8-K
Miller Industries Inc /Tn/ (MLR)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2025
MILLER INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
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|---|---|---|
| Tennessee | 001-14124 | 62-1566286 |
| (State or Other Jurisdiction of Incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
8503 Hilltop Drive , Ooltewah , Tennessee ****
(Address of Principal Executive Offices)
37363
(Zip Code)
( 423 ) 238-4171 ****
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
**☐**Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
**☐**Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
**☐**Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
**☐**Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | |
|---|---|---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common Stock, par value $0.01 per share | MLR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02Results of Operations and Financial Condition.
On August 6, 2025, Miller Industries, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing its financial results for the fiscal second quarter ended June 30, 2025. A copy of the Earnings Release is furnished as Exhibit 99.1 to this Form 8-K.
On August 7, 2025, the Company will hold a teleconference and audio webcast to discuss its financial results from the fiscal second quarter ended June 30, 2025. A copy of supplementary materials that will be referred to in the teleconference and webcast, and which will be posted to the Company’s website, is furnished as Exhibit 99.2 hereto.
The information included in this Item 2.02, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
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|---|---|---|
| Exhibit No. | **** | Exhibit Description |
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| 99.1 | | Press Release of Miller Industries, Inc. dated August 6, 2025, announcing its financial results for the fiscal second quarter ended June 30, 2025 |
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| 99.2 | | Supplementary materials to be used during webcast conference call on August 7, 2025 |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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|---|---|---|
| | Miller Industries, Inc.<br><br>(Registrant) | |
| | | |
| | By: | /s/ Deborah L. Whitmire |
| | | Deborah L. Whitmire |
| | | Executive Vice President, Chief Financial Officer and Treasurer |
| <br><br>Dated: August 6, 2025 | | |
Exhibit 99.1
| | | |
|---|---|---|
 |
| <br><br><br><br><br><br>8503 Hilltop Drive, Ooltewah, TN 37363<br>Telephone (423) 238-4171 |
| | | |
|---|---|---|
| | CONTACT: | Miller Industries, Inc. |
| | | Debbie Whitmire, Chief Financial Officer<br>(423) 238-8464 |
| | | |
| | | FTI Consulting, Inc. |
| | | Mike Gaudreau <br>millerind@fticonsulting.com |
MILLER INDUSTRIES REPORTS 2025 SECOND QUARTER RESULTS
CHATTANOOGA, Tenn., August 6, 2025/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (“Miller Industries” or the “Company”) today announced financial results for the second quarter ended June 30, 2025.
For the second quarter of 2025, net sales were $214.0 million, a decrease of 42.4%, compared to $371.5 million for the second quarter of 2024. The decrease was driven primarily by a decline in product shipments, predominantly chassis, relative to the prior year period in which we saw significantly elevated chassis shipments as original equipment manufacturers (“OEMs”) recovered from previous supply chain disruptions.
Gross profit for the second quarter of 2025 was $34.6 million, or 16.2% of net sales, compared to $51.1 million, or 13.8% of net sales, for the second quarter of 2024. The year over year increase in gross margin percentage was largely driven by sales product mix, which shifted from a higher percentage of chassis in the prior year period, to a higher percentage of bodies in the current period.
For the second quarter of 2025, selling, general and administrative expenses were $23.4 million, or 10.9% of net sales, compared to $22.8 million, or 6.1% of net sales, in the prior year period. The year over year increase was driven primarily by higher stock-based compensation expense and employee compensation and training cost in the current period.
Net income in the second quarter of 2025 was $8.5 million, or $0.73 per diluted share, decreases of 58.8% and 59.0% respectively compared to net income of $20.5 million, or $1.78 per diluted share, in the prior year period.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable September 15, 2025, to shareholders of record at the close of business on September 8, 2025, the fifty-ninth consecutive quarter that the Company has paid a dividend.
