Miller Industries (MLR) Q1 2026 earnings summary

Executive summary

• Entered 2026 with strong momentum after 2025 actions to reduce field inventory and strengthen the supply chain, but Q1 revenue and profitability declined year-over-year due to lower North American demand and acquisition-related expenses.

• Sequential revenue growth achieved as production increased to meet rising demand, though late-quarter geopolitical tensions and higher diesel prices pressured retail demand.

• Net income dropped 93.1% to $0.6 million, impacted by non-cash acquisition-related expenses and higher tax rates from the Omars acquisition.

• Integration of the Omars acquisition is progressing, contributing to foreign sales growth and expanding the European footprint.

• Strong cash flow enabled continued investment in capacity, debt reduction, and shareholder returns.

Financial highlights

• Q1 2026 revenue was $180.9 million, down 19.8% year-over-year but up 5.7% sequentially from Q4 2025.

• Gross profit was $25.7 million, representing a 14.2% margin, down from 15.0% year-over-year.

• Net income was $0.6 million, down 93.1% year-over-year; diluted EPS was $0.05, down from $0.69.

• Cash and cash equivalents at quarter-end were $53 million, up from year-end 2025.

• $4.6 million returned to shareholders via dividends and share repurchases in Q1.

Outlook and guidance

• Full-year 2026 revenue expected between $850 million and $900 million, with quarterly revenue projected to approach $250 million in the second half.

• Earnings per share anticipated to be in line with full-year 2025.

• Gross margins projected to return to historical mid-13% range for the year.

• Production volumes and revenue expected to be weighted toward the second half of 2026.

• Announced a 3% price increase on all manufactured products invoiced after July 31, 2026, to offset cost pressures.