Q2 2026 Miller Industries Inc Earnings Call Transcript
Key Points
- Revenue grew 12.1% year-over-year and 32.7% sequentially to $240 million in Q2 2026, driven by steady production rates and order intake.
- Gross profit improved to $35.9 million (15% of sales), reflecting operational efficiencies and disciplined labor cost management.
- Cash balance increased to $55.6 million, and debt was reduced by an additional $20 million since Q1, strengthening the balance sheet.
- Military commitments surpassed $200 million, with production scheduled to begin in 2027, positioning for significant revenue growth in 2028-2029.
- The company returned $4.9 million to shareholders via dividends and share repurchases, maintaining a 63-consecutive-quarter dividend streak.
- Gross margins are expected to decline to mid-13% range for full-year 2026 due to a return to a more normalized product mix between bodies and chassis.
- EPS was negatively impacted by $0.25 per share in Q2 from transaction-related expenses related to the Omars acquisition, though further impacts are expected to be minimal.
- Domestic market demand remains flat, with low consumer confidence due to geopolitical tensions and elevated fuel prices, limiting near-term growth.
- The company faces uncertainty in the domestic market, with no expected improvement until Middle East issues and fuel prices stabilize.
- Full-year EPS is projected to be flat compared to 2025, despite revenue growth, due to one-time charges and margin pressures.
Good day, ladies and gentlemen, and welcome to the Miller Industries' second quarter 2026 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.
Thank you.
Good morning, everyone, and thank you for joining us for our second quarter.
2026 earnings call.
I want to start by recognizing the hard work of our employees around the world.
Our second quarter results and our continued progress in strengthening our business reflects the dedication 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.
Before I hand the call over to Debbie to discuss our results in greater detail.
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