“In the second quarter, we faced challenges in the market, predominantly related to industry-wide demand headwinds. Retail sales activity was down 20% quarter over quarter, resulting in a 30% decrease in order intake from distributors.” said William G. Miller, II, Chief Executive Officer of the Company. “We attribute the decreased demand largely to lower consumer confidence and elevated costs of ownership, which takes into account interest rates, insurance costs, and tariff related price increases. We also continue to see elevated field inventory in our distribution channel impacting demand, which has persisted since the end of last year. We are closely monitoring and adjusting production levels to meet current demand and accelerate the reduction of channel inventory, taking significant steps to improve our costs, and securing our supply chain to mitigate the long-term risks of tariffs.”
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| MILLER INDUSTRIES REPORTS 2025 SECOND QUARTER RESULTS | PAGE 2 |
Mr. Miller II, concluded, “Moving forward, despite the current challenges in the market, all fundamental drivers of our long-term business performance, such as miles driven, average age of vehicles on the road, and accidents per mile, are steadily climbing. With the proactive steps we are taking to reduce channel inventory and right-size costs, we are confident we will be well positioned for success as the market environment improves. For the remainder of the year, we will prioritize operational efficiency and capital allocation as we position the Company for sustained, long-term growth. We believe strongly in the fundamentals of our business and anticipate a meaningful recovery in the commercial market, as well as potential upside from pending military contracts providing us with revenue and earnings growth in years to come.”
2025 Guidance
Due to the heightened uncertainty and near-term challenges discussed in this release, we are revising our previously issued guidance for the 2025 fiscal year. We now expect revenue in the range of $750 to $800 million and at this time, we are suspending guidance on earnings per share as the organization-wide operational initiatives we are evaluating could have a material impact on our cost structure, potentially resulting in extraordinary expenses and potential losses in the second half of the year. We expect to provide updates as we make decisions and gather more information.
The statements in the 2025 guidance provided above are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, August 7, 2025, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through the following link:
https://app.webinar.net/NV2DxXzj6Z5
Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through Thursday, August 14, 2025. The replay number is 1-844-512-2921, Passcode 1198904
About Miller Industries, Inc.
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®, Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.
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| MILLER INDUSTRIES REPORTS 2025 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”, “will”, “should”, “could”, “continue”, “future”, “potential”, “believe”, “project”, “plan”, “intend”, “seek”, “estimate”, “predict”, “expect”, “anticipate” and similar expressions, or the negative of such terms, or other comparable terminology and include, without limitation, any statements relating our 2025 guidance (including under the heading “2025 Guidance”), our ability to effectively monitor and adjust production levels to meet current demand and accelerate the reduction of channel inventory, the success of steps we may take to improve our costs, our ability to secure our supply chain to mitigate the long-term risks of tariffs, the growth and effect of the drivers of our long-term business performance, the potential improvement of our market environment and recovery of the commercial market, our priorities for the remainder of 2025 relating to operational efficiency and capital allocation, and any potential upside from pending military contracts and their potential effect on revenue and earnings growth. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management’s beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: our dependence upon outside suppliers for component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products leaves us subject to changes in price and availability, the cadence and quantity of deliveries from our suppliers, and delays in receiving supplies of such materials, component parts or chassis; our customers’ and towing operators’ access to capital and credit to fund purchases; the implementation of new or increased tariffs and any resulting trade wars and any resulting macroeconomic uncertainty; the rising costs of equipment ownership, including continuing increases in insurance premiums and elevated interest rates that have added cost pressures to our end users, and fluctuations in the value of used trucks; macroeconomic trends, availability of financing, and changing interest rates; our customers’ ability to fund purchases of our products increases in the cost of skilled labor; the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general; special risks from our sales to U.S. and other governmental entities through prime contractors; changes in fuel and other transportation costs, insurance costs and weather conditions; changes in government regulations, including environmental and health and safety regulations; failure to comply with domestic and foreign anti-corruption laws; competition in our industry and our ability to attract or retain customers; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in the tax regimes and related government policies and regulations in the countries in which we operate; the effects of regulations relating to conflict minerals; the catastrophic loss of one of our manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key executives; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; a disruption in, or breach in security of, our information technology systems or any violation of data protection laws; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.
