Miller Industries Reports Q4 Results, Outlines 2026 Outlook

Got story updates? Submit your updates here. ›

Miller Industries (NYSE:MLR) reported fourth-quarter and full-year 2025 results, noting the company intentionally reduced production to work down elevated distributor inventory across its North American network. Management pointed to improving retail order activity late in the quarter, momentum continuing into 2026, and a growing international and military opportunity set underpinning its 2026 outlook.

Why it matters

Miller Industries is a leading designer, engineer, and manufacturer of towing and recovery vehicles, serving a broad spectrum of customers in the towing, recovery, roadside assistance, and vehicle transport industries. The company's performance and outlook provide insights into the broader towing and recovery equipment market, as well as the state of the North American automotive and transportation sectors.

The details

For the fourth quarter, Miller reported revenue of $171.2 million, down 22.9% year-over-year, which management said was expected given the earlier decision to decrease production and allow distributor inventories to return to 'historically normalized levels.' Gross profit was $26.5 million, representing 15.5% of sales, and diluted earnings per share were $0.29. For the full year 2025, revenue totaled $790.3 million, down 37.2% from 2024. Gross profit was $120.4 million, or 15.2% of sales, and net income was $23.0 million, or $1.98 per diluted share.

• In the fourth quarter of 2025, Miller reported revenue of $171.2 million.
• For the full year 2025, Miller's revenue totaled $790.3 million.

What’s next

Management said it expects production to rise 'methodically throughout Q1 and Q2' of 2026 to match the demand recovery, and the company is beginning a $100 million expansion project at its Ooltewah, Tennessee facility to support future demand.