MILLER INDUSTRIES REPORTS 2026 THIRD QUARTER RESULTS
MILLER INDUSTRIES INC /TN/ (MLR) filed an SEC Form 8-K — Results of Operations and Financial Condition. I Exhibit 99.1 8503 Hilltop Drive, Ooltewah, TN 37363 Telephone (423) 238-4171 CONTACT: Miller Industries, Inc. Debbie Whitmire, Chief Financial Officer (423) 238-8464 FTI Consulting, Inc. Mike Gaudreau millerind@fticonsulting.com MIL
How this was made
The 30-second read
Why it matters
Reaffirmed guidance and a dividend payout suggest continued cash generation, supporting a neutral‑to‑positive outlook.
Market read
The earnings release reaffirms guidance and adds a dividend, likely sustaining investor confidence in the stock.
What to watch
Potential supply‑chain constraints at chassis suppliers could pressure margins.
MILLER INDUSTRIES REPORTS 2026 THIRD QUARTER RESULTS
Third-quarter revenue, gross profit and net income increased year over year, supported by consistent production and steady order intake, but nine-month gross profit, income before taxes and net income declined year over year. The company reaffirmed full-year revenue and earnings-per-share guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended September 30GAAP | $212.2M | – | 18.8% |
| Costs of operations, three months ended September 30GAAP | 182.4M | – | 19.0% |
| Gross profit, three months ended September 30GAAP | $29.78M | – | 17.6% |
| Gross margin, three months ended September 30GAAP | 14.0% | – | a decrease of approximately 20 basis points |
| Selling, general and administrative expenses, three months ended September 30GAAP | 22.00M | – | 3.5% |
| Interest expense, net, three months ended September 30GAAP | 359K | – | 286.0% |
| Other income, net, three months ended September 30GAAP | −100K | – | (67.9%) |
| Total expense, net, three months ended September 30GAAP | 22.26M | – | 5.8% |
| Income before income taxes, three months ended September 30GAAP | 7.52M | – | 74.8% |
| Income tax provision, three months ended September 30GAAP | 1.44M | – | 18.2% |
| Net income, three months ended September 30GAAP | $6.08M | – | 97.2% |
| Basic income per share of common stock, three months ended September 30GAAP | $0.54 | – | 100.0% |
| Diluted income per share of common stock, three months ended September 30GAAP | $0.53 | – | 96.3% |
| Cash dividends declared per share of common stock, three months ended September 30GAAP | $0.21 | – | 5.0% |
| Weighted-average basic shares outstanding, three months ended September 30GAAP | 11.33M | – | (1.0%) |
| Weighted-average diluted shares outstanding, three months ended September 30GAAP | 11.48M | – | (0.9%) |
| Net sales, nine months ended September 30GAAP | $633.1M | – | 2.4% |
| Costs of operations, nine months ended September 30GAAP | 541.7M | – | 3.3% |
| Gross profit, nine months ended September 30GAAP | 91.40M | – | (2.6%) |
| Selling, general and administrative expenses, nine months ended September 30GAAP | 71.12M | – | 4.7% |
| Interest expense, net, nine months ended September 30GAAP | 856K | – | 77.6% |
| Other expense, net, nine months ended September 30GAAP | 224K | – | 122.5% |
| Total expense, net, nine months ended September 30GAAP | 72.20M | – | 7.1% |
| Income before income taxes, nine months ended September 30GAAP | 19.20M | – | (27.5%) |
| Income tax provision, nine months ended September 30GAAP | 5.29M | – | (22.8%) |
| Net income, nine months ended September 30GAAP | $13.90M | – | (29.1%) |
| Basic income per share of common stock, nine months ended September 30GAAP | $1.22 | – | (28.7%) |
| Diluted income per share of common stock, nine months ended September 30GAAP | $1.21 | – | (28.0%) |
| Cash dividends declared per share of common stock, nine months ended September 30GAAP | $0.63 | – | 5.0% |
| Weighted-average basic shares outstanding, nine months ended September 30GAAP | 11.36M | – | (0.8%) |
| Weighted-average diluted shares outstanding, nine months ended September 30GAAP | 11.51M | – | (1.1%) |
| Cash and cash equivalents as of September 30, 2026GAAP | $60.40M | – | – |
| Cash and cash equivalents as of December 31, 2025GAAP | $44.68M | – | – |
| Current portion of long-term debt as of September 30, 2026GAAP | $2.47M | – | – |
| Long-term obligations as of September 30, 2026GAAP | 1.02M | – | – |
| Non-cash acquisition-related items impact per diluted shareother | approximately $0.09 per diluted share | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Revenue$850 million to $900 million
- Gross marginapproximately 14%
- Noteexpects earnings per share to be generally in line with full year 2025 results
- NoteProduction volumes are expected to remain steady through the end of 2026.
- NoteIn the fourth quarter, revenue mix is expected to return toward historical levels of bodies and chassis.
Capital returns
- $5.1 million returned to shareholders in the form of dividends and share repurchases during the third quarter of 2026.
- The Board of Directors approved a quarterly cash dividend of $0.21 per share, payable December 14, 2026, to shareholders of record as of December 7, 2026.
- The Company repurchased approximately $2.7 million of stock during the third quarter of 2026 under its stock repurchase program.
- The dividend represents the sixty-fourth consecutive quarter that Miller Industries has paid a dividend.
What drove it
- The company maintained production in line with steady order intake.
- Management stated that it has seen no slowdown in customer demand and that order intake remains consistent.
