Miller Industries, Inc. ( (MLR) ) has released its Q3 earnings. Here is a breakdown of the information Miller Industries, Inc. presented to its investors.
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Miller Industries, Inc., headquartered in Chattanooga, Tennessee, is the world’s largest manufacturer of towing and recovery equipment, marketing its products under well-known brands such as Century, Vulcan, and Holmes.
In its third-quarter earnings report for 2025, Miller Industries reported a significant decrease in net sales, totaling $178.7 million, which marks a 43.1% drop compared to the same period in 2024. This decline was primarily attributed to reduced chassis shipments, a consequence of the previous year’s recovery from supply chain disruptions.
Despite the drop in sales, the company managed to increase its gross margin to 14.2% from 13.4% in the previous year, thanks to a favorable shift in product mix. However, net income saw a steep decline of 80%, amounting to $3.1 million, or $0.27 per diluted share. The company also implemented cost-saving measures, including a workforce reduction and an enhanced retirement program, which contributed to a decrease in selling, general, and administrative expenses.
Looking ahead, Miller Industries remains optimistic about its strategic initiatives, including cost reductions and inventory management, which are expected to position the company well as market conditions improve. The company reaffirmed its revenue guidance for the fiscal year 2025, projecting between $750 to $800 million, and continues to prioritize capital allocation and debt reduction, aiming to enter 2026 from a position of strength.