Miller Industries, Inc. · NYSE:MLR
Miller Industries — Q1 2025 Earnings Presentation
25 slides from Miller Industries's earnings presentation, May 2025
Slide 1: The World Leader in Towing and Recovery Equipment: 2025 Investor Presentation
THE WORLD LEADER IN TOWING AND RECOVERY EQUIPMENT ® 2025 INVESTOR PRESENTATION
Slide 2: Scan to watch a short overview video about Miller Industries
SCAN TO WATCH A SHORT OVERVIEW VIDEO ABOUT MILLER INDUSTRIES investor.relations@millerind.com
Slide 3: Fact Sheet
FACT SHEET The World Leader in Towing and Recovery Equipment ® CORPORATE SUMMARY Miller Industries is the world’s largest manufacturer of towing and recovery equipment and markets its towing and recovery equipment under a number of well- recognized brands, including Century, Vulcan, Chevron, Holmes,
Slide 4: Executive Bio
EXECUTIVE BIO The World Leader in Towing and Recovery Equipment ® William G. Miller, II has served as a director since May 2014, our Chief Executive Officer since March 2022 and President since March 2011, after serving as Co-Chief Executive Officer from December 2013 to March 2022 and as a Regional
Slide 5: Product Summary: Light-Duty and Car Carrier
PRODUCT SUMMARY The World Leader in Towing and Recovery Equipment ® LIGHT-DUTY Light-duty wreckers are designed for efficiency and dependability in everyday towing and recovery operations. Built for smaller vehicles like cars, light trucks, and motorcycles, these wreckers offer easy maneuverability
Slide 6: Product Summary: Rotators, Military, Special Transport
PRODUCT SUMMARY The World Leader in Towing and Recovery Equipment ® ROTATORS Rotators (capacity up to 100 tons) are cutting- edge recovery vehicles designed for maximum strength and versatility in the most complex recovery operations. With a rotating boom that offers 360-degree maneuverability, thes
Slide 7: Safe Harbor Statement
Q1 2025 INVESTOR PRESENTATION THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT MILLER INDUSTRIES FORWARD LOOKING STATEMENTS SAFE HARBOR STATEMENT Certain statements in this presentation may be deemed to be forward-looking statements, as defined in the Private Securities Litigation R
Slide 8: Overview: Company Profile
MILLER INDUSTRIES OVERVIEW THE WORLD’S LARGEST MANUFACTURER OF LIGHT-DUTY RECOVERY CAR CARRIER TOWING AND RECOVERY EQUIPMENT COMPANY PROFILE SPECIALTY TRANSPORT MEDIUM- & HEAVY-DUTY RECOVERY NYSE: MLR FOUNDED IN 1990 HEADQUARTERS - OOLTEWAH, TN OPERATIONS IN TN, PA, ENGLAND, AND FRANCE 1,711 EMPLOYE
Slide 9: Investment Highlights and Experienced Management Team
MILLER INDUSTRIES OVERVIEW INVESTMENT HIGHLIGHTS ■ World Leader in Towing & Recovery ■ Best-in-Class Products & Manufacturing Distribution ■ Consistent Organic Growth ■ Strong Customer Relationships ■ Quarterly Dividend ■ Attractive Financial Metrics ■ Industry Leader in Innovation ■ Experienced Man
Slide 10: Miller Strategy and Towing & Recovery Market
MILLER INDUSTRIES OVERVIEW MILLER STRATEGY ■ Develop a world-class team from the top down by investing in our employees’ education and career development to enhance the value of the Miller organization ■ Innovate, design, and produce the highest quality products with greater payload and recovery cap
Slide 11: Manufacturing Locations and Investment in Manufacturing
MILLER INDUSTRIES OVERVIEW MANUFACTURING LOCATIONS Thetford, England Hermitage, PA Greeneville, TN Athens, TN Ooltewah, TN Revigny, France Global Footprint: 1,154,000 sqft MILLER INDUSTRIES OVERVIEW INVESTMENT IN MANUFACTURING Miller Industries Headquarters Present Day Carrier Plant Present Day
Slide 12: Sales Channels and Revenue Streams
