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Miller Industries Financial Results for Q3 2025

Miller Industries, Inc. (NYSE: MLR), known as the world's largest manufacturer of towing and recovery equipment, announced its financial performance for the third quarter ending September 30, 2025. The results reflect significant challenges in the market as the company navigated a notable drop in both revenue and net income compared to the same quarter last year.

Key Financial Highlights

In the third quarter of 2025, Miller Industries reported net sales of $178.7 million, a drastic decrease of 43.1% from $314.3 million reported in Q3 2024. This decline has predominantly been attributed to a reduction in chassis shipments, which had surged in the previous year due to recovery activities from supply chain disruptions affecting original equipment manufacturers (OEMs).

The company's gross profit stood at $25.3 million, representing 14.2% of net sales. This marks a decrease from $42.0 million (13.4% of net sales) in the same period last year. Despite the overall drop in sales, the increase in gross margin percentage indicates a better product mix, transitioning from a higher portion of chassis in the previous year to more units in the current quarter.

Total selling, general and administrative expenses were reported at $21.2 million, or 11.9% of net sales. This is a slight decrease compared to $22.3 million (7.1% of net sales) for the same quarter last year. The reduction can be credited to cost-savings initiatives as well as decreased executive compensation expenses, though these gains were partially offset by the $0.9 million costs associated with a new retirement program offered to all U.S. employees aged 65 and above during the quarter.

Profit and Dividend Declaration

The company experienced a substantial drop in net income, which was $3.1 million, translating to $0.27 per diluted share, down by 80% from the previous year's $15.4 million ($1.33 per diluted share). In light of these financial results, Miller Industries declared a quarterly cash dividend of $0.20 per share, payable on December 9, 2025, to shareholders of record by December 2, 2025, marking the sixtieth consecutive quarter of dividend payments.

CEO's Perspective and Strategic Actions

William G. Miller II, the Company's CEO, shared insights on the company's performance and future outlook, stating, "Third-quarter revenue was in-line with our expectations, as industry-wide demand challenges continued to impact our results." He emphasized the decisive actions taken during the quarter, including strategically reducing production to handle excess inventory, implementing cost adjustments to align with prevailing market conditions, and reinforcing the supply chain to mitigate long-term tariff impacts.

The CEO highlighted the difficult decision to implement workforce reductions as part of an overall cost reduction plan, which was made public in August. Despite these challenges, he expressed confidence in the proactive measures being taken, believing they will position the company favorably to seize opportunities as market conditions eventually improve.

Miller further plans to maintain a disciplined approach towards capital allocation as cash flow improves, having executed around $1.2 million in share repurchases. When combined with the dividend declaration, this accounts for approximately $3.5 million returned to shareholders in the quarter. Additionally, in a bid to strengthen its balance sheet, the company managed to reduce its debt balance by $10 million during the quarter, with another reduction planned for October.

Looking Ahead

Miller Industries has reaffirmed its revenue guidance for the fiscal year 2025, projecting a total of $750 to $800 million. These forward-looking statements, while optimistic, are subject to various factors that could impact actual outcomes, including reliance on external suppliers and prevailing economic conditions.

The company has scheduled a conference call for November 6, 2025, at 10:00 AM ET to discuss these results in more detail. Participants can access the call via a live streaming link provided for both live and archived sessions.

In conclusion, while 2025 Q3 results highlight significant challenges, Miller Industries remains committed to navigating these obstacles with a clear view towards recovery and sustainable growth.