#USA #Chattanooga #Miller Industries #NYSE MLR #towing equipment

Miller Industries Reports 2024 Financial Results

On March 5, 2025, Miller Industries, Inc. (NYSE: MLR), a leader in the towing and recovery equipment market, shared its financial performance for the fourth quarter and the entirety of 2024. The company experienced notable fluctuations in sales figures while also achieving a yearly overall growth in revenue despite the complexities posed by the market landscape.

Fourth Quarter Overview

In the fourth quarter of 2024, Miller Industries reported net sales of $221.9 million, marking a significant decline of 25.1% compared to $296.2 million in the same quarter in 2023. This dip was primarily due to a reduction in chassis shipments. In the previous year's fourth quarter, chassis deliveries were abnormally high, influenced by the erratic delivery timelines from original equipment manufacturers (OEMs) recovering from earlier supply chain issues.

The gross profit for this quarter amounted to $33.5 million, constituting 15.1% of net sales, which is a small improvement from the 13.0% recorded in Q4 2023. This increase in gross margin can be attributed to a more favorable product mix and a higher share of body sales compared to chassis sales.

Operational Expenses

Miller Industries' selling, general and administrative expenses rose to $19.7 million, or 8.9% of net sales, up from 16.4 million or 5.5% from the prior year quarter. This increase reflects the company’s investments in executive compensation, workforce enhancements, and costs associated with launching new products and military contracts.

The net income for the fourth quarter observed a notable decrease, standing at $10.5 million or $0.91 per diluted share, a drop of 36.9% from $16.7 million or $1.45 per diluted share in the previous year’s fourth quarter. This decline was a direct reflection of reduced revenue streams during a turbulent market period.

Full Year Performance

Looking at the entirety of 2024, Miller Industries recorded net sales of $1.26 billion, which represents a 9.0% increase from $1.15 billion in 2023. Their total net income for the year was $63.5 million, corresponding to $5.47 per diluted share, rising from $58.3 million or $5.07 per diluted share the previous year.

In a display of shareholder commitment, the Board of Directors declared a $0.20 cash dividend per share, payable on March 24, 2025, marking the fifty-seventh consecutive quarter of dividends paid. Furthermore, throughout 2024, the company repurchased 49,500 shares of its common stock, representing $2.9 million out of a $25.0 million repurchase program authorized earlier in April 2024.

CEO Insights and Future Outlook

William G. Miller, II, the Chief Executive Officer of Miller Industries, commented: "2024 was another record year for Miller Industries. Despite challenges due to macroeconomic conditions in the latter half of the year, we achieved solid growth and improved margins while returning value to our shareholders. Looking ahead to 2025, we recognize the uncertainties that may impact the market, particularly due to emerging tariffs and increasing costs. However, I remain optimistic about our progress as we prepare to introduce several new products and capitalize on advancements in our military market segments."

For 2025, the company projects revenues between $950 million and $1.0 billion, with diluted earnings per share anticipated to fall between $2.90 and $3.20.

Conference Call Information

Miller Industries will host a conference call on March 6, 2025, at 10:00 AM ET to discuss these financial results in more detail. Interested parties can access this call live or as a replay via the link provided by the company, allowing listeners to explore further insights about the company’s performance and strategies.

Miller Industries is recognized as the largest manufacturer of towing and recovery equipment globally, promoting its robust portfolio that includes well-known brands like Century®, Vulcan®, and Champion®. As the company navigates through complexities and aims for growth, its dedicated focus on innovation and customer partnerships remains pivotal.

Miller Industries' commitment to transparency and stakeholder engagement continues to shape its pathway, as reflected in its detailed 2024 financial disclosures. These efforts and strategies lay a solid foundation for anticipated successes in 2025 and beyond.