- Omars delivered solid performance, including significant year-over-year growth, and the company stated that the acquisition remains on track to meet expectations for first-year accretion.
- The company recently introduced the Century M65, a new 65-ton rotator.
- Military commitments currently exceed $200 million, and additional global RFQs are underway.
Concerns
- The third quarter was impacted by planned holiday downtime and production challenges among chassis suppliers.
- Gross margin of 14.0% decreased from 14.2% in the prior-year quarter.
- Nine-month gross profit declined 2.6%, income before income taxes declined 27.5%, and net income declined 29.1%.
- Interest expense, net, increased 286.0% in the third quarter and 77.6% in the nine-month period.
- The company cited risks related to component, chassis and raw-material availability, tariffs, financing conditions, military-program funding, and global political and economic uncertainty.
What to watch
- Fourth-quarter revenue mix is expected to return toward historical levels of bodies and chassis.
- Production volumes are expected to remain steady through the end of 2026.
- Initial building construction is underway for the new 200,000+ sq ft Ooltewah facility, with a cost of approximately $100 million.
- Military program production is scheduled to begin in 2027 and accelerate into 2028 and 2029.
- Execution of Omars integration and its expected first-year accretion remains a key item.
Balance sheet and cash flow
- Cash and cash equivalents were $60,402 (in thousands) as of September 30, 2026, compared with $44,682 (in thousands) as of December 31, 2025.
- Total assets were $603,626 (in thousands) as of September 30, 2026, compared with $589,667 (in thousands) as of December 31, 2025.
- Total liabilities were $181,773 (in thousands) as of September 30, 2026, compared with $169,097 (in thousands) as of December 31, 2025.
- Total shareholders' equity was $421,853 (in thousands) as of September 30, 2026, compared with $420,570 (in thousands) as of December 31, 2025.
- The company stated that it generated strong cash flow, but did not report operating cash flow or free cash flow.
Analysis
Miller Industries reported third-quarter net sales of $212,224 (in thousands), up 18.8% from $178,670 (in thousands). Gross profit increased 17.6% to $29,779 (in thousands), while gross margin was 14.0%, compared with 14.2%. Selling, general and administrative expenses rose 3.5% to 21,997 (in thousands), materially slower than revenue growth. Net income was $6,079 (in thousands), up 97.2%, and diluted income per share was $0.53, compared with $0.27.
The quarter reflected consistent order intake and production, according to management, despite planned holiday downtime and production challenges among chassis suppliers. Management also said customer demand had not slowed. Omars delivered significant year-over-year growth, and the company said the acquisition remains on track to meet expectations for first-year accretion. Non-cash acquisition-related items had a positive impact of approximately $0.09 per diluted share based on the final third-party valuation.
The nine-month comparison was less favorable than the quarter. Net sales increased 2.4% to $633,079 (in thousands), but gross profit declined 2.6% to 91,397 (in thousands). Selling, general and administrative expenses increased 4.7%, interest expense, net, increased 77.6%, and other income of (994) (in thousands) in the prior-year period became other expense of 224 (in thousands). As a result, nine-month income before income taxes declined 27.5% and net income declined 29.1% to $13,903 (in thousands).
Capital allocation combined shareholder returns with growth investment. The company returned $5.1 million to shareholders through dividends and share repurchases during the third quarter, including approximately $2.7 million of stock repurchases, and approved a $0.21 per-share quarterly dividend. It is building a new 200,000+ sq ft Ooltewah facility at an approximate cost of $100 million and anticipates funding the majority through operating cash flow over the next several years. Military commitments currently exceed $200 million, with military program production scheduled to begin in 2027 and accelerate into 2028 and 2029.
The company reaffirmed full-year 2026 revenue guidance of $850 million to $900 million and expects earnings per share to be generally in line with full-year 2025 results. Full-year gross margins are now expected to be approximately 14%, higher than previously anticipated, reflecting a lower mix of chassis. Management expects fourth-quarter mix to return toward historical levels of bodies and chassis, making the mix transition, chassis-supplier execution and the realization of steady production important factors for the final quarter.
Management, verbatim
We’ve seen no slowdown in customer demand, and our order intake remains consistent.
William G. Miller II, Chief Executive Officer
While the quarter was impacted by planned holiday downtime and production challenges among our chassis suppliers, the underlying strength in demand for our products gives us confidence as we move into the final quarter of 2026, and into 2027.
William G. Miller II, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-release outlook was not provided, so comparison of reported results with prior guidance is unavailable.
- Operating income was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- No segment revenue or segment profitability was reported.
- No non-GAAP financial measures were reported.
- Tax rate was not reported.
- Prior-quarter financial comparisons were not reported.
- Full-year 2025 earnings per share, referenced in guidance, was not provided in the filing text.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K Item 2.02 providing the company's quarterly financials and guidance.
Ticker impact
Miller Industries filed its Q3 2026 results, reporting 18.8% revenue growth and reaffirming full-year guidance.
potential modest upside as market prices in reaffirmed guidance and dividend
Strong revenue growth, near‑doubling of net income, and a quarterly dividend signal financial health, likely supporting the stock price.
Market effects
Positive earnings may lift the heavy‑duty recovery equipment sector.
U.S. industrial stocks could see modest gains.
Limited; primarily impacts U.S. industrial investors.
Counterpoint
If the market has already priced in strong growth, the stock may face limited upside.
Key entities
- companyMiller Industries, Inc.
Manufacturer of heavy‑duty recovery equipment.
