Miller Industries Inc
NYSE:MLR
Miller Industries Inc
Miller Industries, Inc. (Tennessee) engages in the manufacture of vehicle towing and recovery equipment. The company is headquartered in Ooltewah, Tennessee and currently employs 1,450 full-time employees. The firm is engaged in the manufacturing of the bodies of wreckers and car carriers, which are installed on truck chassis manufactured by third parties. The firm purchases the truck chassis for integration with its towing and recovery equipment and then resale to its customers. The company manufactures a line of wrecker, car carrier and transport trailers products. The Company’s products brands include Century, Challenger, Holmes, Champion, Eagle, Titan, Jige, Boniface, Vulcan and Chevron. Its products primarily are sold through independent distributors that serve over 50 states, Canada and Mexico, and other foreign markets, including Europe, the Pacific Rim, the Middle East, South America and Africa, and through prime contractors to governmental entities. The Company’s domestic manufacturing operations are in Tennessee and Pennsylvania, and foreign manufacturing operations are in France and the United Kingdom.
Miller Industries, Inc. (Tennessee) engages in the manufacture of vehicle towing and recovery equipment. The company is headquartered in Ooltewah, Tennessee and currently employs 1,450 full-time employees. The firm is engaged in the manufacturing of the bodies of wreckers and car carriers, which are installed on truck chassis manufactured by third parties. The firm purchases the truck chassis for integration with its towing and recovery equipment and then resale to its customers. The company manufactures a line of wrecker, car carrier and transport trailers products. The Company’s products brands include Century, Challenger, Holmes, Champion, Eagle, Titan, Jige, Boniface, Vulcan and Chevron. Its products primarily are sold through independent distributors that serve over 50 states, Canada and Mexico, and other foreign markets, including Europe, the Pacific Rim, the Middle East, South America and Africa, and through prime contractors to governmental entities. The Company’s domestic manufacturing operations are in Tennessee and Pennsylvania, and foreign manufacturing operations are in France and the United Kingdom.
Revenue Decline: Miller Industries reported Q3 2025 net sales of $178.7 million, down 43.1% year-over-year, mainly due to lower chassis shipments.
Margins Hold Up: Gross margin improved to 14.2%, up from 13.4% last year, benefitting from a favorable product mix.
Cost Cuts: The company reduced SG&A expenses and headcount, including a retirement program and a layoff of about 150 positions to align costs with current demand.
Inventory & Cash: Distribution channel inventory is trending toward normalized levels, and the company saw improvements in cash flow and a $10 million sequential reduction in debt.
Guidance Reaffirmed: Management reaffirmed full-year 2025 revenue guidance of $750 million to $800 million despite ongoing demand headwinds.
Optimism for 2026: The company expects a stronger 2026, citing improved inventory levels, recovering markets, and growing military business opportunities.