MILLER INDUSTRIES OVERVIEW INVESTMENT IN OUR PEOPLE Employee Health & Safety Employee Engagement Employee Development Cost-of-living adjustments + Tuition reimbursement Welders supplied with air- annual bonus based on program & Family purifying respirators Company performance for all Scholarship Fun
Slide 13: International Market and Growth Opportunities
MILLER INDUSTRIES SALES INTERNATIONAL MANUFACTURING FACILITIES INTERNATIONAL ■ Jige - Revigny, France (3 Sites) ■ Boniface - Thetford, England MARKET ■ Strong backlog ■ Current expansion project at Jige ■ Opportunity for growth FOREIGN MARKET DISTRIBUTION ■ 30+ Distributors Globally ■ Direct Sales t
Slide 14: Capital Allocation
MILLER INDUSTRIES STRATEGY INVESTMENT IN OUR BUSINESS CAPITAL ■ Robotics ■ Capacity ■ Cybersecurity ■ Research & Development ALLOCATION ■ Human Capital ■ ERP System ■ Vertical Integration ■ Employee Health & Safety CAPITAL ALLOCATION PRIORITIES ■ Quarterly Dividend ■ Debt Reduction ■ Share Repurchas
Slide 15: Full-Year and Quarterly Key Metrics
MILLER INDUSTRIES FULL YEAR 2024 VS. FULL YEAR 2023 FULL-YEAR KEY METRICS $1.26B $170.8M $63.5M REVENUE GROSS PROFIT - 13.6% NET INCOME - 5.0% INCREASED 9.0% INCREASED 12.5% INCREASED 8.9% $5.47 16.9% $11.6M EPS, DILUTED RETURN ON EQUITY CASH RETURNED TO INCREASED 7.9% BASED ON AVERAGE EQUITY SHAREH
Slide 16: Updated Key Considerations for 2025
MILLER INDUSTRIES MARKET OVERVIEW UPDATED KEY CONSIDERATIONS FOR 2025 ■ TARIFFS ■ CARB / A.C.T. ■ INVENTORY REDUCTION ■ FREE CASH FLOW ■ DEBT REDUCTION ■ MILITARY RFQ’S ■ GROWTH OPPORTUNITIES MILLER INDUSTRIES HISTORICAL CHASSIS REVENUE VS. BLENDED GROSS PROFIT % 17 Chassis Revenue Gross Profit % (M
Slide 17: CARB / Advanced Clean Truck Regulation and Distributor Inventory
MILLER INDUSTRIES DISTRIBUTOR BODY AND CHASSIS INVENTORY 6000 Chassis Inventory Body Inventory Optimal Inventory Level 5250 4500 3750 3000 Dec '23 Dec '23 Jan '24 Feb '24 Mar '24 Apr '24 May '24 Jun '24 Jul '24 Aug '24 Sep '24 Oct '24 Nov '24 Dec '24 Dec '24 Jan '25 Mar '25 Mar '25 Apr '25 Distribut
Slide 18: Investor Relations Schedule 2025 / Thank You
MILLER INDUSTRIES INVESTOR RELATIONS INVESTOR RELATIONS SCHEDULE 2025 ■ MIDWEST IDEAS CONFERENCE AUGUST 26-27 ■ D.A. DAVIDSON INDUSTRIALS CONFERENCE SEPTEMBER 17-19 ■ SOUTHWEST IDEAS CONFERENCE NOVEMBER 19-20 ■ ROADSHOWS TBD THANK YOU
Slide 19: Miller Industries Reports 2025 First Quarter Results
8503 Hilltop Drive, Ooltewah, TN 37363 Telephone (423) 238-4171 CONTACT: Miller Industries, Inc. Debbie Whitmire, Chief Financial Officer (423) 238-8464 FTI Consulting, Inc. Mike Gaudreau millerind@fticonsulting.com MILLER INDUSTRIES REPORTS 2025 FIRST QUARTER RESULTS CHATTANOOGA, Tenn., May 7, 2025
Slide 20: Miller Industries Reports 2025 First Quarter Results, Page 2
MILLER INDUSTRIES REPORTS 2025 FIRST QUARTER RESULTS PAGE 2 Mr. Miller II, concluded, “While tariff-related uncertainties persist, we’ve made efforts to mitigate the existing and expected impacts to our business to the extent we can. We recently implemented a tariff surcharge on all new orders of ma
Slide 21: Forward-Looking Statements (Press Release Page 3)
MILLER INDUSTRIES REPORTS 2025 FIRST QUARTER RESULTS PAGE 3 Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “may”, “wil
Slide 22: Condensed Consolidated Statements of Income
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31 % 2025 2024 Change NET SALES $ 225,651 $ 349,871 (35.5)% COST OF OPERATIONS 191,707 305,628 (37.3)% GROSS PROFIT 33,944 44,243
Slide 23: Condensed Consolidated Balance Sheets
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) March 31, 2025 December 31, (Unaudited) 2024 ASSETS CURRENT ASSETS: Cash and temporary investments $ 27,360 $ 24,337 Accounts receivable, net of allowance for credit losses
Slide 24: NYSE: MLR
NYSE: MLR
Slide 25: Wmer
Wmer INDUSTRIES