Miller Industries, Inc. · NYSE:MLR
Miller Industries — Investor Presentation (September 2024)
28 slides from Miller Industries's investor presentation, September 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 made with respect to future operating results, expect
Slide 8: Investment Highlights
The World’s Largest Manufacturer of Towing and Recovery Equipment® Introduction to Miller Industries 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
Slide 9: Overview
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 equipment in the world Six world-class Largest North Significant global Transport Industry leader in fac
Slide 10: Experienced Management Team; Miller Strategy
The World’s Largest Manufacturer of Towing and Recovery Equipment® Experienced Management Team William G. Miller “Bill” 30+ years Founder and Chairman of the Board Frank Madonia William G. Miller II “Will” 20+ years Executive Vice President, Secretary 30+ years President and CEO and General Counsel
Slide 11: Industry History; Towing & Recovery Market
The World’s Largest Manufacturer of Towing and Recovery Equipment® Industry History Holmes Tow Truck (1916 Chattanooga, TN) Century M100 (100-ton Rotator) 6 The World’s Largest Manufacturer of Towing and Recovery Equipment® Towing & Recovery Market • Multi-Billion Dollar Global Market • Primary Mark
Slide 12: Industry Drivers; Manufacturing Locations
The World’s Largest Manufacturer of Towing and Recovery Equipment® Industry Drivers • Miles Driven • Aging Vehicle Fleet • General Construction • Infrastructure Construction • Natural Disasters • Global Conflict Accelerators • Trade Cycle • Future Emission Changes • Military Recovery Vehicle Upgrades
Slide 13: 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 14: Revenue Streams
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 15: Foreign Market Distribution; Investment in Our Business
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® Investment in Our Business •
Slide 16: Investment in Human Capital; Growth Opportunities
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Human Capital 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
Slide 17: 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 18: 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 *Only 1 sm
Slide 19: EPS and TSR Peer Comparison
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 20: Earnings Yield; 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 21: EV/EBITDA; 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 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: 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: Second Quarter Results 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: Wmer
Wmer INDUSTRIES
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