Miller Industries, Inc. · NYSE:MLR
Miller Industries — Q1 2025 Earnings Presentation
14 slides from Miller Industries's earnings presentation, May 7, 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: Q1 2025 Earnings Presentation
Q1 2025 EARNINGS PRESENTATION Slide 3
Slide 4: Company Profile
MILLER INDUSTRIES COMPANY PROFILE 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 FOUNDED IN 1990 HEADQUARTERS - OOLTEWAH, TN OPERATIONS IN TN, PA, ENGLAND AND FRAN
Slide 5: First Quarter 2025 vs. First Quarter 2024 Quarterly Key Metrics
MILLER INDUSTRIES FIRST QUARTER 2025 VS. FIRST QUARTER 2024 QUARTERLY KEY METRICS Q1 YOY - Decreased 35.5% Q1 ’25 vs Q4 ’24 - Increased 1.7% REVENUE GROSS PROFIT - 15.0% $225.7M $33.9M NET INCOME - 3.6% $8.1M EPS, DILUTED $0.69 $4.4M CASH RETURNED TO SHAREHOLDERS Slide 5 Q1 YOY - Decreased 23.3% Q1
Slide 6: 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 Q1-'25 Chassis Revenue Gross Profit % (Manufactured Units & Chassis) Slide 6 LER INDUSTRIES TORICAL CHASSIS
Slide 7: Market Overview: Updated Key Considerations for 2025
MILLER INDUSTRIES MARKET OVERVIEW UPDATED KEY CONSIDERATIONS FOR 2025 ■ INVENTORY REDUCTION ■ FREE CASH FLOW ■ DEBT REDUCTION ■ MILITARY RFQ’S ■ GROWTH OPPORTUNITIES ■ TARIFFS ■ CARB / A.C.T. Slide 7
Slide 8: 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 Mar '25 Mar '25 Apr '25 Chassis Inventory Body Inventory Optimal Inventory Level Distribut
Slide 9: Federal and State Regulations
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 10: Capital Allocation Strategy
MILLER INDUSTRIES CAPITAL ALLOCATION CAPITAL ALLOCATION STRATEGY ■Quarterly Dividend ■Debt Reduction ■Share Repurchase ■Innovation ■Automation ■Human Capital ■Capacity Expansion Slide 10
Slide 11: 2025 and Beyond: Maintaining 2025 Guidance
MILLER INDUSTRIES 2025 AND BEYOND MAINTAINING 2025 GUIDANCE ■ TOP LINE TARGET $950.0M - $1.0B ■ EPS $2.90 - $3.20 ■ WELL POSITIONED FOR GROWTH IN 2026 AND BEYOND Slide 11
Slide 12: 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 12
Slide 13: Q1 2025 Q&A
MILLER INDUSTRIES Q1 2025 EARNINGS PRESENTATION Q&A Slide 13
Slide 14: Thank You
THANK YOU Winer