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| MILLER INDUSTRIES, INC. AND SUBSIDIARIES |
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| CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
| (In thousands, except share and per share data)<br><br><br><br>(Unaudited) |
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30 | June 30 | |||||||||
| % | % | |||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||
| NET SALES | $ | 214,032 | $ | 371,451 | (42.4)% | $ | 439,682 | $ | 721,322 | (39.0)% |
| COSTS OF OPERATIONS | 179,446 | 320,373 | (44.0)% | **** | 371,153 | 626,001 | (40.7)% | |||
| GROSS PROFIT | 34,586 | 51,078 | (32.3)% | **** | 68,529 | 95,321 | (28.1)% | |||
| OPERATING EXPENSES: | ||||||||||
| Selling, General and Administrative Expenses | 23,404 | 22,773 | 2.8% | 46,664 | 44,316 | 5.3% | ||||
| NON-OPERATING (INCOME) EXPENSES: | ||||||||||
| Interest Expense, Net | 294 | 2,048 | (85.6)% | 389 | 3,293 | (88.2)% | ||||
| Other (Income) Expense, Net | (479) | 13 | (3787.7)% | **** | (682) | (20) | (3307.6)% | |||
| Total Expense, Net | 23,219 | 24,834 | (6.5)% | **** | 46,371 | 47,589 | (2.6)% | |||
| INCOME BEFORE INCOME TAXES | 11,367 | 26,244 | (56.7)% | 22,158 | 47,732 | (53.6)% | ||||
| INCOME TAX PROVISION | 2,909 | 5,730 | (49.2)% | **** | 5,635 | 10,195 | (44.7)% | |||
| NET INCOME | $ | 8,458 | $ | 20,514 | (58.8)% | $ | 16,523 | $ | 37,537 | (56.0)% |
| BASIC INCOME PER SHARE OF COMMON STOCK | $ | 0.74 | $ | 1.79 | (58.8)% | $ | 1.44 | $ | 3.28 | (56.0)% |
| DILUTED INCOME PER SHARE OF COMMON STOCK | $ | 0.73 | $ | 1.78 | (59.0)% | $ | 1.42 | $ | 3.26 | (56.3)% |
| CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ | 0.20 | $ | 0.19 | 5.3% | $ | 0.40 | $ | 0.38 | 5.3% |
| WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||||||
| Basic | 11,459 | 11,461 | 0.0% | **** | 11,454 | 11,457 | 0.0% | |||
| Diluted | 11,600 | 11,550 | 0.4% | **** | 11,611 | 11,531 | 0.7% |
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| MILLER INDUSTRIES, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (In thousands) |
| | | | | | |
|---|---|---|---|---|---|
| | June 30, | | | ||
| | 2025 | | December 31, | ||
| | (Unaudited) | | 2024 | ||
| ASSETS | | | | | |
| CURRENT ASSETS: | | | | | |
| Cash and temporary investments | $ | 31,821 | | $ | 24,337 |
| Accounts receivable, net of allowance for credit losses of $1,966 and $1,850 at June 30, 2025 and December 31, 2024, respectively | | 270,419 | | | 313,413 |
| Inventories, net | | 165,458 | | | 186,169 |
| Prepaid expenses | | 17,711 | | | 5,847 |
| Total current assets | | 485,409 | | | 529,766 |
| NON-CURRENT ASSETS: | | | | | |
| Property, plant and equipment, net | | 115,970 | | | 115,979 |
| Right-of-use assets - operating leases | | 448 | | | 545 |
| Goodwill | | 19,998 | | | 19,998 |
| Other assets | | 1,108 | | | 727 |
| TOTAL ASSETS | $ | 622,933 | | $ | 667,015 |
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| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | |
| CURRENT LIABILITIES: | | | | | |
| Accounts payable | $ | 98,035 | | $ | 145,853 |
| Accrued liabilities | | 46,614 | | | 50,620 |
| Income taxes payable | | 1,390 | | | 1,082 |
| Current portion of operating lease obligation | | 307 | | | 318 |
| Total current liabilities | | 146,346 | | | 197,873 |
| NON-CURRENT LIABILITIES: | | | | | |
| Long-term obligations | | 55,000 | | | 65,000 |
| Non-current portion of operating lease obligation | | 141 | | | 227 |
| Deferred income tax liabilities | | 2,852 | | | 2,885 |
| Total liabilities | | 204,339 | | | 265,985 |
| | | | | | |
| SHAREHOLDERS’ EQUITY: | | | | | |
| Preferred stock, $0.01 par value per share: | | **** | | | |
| Authorized – 5,000,000 shares, Issued – none | | — | | | — |
| Common stock, $0.01 par value per share: | | **** | | | |
