Miller Industries (MLR) Q1 2026 earnings summary

Executive summary

• Entered 2026 with strong momentum after actions in 2025 to reduce field inventory and strengthen the supply chain.

• Sequential revenue growth achieved through disciplined production increases, despite a year-over-year decline in revenue and profitability.

• Net sales declined 19.8% year-over-year to $180.9 million, primarily due to lower production levels and demand headwinds in North America, while foreign sales increased 25.1% driven by the Omars acquisition.

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

• Ooltewah capacity expansion progressing on schedule to support North American, European, and military operations.

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% gross 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 per share, impacted by non-cash acquisition-related expenses and higher taxes.

• Cash balance at quarter-end was $53 million, up $8.3 million from year-end 2025.

Outlook and guidance

• Full-year 2026 revenue expected between $850 million and $900 million, with quarterly revenue projected to approach $250 million in Q3 and Q4.

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

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

• Gross margins projected to return to historical mid-13% range for 2026.

• Management expects Omars acquisition to be accretive after non-cash acquisition expenses are recognized.