Miller Industries, Inc. · NYSE:MLR
Miller Industries — FY2024 Earnings Presentation
19 slides from Miller Industries's earnings presentation, Mar 6, 2025
Slide 1: The World's Largest Manufacturer of Towing and Recovery Equipment
THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT
Slide 2: Forward Looking Statements Safe Harbor Statement
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 Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “may
Slide 3: Q4 and Full Year 2024 Earnings Presentation
Q4 AND FULL YEAR 2024 EARNINGS PRESENTATION Slide 3
Slide 4: Product Overview and 2024 Financial Overview
MILLER INDUSTRIES PRODUCT OVERVIEW THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT NYSE: MLR LIGHT-DUTY RECOVERY CAR CARRIER SPECIALTY TRANSPORT MEDIUM & HEAVY-DUTY RECOVERY ROTATORS MILITARY RECOVERY 2024 FINANCIAL OVERVIEW REVENUE - $1.28B GROSS MARGIN - $170.8M (13.6%) NET INCOM
Slide 5: Thank You to Our Devoted Team
THANK YOU TO OUR DEVOTED TEAM Extraordinary execution in delivering another record year RECORD REVENUE GROSS PROFIT NET INCOME EPS RESULTS REFLECT THE ONGOING COMMITMENT AND SUPPORT OF OUR EMPLOYEES, SUPPLIERS, CUSTOMERS AND SHAREHOLDERS Slide 5
Slide 6: Full Year 2024 vs. Full Year 2023 Key Metrics
MILLER INDUSTRIES FULL YEAR 2024 VS. FULL YEAR 2023 KEY METRICS INCREASED 9.0% INCREASED 12.5% REVENUE GROSS PROFIT - 13.6% $1.26B $170.8M INCREASED 8.9% NET INCOME - 5.0% $63.5M INCREASED 7.9% BASED ON AVERAGE EQUITY EPS, DILUTED RETURN ON EQUITY $5.47 16.9% INCREASED 41.0% CASH RETURNED TO SHAREHO
Slide 7: Fourth Quarter 2024 vs. Fourth Quarter 2023 Key Metrics
MILLER INDUSTRIES FOURTH QUARTER 2024 VS. FORTH QUARTER 2023 KEY METRICS DECREASED 25.1% DECREASED 13.4% REVENUE GROSS PROFIT - 15.1% $221.9M $33.5M DECREASED 36.9% NET INCOME - 4.7% $10.5M DECREASED 37.0% EPS, DILUTED $0.91 16.9% $2.2M INCREASED 5.5% CASH RETURNED TO SHAREHOLDERS RETURN ON EQUITY S
Slide 8: Historical Chassis Revenue vs. Blended Gross Profit %
MILLER INDUSTRIES HISTORICAL CHASSIS REVENUE VS. BLENDED GROSS PROFIT % 0 3.4 6.8 10.2 13.6 17 Q1-‘18 Q3-‘18 Q1-‘19 Q3-‘19 Q1-‘20 Q3-‘20 Q1-‘21 Q3-‘21 Q1-‘22 Q3-‘22 Q1-‘23 Q3-‘23 Q1-‘24 Q3-‘24 LER INDUSTRIES TORICAL CHASSIS REVENUE VS. BLENDED GROSS PROFIT % Chassis Revenue Blended Gross Profit % Sl
Slide 9: Market Overview: Key Considerations for 2025
MILLER INDUSTRIES MARKET OVERVIEW KEY CONSIDERATIONS FOR 2025 ■ DISTRIBUTOR INVENTORY REDUCTION ■ RISING COST OF OWNERSHIP ■INSURANCE COST ■INTEREST RATES ■ USED TRUCK VALUES ■ TARIFFS ■ CARB / A.C.T. Slide 9
Slide 10: Distributor Body and Chassis Inventory
MILLER INDUSTRIES DISTRIBUTOR BODY AND CHASSIS INVENTORY 3000 3750 4500 5250 6000 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 Chassis Inventory Body Inventory Optimal Inventory Level Distributor Inventory Includes bo
Slide 11: Federal and State Regulations: CARB Advanced Clean Truck Regulation
MILLER INDUSTRIES FEDERAL AND STATE REGULATIONS CALIFORNIA AIR RESOURCE BOARD / ADVANCED CLEAN TRUCK REGULATION The Advanced Clean Trucks regulation is a manufacturers ZEV sales requirement promoting the development and use of advanced clean trucks which will help CARB achieve its emission reduction
Slide 12: Market Overview: Positive Business Trends
MILLER INDUSTRIES MARKET OVERVIEW POSITIVE BUSINESS TRENDS ■ BACKLOG NORMALIZED ■ BALANCE SHEET ■ STRATEGIC INVENTORY REDUCTION ■ REDUCED A/R ■ EXPECT INCREASED FCF ■ STABILIZED CHASSIS DELIVERIES Slide 12
Slide 13: Market Overview: Positive Market Trends
MILLER INDUSTRIES MARKET OVERVIEW POSITIVE MARKET TRENDS ■ HEALTHY DISTRIBUTION NETWORK ■ STRONG END MARKET ■ CONSISTENT RETAIL DELIVERIES ■ CONTINUED PRODUCT INNOVATION ■ GLOBAL MILITARY RFQ’S Slide 13
Slide 14: Global Military Update
MILLER INDUSTRIES GLOBAL MILITARY UPDATE CANADIAN MILITARY ■ CONTRACT VALUE $230.0M ■ 85 RECOVERY VEHICLES ■ DELIVERIES BEGIN IN 2027 1 1 Miller Industries is a supplier to Rheinmetall Canada 2 2 Slide 14 Supply contract under review
Slide 15: Capital Allocation Strategy
MILLER INDUSTRIES CAPITAL ALLOCATION CAPITAL ALLOCATION STRATEGY ■Quarterly Dividend ■Debt Reduction ■Share Repurchase ■Innovation ■Automation ■Human Capital ■Capacity Expansion Slide 15
Slide 16: 2025 and Beyond: 2025 Guidance
MILLER INDUSTRIES 2025 AND BEYOND 2025 GUIDANCE ■ TOP LINE TARGET $950.0M - $1.0B ■ EPS $2.90 - $3.20 ■ WELL POSITIONED FOR GROWTH IN 2026 AND BEYOND Slide 16
Slide 17: Miller Industries Core Philosophy
“ MILLER INDUSTRIES CORE PHILOSOPHY WE HAVE THE BEST PEOPLE, THE BEST PRODUCTS, AND THE BEST DISTRIBUTION NETWORK IN THE TOWING AND RECOVERY INDUSTRY.” - BILL MILLER - 1990 Slide 17
Slide 18: Q4 and Full Year 2024 Q&A
MILLER INDUSTRIES Q4 AND FULL YEAR 2024 EARNINGS PRESENTATION Q&A Slide 18
Slide 19: Thank You
THANK YOU Winer