generating annual revenue of about $27 million, this acquisition will provide Miller Industries with additional capacity to meet growing customer demands, thereby driving revenue growth.
- Strategic Fit: Omars boasts a modern manufacturing facility and a strong sales team, which is anticipated to synergize with Miller Industries' existing resources, enhancing overall profitability and competitive positioning.
- Global Growth Strategy: CEO William Miller stated that this acquisition marks a significant milestone in the company's plans to expand into global markets, reflecting a continued commitment to its capital allocation strategy.
Miller Industries to Hold One-on-One Investor Meetings at the 17th Annual Southwest Ideas Investor Conference in Dallas, TX on November 19th and 20th
Miller Industries Presentation: CEO William Miller II and CFO Deborah Whitmire will present at the Southwest IDEAS Investor Conference on November 19, 2025, at 8:35 AM CT in Dallas, TX, with a webcast available for access.
IDEAS Investor Conferences Overview: The IDEAS Conferences aim to provide independent venues for quality companies to present to investment professionals, emphasizing a model "SPONSORED BY INVESTORS. FOR INVESTORS."
Miller Industries Background: Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering products under various well-known brands.
Contact Information: For more information about the IDEAS conferences, interested parties can contact Lacey Wesley at the provided phone number or email.
Freedom Capital Markets Adjusts Miller Industries Rating to Hold and Reduces Price Target to $46
Real-time Intelligence: Benzinga Pro offers traders the fastest news alerts to stay updated on market movements.
Exclusive Content: Subscribers gain access to unique stories and insights generated by Benzinga reporters.
Community of Traders: Over 10,000 serious traders are part of the Benzinga Pro community, enhancing their trading strategies.
Market Winning Tools: The platform is designed to help traders succeed in the markets with accurate stock market intelligence.
Miller Industries to Conduct One-on-One Investor Meetings at the 24th Annual D.A. Davidson Diversified Industrials & Services Conference on September 18 in Nashville, TN
Investor Meetings Announcement: Miller Industries, Inc. will host one-on-one meetings with investors at the D.A. Davidson Diversified Industrials & Services Conference on September 18, 2025, in Nashville, TN.
Company Overview: Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering products under various well-known brands such as Century®, Vulcan®, and Chevron™.
Miller Industries to Hold 1x1 Investor Meetings and Present at the 16th Annual Midwest Ideas Investor Conference in Chicago, IL on August 26th & 27th
Miller Industries Presentation: Miller Industries, the largest manufacturer of towing and recovery equipment, will present at the Midwest IDEAS Investor Conference on August 27, 2025, in Chicago, IL.
Webcast Availability: The presentation by CEO William Miller II and CFO Deborah Whitmire will be available via webcast on both the conference host's website and Miller Industries' investor relations page.
IDEAS Investor Conferences Overview: The IDEAS Conferences aim to provide independent venues for companies to showcase their investment potential to a professional audience, emphasizing that they are sponsored by investors for investors.
Company Background: Miller Industries markets its towing and recovery equipment under several well-known brands, including Century®, Vulcan®, and Chevron™, among others.
Hidden Gems: 5 Overlooked Small Cap Income Compounders You Shouldn't Miss
Investment Strategy: Investors focusing on smaller companies with strong fundamentals, high dividend yields, and consistent cash flow can uncover long-term wealth opportunities that are often overlooked by the market.
Company Examples: Five companies highlighted—Miller Industries, Bassett Furniture, Getty Realty, H2O America, and USCB Financial Group—demonstrate solid business models, strong balance sheets, and reliable dividend policies, making them attractive for disciplined investors.
Market Inefficiency: Smaller companies are less analyzed and not universally owned, allowing savvy investors to find quality stocks at discounted prices before they gain wider recognition.
Long-Term Value Creation: The combination of steady cash distributions and strong operational performance in these companies positions them well for compounding growth, providing investors with income while they wait for the market to catch up.
Miller Industries Acquires Omars for $20.3 Million to Expand European Market
- Acquisition Deal: Miller Industries has completed the all-cash acquisition of Italy's Omars for approximately €17.5 million ($20.3 million), which is expected to enhance its market share in Europe and improve manufacturing flexibility.
- Market Expansion: With Omars generating annual revenue of about $27 million, this acquisition will provide Miller Industries with additional capacity to meet growing customer demands, thereby driving revenue growth.
- Strategic Fit: Omars boasts a modern manufacturing facility and a strong sales team, which is anticipated to synergize with Miller Industries' existing resources, enhancing overall profitability and competitive positioning.
- Global Growth Strategy: CEO William Miller stated that this acquisition marks a significant milestone in the company's plans to expand into global markets, reflecting a continued commitment to its capital allocation strategy.
Miller Industries to Hold One-on-One Investor Meetings at the 17th Annual Southwest Ideas Investor Conference in Dallas, TX on November 19th and 20th
Miller Industries Presentation: CEO William Miller II and CFO Deborah Whitmire will present at the Southwest IDEAS Investor Conference on November 19, 2025, at 8:35 AM CT in Dallas, TX, with a webcast available for access.
IDEAS Investor Conferences Overview: The IDEAS Conferences aim to provide independent venues for quality companies to present to investment professionals, emphasizing a model "SPONSORED BY INVESTORS. FOR INVESTORS."
Miller Industries Background: Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering products under various well-known brands.
Contact Information: For more information about the IDEAS conferences, interested parties can contact Lacey Wesley at the provided phone number or email.
Freedom Capital Markets Adjusts Miller Industries Rating to Hold and Reduces Price Target to $46
Real-time Intelligence: Benzinga Pro offers traders the fastest news alerts to stay updated on market movements.
Exclusive Content: Subscribers gain access to unique stories and insights generated by Benzinga reporters.
Community of Traders: Over 10,000 serious traders are part of the Benzinga Pro community, enhancing their trading strategies.
Market Winning Tools: The platform is designed to help traders succeed in the markets with accurate stock market intelligence.
Miller Industries to Conduct One-on-One Investor Meetings at the 24th Annual D.A. Davidson Diversified Industrials & Services Conference on September 18 in Nashville, TN
Investor Meetings Announcement: Miller Industries, Inc. will host one-on-one meetings with investors at the D.A. Davidson Diversified Industrials & Services Conference on September 18, 2025, in Nashville, TN.
Company Overview: Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering products under various well-known brands such as Century®, Vulcan®, and Chevron™.
Miller Industries to Hold 1x1 Investor Meetings and Present at the 16th Annual Midwest Ideas Investor Conference in Chicago, IL on August 26th & 27th
Miller Industries Presentation: Miller Industries, the largest manufacturer of towing and recovery equipment, will present at the Midwest IDEAS Investor Conference on August 27, 2025, in Chicago, IL.
Webcast Availability: The presentation by CEO William Miller II and CFO Deborah Whitmire will be available via webcast on both the conference host's website and Miller Industries' investor relations page.
IDEAS Investor Conferences Overview: The IDEAS Conferences aim to provide independent venues for companies to showcase their investment potential to a professional audience, emphasizing that they are sponsored by investors for investors.
Company Background: Miller Industries markets its towing and recovery equipment under several well-known brands, including Century®, Vulcan®, and Chevron™, among others.