| Authorized – 100,000,000 shares, Issued – 11,458,123 and 11,439,292 shares as of June 30, 2025 and<br><br>December 31, 2024, respectively | | 115 | | | 114 |
| Additional paid-in capital | | 154,176 | | | 153,704 |
| Retained earnings | | 266,879 | | | 254,938 |
| Accumulated other comprehensive loss | | (2,576) | | | (7,726) |
| Total shareholders’ equity | | 418,594 | | | 401,030 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 622,933 | | $ | 667,015 |
Exhibit 99.2
| THE WORLD’S LARGEST MANUFACTURER OF TOWING AND RECOVERY EQUIPMENT |
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| MILLER INDUSTRIES<br>FORWARD LOOKING STATEMENTS<br>SAFE HARBOR STATEMENT<br>Certain statements in this presentation may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be<br>identified by the use of words such as “may”, “will”, “should”, “could”, “continue”, “future”, “potential”, “believe”, “project”, “plan”, “intend”, “seek”, “estimate”, “predict”, “expect”, “anticipate” and<br>similar expressions, or the negative of such terms, or other comparable terminology and include, without limitation, any statements relating to our 2025 revenues including on the slide titled “2025<br>Guidance”, the ability to execute our strategy to reduce field inventory, the potential success of actions taken to address tariff-related uncertainties, the potential success of actions taken to address<br>demand headwinds, including efforts to improve costs, as well as expectations regarding our future cash flow, potential future recovery in retail activity and order intake, inventory channel flow,<br>current or pending federal or state regulations regarding emissions and emissions standards, opportunities in the global military market, and our future performance, revenues, share repurchases or<br>profitability. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.<br>Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management’s beliefs<br>as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements<br>due to, among other things: our dependence upon outside suppliers for component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products leaves us subject to<br>changes in price and availability, the cadence and quantity of deliveries from our suppliers, and delays in receiving supplies of such materials, component parts or chassis; our customers’ and<br>towing operators’ access to capital and credit to fund purchases; the implementation of new or increased tariffs and any resulting trade wars and any resulting macroeconomic uncertainty; the rising<br>costs of equipment ownership, including continuing increases in insurance premiums and elevated interest rates that have added cost pressures to our end users, and fluctuations in the value of<br>used trucks; macroeconomic trends, availability of financing, and changing interest rates; our customers’ ability to fund purchases of our products increases in the cost of skilled labor; the cyclical<br>nature of our industry and changes in consumer confidence and in economic conditions in general; special risks from our sales to U.S. and other governmental entities through prime contractors;<br>changes in fuel and other transportation costs, insurance costs and weather conditions; changes in government regulations, including environmental and health and safety regulations; failure to<br>comply with domestic and foreign anti-corruption laws; competition in our industry and our ability to attract or retain customers; our ability to develop or acquire proprietary products and<br>technology; assertions against us relating to intellectual property rights; changes in the tax regimes and related government policies and regulations in the countries in which we operate; the effects<br>of regulations relating to conflict minerals; the catastrophic loss of one of our manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key<br>executives; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of<br>defective products; an inability to acquire insurance at commercially reasonable rates; a disruption in, or breach in security of, our information technology systems or any violation of data protection<br>laws; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form<br>10-K for the year ended December 31, 2024, as supplemented in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which discussion is incorporated herein by this reference.