Miller Industries, Inc. · NYSE:MLR
Miller Industries — Investor Presentation (August 2024)
28 slides from Miller Industries's investor presentation, Aug 22, 2024
Slide 1: 2024 Investor Presentation
THE WORLD LEADER IN TOWING AND RECOVERY EQUIPMENT ® 2024 INVESTOR PRESENTATION
Slide 2: Scan to watch a short overview video
SCAN TO WATCH A SHORT OVERVIEW VIDEO ABOUT MILLER INDUSTRIES
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: Light-Duty Car Carrier Product Summary
PRODUCT SUMMARY The World Leader in Towing and Recovery Equipment ® LIGHT-DUTY The Vulcan 812 and Century Express 300 have been the most popular choices in the industry over the past decade for private property repossession and commercial towers. But in an effort to improve upon an already great pro
Slide 6: Heavy-Duty Rotator Product Summary
PRODUCT SUMMARY The World Leader in Towing and Recovery Equipment ® HEAVY-DUTY The 5130 is Century’s best performing heavy- duty integrated unit with 128" of underlift reach. The 5130 has the ability to tow most vehicles without giving up maneuverability of a single axle or tandem axle unit. The 513
Slide 7: Safe Harbor Statement
The World’s Largest Manufacturer of Towing and Recovery Equipment NYSE: MLR Q2 2024 Investor Presentation 1 The World’s Largest Manufacturer of Towing and Recovery Equipment® Safe Harbor Statement NYSE: MLR Certain statements in this Presentation released August 20, 2024 made with respect to future
Slide 8: Introduction to Miller Industries
The World’s Largest Manufacturer of Towing and Recovery Equipment® Introduction to Miller Industries The World’s Largest Manufacturer of Towing and Recovery Equipment® Overview Miller Industries, Inc., founded in 1990 by William G. Miller “Bill”, is the leading manufacturer of towing and recovery eq
Slide 9: Investment Highlights and Industry History
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment Highlights • World Leader in Towing & Recovery Equipment • Consistent Organic Growth • Global Presence • Industry Leader in Innovation • Best-in-Class Products & Distribution • Strong Customer Relationships • Attractive Fi
Slide 10: Towing & Recovery Market, Industry Drivers, Accelerators
The World’s Largest Manufacturer of Towing and Recovery Equipment® Towing & Recovery Market • Multi-Billion Dollar Global Market • Primary Market Segments • Commercial Towing • Transport Fleets (Rental, Salvage) • Government and Municipal Sales • Military • Primary Product Types • Light-Duty Recover
Slide 11: Miller Strategy and Manufacturing Locations
The World’s Largest Manufacturer of Towing and Recovery Equipment® 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 • Locate, develop, and maintain a five-star distribution ne
Slide 12: Investment in Manufacturing
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Manufacturing Century Wrecker 1990 Miller Industries Headquarters Present Day 16 The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Manufacturing Miller Industries Carrier Plant 1990 Carrie
Slide 13: Revenue Streams and North American Distribution
The World’s Largest Manufacturer of Towing and Recovery Equipment® Revenue Streams • North American Distribution • Export • European Operations • National Accounts • Government • Military • After Market Parts • Chassis For 2023, no individual customer was responsible for more than 10% of revenue or
Slide 14: Foreign Market Distribution
The World’s Largest Manufacturer of Towing and Recovery Equipment® Foreign Market Distribution • 30+ Foreign Distributors • Direct Sales to Foreign Governments and Militaries • Export to 60+ Countries 14 The World’s Largest Manufacturer of Towing and Recovery Equipment® “We have the best people, the
