Miller Industries (MLR) 17th Annual Midwest IDEAS Conference summary

Company overview and operations

• Founded in 1990, operates six manufacturing facilities across the US and Europe, and is listed on the NYSE.

• Manufactures a full range of towing and recovery equipment under multiple brands, with a focus on innovation and quality.

• Utilizes a combination of robotic and manual processes for fabrication, assembly, and customization, with a strong emphasis on safety and engineering.

• Products are distributed globally through the largest exclusive network in the industry, with 52 distributor principals and about 75 locations in North America.

• Promotes from within and invests in employee education, health, and safety, including a dedicated welding school and partnerships with local colleges.

Market position, strategy, and growth

• Maintains consistent organic growth of approximately 11.5% since inception and has paid a quarterly dividend for over 60 consecutive quarters.

• Market segments include commercial towing, transportation fleets, government, municipal, and military sales.

• Key industry drivers are miles driven, aging vehicle fleets, infrastructure, natural disasters, and evolving emission standards.

• Strategy centers on team development, product innovation, global distribution, and expanding market share through investment and M&A.

• Recent expansion includes the acquisition of OMARS in Italy and an €8 million expansion at Jige in France to double manufacturing capacity.

Financial performance and capital allocation

• Q2 2026 revenue was approximately $240 million, with $0.63 per diluted share and $4.9 million returned to shareholders.

• Eliminated revolver debt in Q2, with plans to cash flow most of a $100 million expansion, anticipating some debt in late 2027.

• Guidance for 2026 is $850–$900 million in revenue, EPS in line with 2025, and gross margins in the mid-13% range.

• Capital allocation priorities include dividends, share repurchases, working capital, M&A, innovation, automation, and capacity expansion.

• Inventory normalization followed a 2025 overstock, with production slowed and layoffs implemented to restore distributor health.