<br>Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, Miller Industries, Inc.<br>This presentation and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together<br>Slide 2 |
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| Q2 2025<br>EARNINGS<br>PRESENTATION<br>Slide 3 |
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| MILLER INDUSTRIES<br>COMPANY PROFILE<br>THE WORLD’S LARGEST<br>MANUFACTURER OF<br>TOWING AND<br>RECOVERY EQUIPMENT<br>NYSE: MLR<br>LIGHT-DUTY RECOVERY CAR CARRIER<br>SPECIALTY TRANSPORT MEDIUM & HEAVY-DUTY RECOVERY<br>ROTATORS MILITARY RECOVERY<br>FOUNDED IN 1990<br>HEADQUARTERS - OOLTEWAH, TN<br>OPERATIONS IN TN, PA, ENGLAND AND FRANCE<br>1,700 EMPLOYEES GLOBALLY<br>Slide 4 |
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| MILLER INDUSTRIES<br>SECOND QUARTER 2025<br>QUARTERLY KEY METRICS<br>Q2 YOY - Decreased 42.4%<br>Q2 ’25 vs Q1 ’25 - Decreased 5.1%<br>REVENUE GROSS PROFIT - 16.2%<br>$214.0M $34.6M<br>NET INCOME - 4.0%<br>$8.5M<br>EPS, DILUTED<br>$0.73 $2.8M<br>CASH RETURNED TO SHAREHOLDERS<br>Slide 5<br>Q2 YOY - Decreased 32.3%<br>Q2 ’25 vs Q1 ’25 - Increased 1.9%<br>Q2 YOY - Decreased 58.8%<br>Q2 ’25 vs Q1 ’25 - Increased 4.9%<br>Q2 YOY - Decreased 59.0%<br>Q2 ’25 vs Q1 ’25 - Increased 5.8%<br>Q2 YOY - Decreased 34.1%<br>Q2 ’25 vs Q1 ’25 - Decreased 36.4%<br>10.6%<br>RETURN ON EQUITY (TTM)<br>BASED ON AVERAGE EQUITY |
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| MILLER INDUSTRIES<br>MARKET OVERVIEW<br>2025<br>SECOND HALF<br>OUTLOOK<br>■ INDUSTRY DEMAND HEADWINDS<br>■ DISTRIBUTOR INVENTORY REDUCTION<br>■ RETAIL ACTIVITY / ORDER INTAKE<br>■ PRODUCTION LEVELS<br>■ COST REDUCTION INITIATIVES<br>■ CARB / A.C.T.<br>■ TARIFFS<br>Slide 6 |
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| MILLER INDUSTRIES<br>DISTRIBUTOR BODY AND CHASSIS INVENTORY<br>3000<br>3750<br>4500<br>5250<br>6000<br>Dec '23 Jan '24 Feb '24 Mar '24 Apr '24 May '24 Jun '24 Aug '24 Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25<br>Chassis Inventory<br>Body Inventory<br>Optimal Body Inventory<br>Distributor Inventory<br>Includes both retail sold and unsold chassis and bodies that have been invoiced to distribution.<br>Slide 7 |
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| MILLER INDUSTRIES<br>MARKET OVERVIEW<br>2025<br>SECOND HALF<br>AND BEYOND<br>■ FREE CASH FLOW<br>■ DEBT REDUCTION<br>■ COMMERCIAL MARKET RECOVERY<br>■ MILITARY RFQ’S<br>■ GROWTH OPPORTUNITIES<br>■ ENTER 2026 IN A POSITION OF STRENGTH<br>Slide 8 |
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| MILLER INDUSTRIES<br>CAPITAL ALLOCATION<br>CAPITAL ALLOCATION STRATEGY ■Quarterly Dividend<br>■Debt Reduction<br>■Share Repurchase<br>■Innovation<br>■Automation<br>■Human Capital<br>■Capacity Expansion<br>Slide 9 |
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| MILLER INDUSTRIES<br>2025 AND BEYOND<br>2025 GUIDANCE ■ ESTIMATED REVENUE $750M - $800M<br>■ SUSPENDED EPS GUIDANCE<br>Slide 10 |
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| “<br>MILLER INDUSTRIES<br>CORE PHILOSOPHY<br>WE HAVE THE BEST PEOPLE,<br>THE BEST PRODUCTS,<br>AND THE BEST DISTRIBUTION NETWORK<br>IN THE TOWING AND RECOVERY INDUSTRY.”<br>- BILL MILLER - 1990<br>Slide 11 |
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| MILLER INDUSTRIES<br>Q2 2025 EARNINGS PRESENTATION<br>Q&A<br>Slide 12 |
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| Slide 13<br>THANK YOU |
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