Slide 15: Investment in Human Capital and Management Team
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Human Capital Employee Health & Safety Employee Engagement Employee Development Welders supplied with air- Bi-Monthly town hall Front-Line Leadership purifying respirators meetings with employees Academy Increased team
Slide 16: Financial Overview FY 2019-2023
Financial Overview - FY 2019 - 2023 $1.15B $151.9M $58.3M $5.07 13.2% 5.1% 35.9% 84.2% 286.5% 284.8% Hist. Revenue Hist. Gross Margin Hist. Net Income Hist. EPS 2022 2022 2022 2022 $848.5m $82.4m $20.3m $1.78 2021 2021 2021 2021 $717.5m $69.9m $16.3m $1.42 2020 2020 2020 2020 $651.3m $78.4m $29.8m $
Slide 17: Q2 2024 Peer Group Analysis
The World’s Largest Manufacturer of Towing and Recovery Equipment® CAGR $1,200,000 $900,000 CAGR: 13.6% $600,000 $300,000 $0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 22 Q2 2024
Slide 18: EPS and Total Shareholder Return
EPS TTM Q2 ‘24 TTM $10.00 ALG $2.35 $10.56 MLR $1.78 $6.22 $8.00 FSS $0.99 $3.29 BLBD $0.85 $3.03 EPAC $0.47 $1.52 $6.00 PKOH $0.92 $1.41 PLOW $1.02 $1.18 $4.00 CVGI -$0.05 $0.96 FSTR $0.26 $0.67 SRI $0.10 $0.07 $2.00 SHYF $0.06 -$0.08 ASTE -$0.61 -$0.10 $0.00 NNBR -$0.12 -$1.14 MPAA -$0.92 -$3.36 S
Slide 19: Earnings Yield and Debt to Equity Ratio
Earnings Yield TTM TTM 20.00% CVGI 19.59% MLR 11.30% ALG 6.10% 15.00% BLBD 5.63% PKOH 5.45% PLOW 5.04% EPAC 3.98% 10.00% FSS 3.93% FSTR 3.11% SRI 0.44% 5.00% ASTE -0.34% SHYF -0.67% NNBR -38.00% MPAA -54.46% 0.00% CVGI MLR ALG BLBD PKOH PLOW EPAC FSS FSTR SRI ASTE SHYF NNBR MPAA *EOQ2 ’24 Stock Pric
Slide 20: EV/EBITDA and Select Market Information
EV / EBITDA Q2 ‘24 Q2 ‘24 30x CVGI 4.93 MLR 6.35 25x MPAA 7.16 PKOH 7.89 20x ASTE 8.45 ALG 9.59 SRI 10.04 15x BLBD 10.23 PLOW 11.85 10x FSTR 12.03 EPAC 15.02 5x NNBR 15.48 FSS 18.87 SHYF 34.54 0x CVGI MLR MPAA PKOH ASTE ALG SRI BLBD PLOW FSTR EPAC NNBR FSS SHYF The World’s Largest Manufacturer of To
Slide 21: Thank You
The World's Largest Manufacturer of Towing and Recovery Equipment® Q3 & Q4 IR Schedule • MW Ideas Conference, Chicago - August 28-29 • D.A. Davidson Conference, Nashville - September 18-20 • Raymond James Small Cap Conference, Sonoma - November 17-18 • SW Ideas Conference, Dallas - November 20-21 •
Slide 22: Miller Industries Reports 2024 Second Quarter Results
Exhibit 99.1 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 2024 SECOND QUARTER RESULTS CHATTANOOGA, Tenn.
Slide 23: Miller Industries Reports 2024 Second Quarter Results, Page 2
- MORE - MILLER INDUSTRIES REPORTS 2024 SECOND QUARTER RESULTS PAGE 2 Mr. Miller, II, concluded, “As we look ahead, and as we mentioned last quarter, we continue to analyze the need for future investments in our manufacturing capabilities, specifically our production capacity. As always, we will als
Slide 24: Forward-looking statements, Page 3
MILLER INDUSTRIES REPORTS 2024 SECOND 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”, “wi
Slide 25: 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 Six Months Ended June 30, June 30, % % 2024 2023 Change 2024 Change 2023 NET SALES $ 371,451 $ 300,264 23.7% $ 721,322 $ 582,539 23.8% C
Slide 26: Condensed Consolidated Balance Sheets
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30, 2024 December 31, (Unaudited) 2023 ASSETS CURRENT ASSETS: Cash and temporary investments $ 23,816 $ 29,909 Accounts receivable, net of allowance for credit losses of $1,633 and $1,527 at June 30, 2
Slide 27: NYSE: MLR
NYSE: MLR
Slide 28: Miller Industries
Wmer INDUSTRIES
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