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What were the key takeaways from Miller Industries’s earnings call?

- **Revenue decline**: Q3 net sales down 43.1% YoY to $178.7M due to chassis shortage.
- **Margin improvement**: Gross margin up to 14.2% (vs. 13.4% YoY) from unit delivery mix.
- **Cost cuts**: $2.7M one-time severance; SG&A down 5% YoY to $21.2M.
- **Military growth**: 2026 RFQ activity up; 2027 production ramp expected.
- **Financial strength**: $38.4M cash, $35M debt; 2025 guidance reaffirmed at $750M-$800M.

**【CEO Opening Remarks】**
- Q3 2025 results were in line with expectations, but faced industry-wide demand headwinds due to elevated field inventory and macroeconomic uncertainty.
- Proactive steps taken: reduced production, cost rightsizing, and supply chain mitigation for tariffs.
- Confident in 2026 outlook, citing military business growth and normalized inventory levels.

**【CFO Financial Commentary】**
- Net sales: $178.7M (43.1% YoY decline) due to lower chassis shipments.
- Gross profit: $25.3M (14.2% of sales), up from $42M (13.4%) YoY, driven by higher unit deliveries.
- SG&A: $21.2M (11.9% of sales), down 5% YoY, with $2.7M one-time severance costs.
- Cash balance: $38.4M (up $14.1M YoY); debt reduced to $35M from $45M.
- Inventory: $180.7M (up sequentially due to tariff mitigation purchases).

**【CEO Business Outlook】**
- 2026 outlook: strong balance sheet, normalized inventory, and military demand growth.
- Chassis production delayed to reduce field inventory; expects 2026 mix to return to historical margins.
- $3.5M returned to shareholders via dividend and buybacks; committed to capital returns.
- Military RFQ activity up, with production ramp-up expected for 2027 orders.

**【Q&A Highlights】**
- 2026 mix: higher chassis sales will boost top line, but margins to return to historical levels.
- Q4 2025 margins: ~14%, similar to Q3, with potential holiday-related pressure.
- SG&A run rate: $21M/Q without one-time costs; clean run rate expected in Q1 2026.
- Underlying demand drivers (aging fleets, cell phone accidents) remain intact.


Miller Industries, Inc. (MLR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MLR

MLR fundamentals

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