Q4 2025 Miller Industries Inc Earnings Call Transcript
Key Points
- Miller Industries Inc (MLR) achieved full-year revenue in line with revised expectations despite a challenging industry environment.
- The company completed the acquisition of Omars, expanding its European footprint and capitalizing on strong regional demand.
- Normalized distributor inventory levels provide greater visibility into retail demand, allowing for improved production cadence.
- The company has secured over $150 million in military commitments, representing a significant long-term growth opportunity.
- Miller Industries Inc (MLR) increased its quarterly dividend by 5% and has consistently paid dividends for 61 consecutive quarters.
- Fourth-quarter revenue was down 22.9% year-over-year, reflecting reduced production to normalize distributor inventories.
- Full-year 2025 revenue decreased by 37.2% compared to 2024, indicating significant challenges in the market.
- SG&A expenses increased due to one-time costs related to a voluntary retirement program and workforce transitions.
- Transaction and integration costs related to the Omars acquisition impacted financial results.
- The company anticipates that gross margins will return to historical levels in the mid-13% range, which may not meet some investor expectations for margin improvement.
Good day, ladies and gentlemen, and welcome to the Miller Industries fourth-quarter 2025 results conference call. Please note, this event is being recorded. And now at this time, I would like to turn the call over to Will Miller at Miller Industries. Please go ahead, sir.
Good morning, everyone, and thank you for joining us for our fourth-quarter and full-year 2025 earnings call. I want to begin by thanking our employees around the world for their dedication throughout the year. Our results and strategic progress reflect the commitment and passion of our team, our suppliers, our customers and our shareholders.
As always, our remarks today will include forward-looking statements. Actual results may differ materially. Please refer to our SEC filings and the safe harbor statement included in today's presentation.
I would like to start with a brief overview before I hand the call over to Debbie who will review our results in greater detail. We were pleased to deliver a fourth
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