Miller Industries (MLR) Q2 2026 earnings summary

Executive summary

• Achieved 12.1% year-over-year revenue growth to $240.0 million in Q2 2026, with improved profitability and operational efficiency despite a challenging macroeconomic environment; net income was $7.3 million, down 14.1% year-over-year but up significantly from Q1.

• Omars S.p.A. acquisition in December 2025 expanded European presence, contributed $8.6 million in Q2 2026 revenue, and is expected to be accretive after most transaction-related expenses are recognized.

• Reduced debt by $20 million since Q1 2026, with no outstanding balance on the credit facility; cash balance at quarter-end was $65.6 million.

• Returned $4.9 million to shareholders via dividends and share repurchases in Q2 2026.

• Board approved a $0.21 per share dividend for the 63rd consecutive quarter.

Financial highlights

• Q2 2026 revenue reached $240.0 million, up 12.1% year-over-year and 32.7% sequentially; gross profit was $35.9 million (15.0% margin), up 3.9% year-over-year, but margin declined from 16.2% due to higher chassis deliveries and tariffs.

• Net income for Q2 2026 was $7.3 million, with diluted EPS of $0.63, down from $0.73 in Q2 2025 but up sharply from Q1; EPS was impacted by $0.11 in Omars acquisition expenses.

• Operating expenses rose 7.6% to $25.2 million, reflecting Omars integration and amortization of intangibles.

• Cash and cash equivalents increased to $65.6 million at quarter-end; no outstanding borrowings under the credit facility.

• Returned $4.9 million to shareholders via share repurchases and dividends.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $850–$900 million, with quarterly revenue expected at approximately $250 million for the remainder of the year.

• EPS for 2026 projected to be in line with 2025; gross margins expected to return to historical mid-13% range.

• Omars acquisition expected to be accretive after 2026, with most non-cash acquisition expenses recognized in Q2; remaining EPS impact estimated at $0.04–$0.05 for the rest of the year.

• A 3% price increase on domestic products was implemented after July 31, 2026, to offset cost pressures.

• Ongoing macroeconomic and geopolitical risks, including fuel costs, tariffs, and regulatory changes, are expected to continue impacting demand and margins.