Miller Industries Reaffirms 2026 Outlook After Profit Rebound

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $212.2 million as net income nearly doubled from a year earlier and the company kept full-year sales guidance at $850 million to $900 million.

Miller Industries, Inc. (MLR), the world’s largest manufacturer of towing and recovery equipment, reported third-quarter revenue of $212.2 million, an 18.8% increase from $178.7 million a year earlier, and said it remains on track for full-year 2026 revenue of $850 million to $900 million.

Net income rose 97.2% to $6.1 million from $3.1 million a year earlier, while diluted earnings per share rose 96.3% to $0.53 from $0.27. Sequential sales were lower than the $240.0 million second-quarter level. Chief Executive Officer William G. Miller II said the company saw no slowdown in customer demand and that order intake remained consistent, while the quarter was affected by planned holiday downtime and production challenges among chassis suppliers.

Gross profit was $29.8 million, up 17.6% from $25.3 million a year earlier. Gross margin was 14.0%, down about 20 basis points from 14.2% a year earlier. Selling, general and administrative expenses were $22.0 million. The company said it maintained production in line with steady order intake.

Non-cash acquisition-related items tied to Omars had a positive impact of approximately $0.09 a share based on the final third-party valuation, versus a negative impact of about $0.11 a share from preliminary estimates in the second quarter. The items primarily reflected equipment adjustments to fair market value, amortization of the estimated intangible value of customer relationships, and the associated tax amortization benefit. Most Omars acquisition and integration expenses were recognized in the first and second quarters of 2026. The company said Omars delivered solid performance, including significant year-over-year growth, and that the acquisition remains on track to meet first-year accretion expectations.

The board approved a quarterly cash dividend of $0.21 a share, payable December 14, 2026, to shareholders of record as of December 7, 2026, the sixty-fourth consecutive quarter of dividends. The company returned $5.1 million to shareholders in the third quarter through dividends and share repurchases, including about $2.7 million of stock repurchased.

Heavy-duty capacity expansion at Ooltewah remains on schedule, with initial building construction underway. The company previously announced a new 200,000-plus square-foot facility at the Ooltewah site at a cost of approximately $100 million, intended to increase production capacity, support European demand through U.S. backfill and integrated capacity, and prepare for higher-volume global military production. Military commitments currently exceed $200 million, and additional global RFQs are underway. Military programs production is scheduled to begin in 2027 and accelerate into 2028 and 2029.

Miller Industries re-affirmed previously issued revenue guidance of $850 million to $900 million for full year 2026 and expects earnings per share to be generally in line with full-year 2025 results. For the full year, gross margins are now expected to be approximately 14%, higher than previously anticipated, reflecting a lower mix of chassis. In the fourth quarter, revenue mix is expected to return toward historical levels of bodies and chassis. The company expects production volumes to remain steady through the end of 2026.

Cash and cash equivalents were $60.4 million at September 30, 2026. Inventories were $163.6 million. Accounts payable were $115.2 million. Total shareholders’ equity was $421.9 million.