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Miller Industries (MLR) investor relations material
Miller Industries 16th Annual Midwest Ideas Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company overview and operations
Leading global manufacturer of towing and recovery equipment with facilities in the US, England, and France, operating under multiple brands including Century, Vulcan, Chevron, Holmes, Boniface, and GJ.
Focus on innovation, quality, and safety, with significant investment in on-site fabrication, robotics, and ERP systems to enhance production and efficiency.
Distribution network includes 53 distributor principals with 75 locations in North America, and exports to over 60 countries globally.
Product lifecycle management emphasizes trade cycles aligned with warranty periods, and a diversified customer base with no single customer exceeding 10% of revenue.
Aftermarket parts provide consistent margins but are a small portion of revenue, mainly focused on proprietary components.
Market dynamics and industry drivers
The towing and recovery industry is a multibillion-dollar global market, driven by miles driven, accident rates, last mile deliveries, aging vehicle fleets, infrastructure, and natural disasters.
Growth in last mile delivery and construction activity increases demand for towing equipment, as more vehicles are needed for deliveries and job site incidents.
Military sector presents growth opportunities, with recent contracts such as the Canadian military for 85 heavy-duty recovery units, and ongoing global RFQs.
Rental market share has expanded, now serving major rental companies like Sunbelt, Herc, United, and Equipment Share.
No significant distribution losses or competitive takeaways; inventory and demand challenges are industry-wide.
Financial performance and outlook
2024 was a record year with $1.26 billion in revenue and $63.5 million net income; Q1 2025 revenue was $214 million with $8.5 million net income.
2025 guidance adjusted to $750–800 million in revenue due to distributor inventory buildup and lower retail activity; EPS guidance suspended pending workforce adjustments.
Inventory levels expected to normalize by late Q4 2025 or early Q1 2026, with a return to growth anticipated in 2026 and beyond.
Cost reduction initiatives include the first layoff in 16 years and a new retirement program to manage workforce demographics and SG&A.
Capital allocation priorities remain on dividends, debt reduction, share repurchases, innovation, and capacity expansion.
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