MLR - NYSE

Miller Industries, Inc.

Miller Industries, Inc.

MLR·NYSE

$47.94

-1.7%
Consumer CyclicalAuto - Parts

Miller Industries, Inc., together with its subsidiaries, manufactures and sells towing and recovery equipment. The company offers wreckers that are used to recover and tow disabled vehicles and other equipment; and car carriers, which are specialized flatbed vehicles with hydraulic tilt mechanisms, which are used to transport new or disabled vehicles and other equipment. It also provides transport trailers for moving various vehicles for auto auctions, car dealerships, leasing companies, and other related applications. The company markets its products under the Century, Challenger, Holmes, Champion, Eagle, Titan, Jige, Boniface, Vulcan, and Chevron brands. Miller Industries, Inc. sells its products through independent distributors in the United States, Canada, Mexico, Europe, the Pacific Rim, the Middle East, South America, and Africa; and through prime contractors to governmental entities. The company was incorporated in 1990 and is based in Ooltewah, Tennessee.

StatementsValue Model

At a Glance

Live Snapshot
Market Cap$546.31M
EPS2.0100
P/E Ratio23.85
Earnings Date08/05/2026

Earnings Call Transcript

MLR • 2026 • Q1

Deborah Whitmire
Thank you, Will. I would like to note that this was our first full quarter of contribution from the Omars acquisition. We are encouraged by the smooth integration thus far and expect Omars to be an increasingly meaningful contributor to our results going forward. For the first quarter, revenue was $180.9 million, down 19.8% year-over-year and in line with our expectations for the quarter. This decline reflects the institution of lower production levels in the second half of 2025. Earlier this year, we started to accelerate production to meet increasing retail activity and order intake. This drove quarter-over-quarter revenue growth of 5.7%. Gross profit was $25.7 million or 14.2% of sales, and diluted EPS was $0.05 per share.
Deborah Whitmire
Higher SG&A expenses for the quarter were primarily attributable to the inclusion of Omars. Based on preliminary valuation estimates, we recorded certain non-cash acquisition-related expenses associated with Omars during the first quarter, primarily related to fair value adjustments on equipment sales and the amortization of estimated intangible customer relationship assets. These items reduced first quarter results by approximately $0.13 per diluted share. At this time, we expect this amount to represent roughly half of those total one-time acquisition-related expenses anticipated to be recognized over the balance of 2026. We are continuing to work closely with our third-party valuation specialists, and the final amounts will be recorded upon completion of the valuation process. We remain confident that the acquisition will be accretive in the first year after recognizing these non-cash acquisition-related expenses.
Operator
Thank you. In a moment, we will open the call to questions. The company requests that all callers limit each turn to two questions from each analyst. If you would like to ask a question, please press one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Your first question comes from Michael Shlisky with D.A. Davidson. Please go ahead.
Michael Shlisky
I'm great, thank you. The one-time items that you mentioned, Debbie, in your comments, were those on the SG&A line in the quarter? Maybe more broadly, you added SG&A about $3 million quarter-over-quarter because of the Omars deal. First of all, is that the right number that Omars is a run rate or were there one-time items in there? Do you anticipate any synergies over time to reduce some of that SG&A?
Deborah Whitmire
Morning, Mike. Some of the one-time charges were at the gross margin line and some were at the SG&A line. About $600,000 is on the SG&A line that is related to those acquisition costs. The remaining amount will be pretty much the current run rate with a full quarter of Omars. The additional was the conservative approach that we took from a tax standpoint, as we continue to understand the deductibility under Italian tax law of those acquisition-related expenses. The combination of the three.
Michael Shlisky
Great. The synergies?
Deborah Whitmire
Oh, yes. You know, Omars was a standalone company, so they had a full staff of, you know, engineering, HR, accounting. We feel like the leverage that we can get is the synergies between the three European companies as we go forward to either enhance efficiencies or combine that with the U.S. for reductions of cost.
Deborah Whitmire
Thanks, Mike.
Transcript from May 7, 2026

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