Miller Industries reported fourth‑quarter revenue of $171.2 million, a 22.9% decline from the $219.5 million earned in Q4 2024, and full‑year revenue of $790.3 million, down 37.2% from $1.26 billion in 2024. Diluted earnings per share rose to $0.29, beating the consensus estimate of $0.07 by $0.22, a 313% beat that reflects disciplined cost control and a shift toward higher‑margin body‑delivery contracts.
Gross margin for the quarter improved to 15.5% from 15.1% in Q4 2024, driven by a mix shift toward higher‑margin body deliveries and effective cost management. Net income fell to $3.4 million from $10.5 million in the prior year, largely due to higher interest expenses and a one‑time charge, offsetting the benefit of margin expansion. The company’s full‑year net income of $23 million also declined sharply from $63.5 million in 2024, underscoring the impact of the revenue contraction and the one‑time items.
Management reaffirmed its 2026 revenue guidance of $850 million to $900 million, a significant upside from the $790.3 million reported for 2025, and reiterated a mid‑13% gross‑margin outlook for the full year. The guidance signals confidence that the expanded capacity and new military contracts will drive a rebound in demand, while the margin target reflects expectations of a return to historical levels after the current mix shift.
The company increased its quarterly dividend to $0.21 per share, a 5% hike from the $0.20 dividend paid in 2025, and confirmed a $100 million expansion of its Ooltewah, Tennessee manufacturing facility. The expansion adds over 200,000 sq ft of production space, positioning Miller to meet growing European demand and its expanding military production commitments.
"We are extremely proud of how our team executed throughout 2025," said CEO William G. Miller II. "From normalizing distributor inventory levels to strengthening our European footprint and preparing for major military programs, we enter 2026 with tremendous momentum." CFO Debbie Whitmire added, "Revenue was $171.2 million, down 22.9% year‑over‑year as expected, reflecting our decision earlier in the year to reduce production and allow distributor inventories to return to historically normalized levels." Investors reacted positively to the earnings beat and guidance, though concerns remained over the sharp revenue decline.
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