Miller Industries (MLR) Q4 2024 earnings summary

Executive summary

• Achieved record revenue, gross profit, net income, and EPS for fiscal year 2024, with net sales of $1.26 billion (up 9%) and net income of $63.5 million (up 8.9%).

• Fourth quarter 2024 net sales declined 25.1% year-over-year to $221.9 million due to lower chassis shipments and prior year shipment timing.

• Gross margin improved to 15.1% in Q4 2024 from 13.0% in Q4 2023, driven by favorable product mix.

• Management remains confident in long-term growth, despite near-term headwinds from inventory normalization and regulatory changes.

• Returned value to shareholders through dividends and share repurchases.

Financial highlights

• Full year 2024 net sales reached $1.26 billion, up 9% year-over-year; gross profit was $170.8 million (13.6% margin), up from $151.9 million (13.2%) in 2023.

• Net income for 2024 was $63.5 million ($5.47 per diluted share), up 8.9% from $58.3 million ($5.07 per share) in 2023.

• Q4 2024 net income was $10.5 million ($0.91 per diluted share), down 36.9% year-over-year.

• Q4 2024 SG&A expenses rose 20.2% year-over-year to $19.7 million, reflecting higher compensation, workforce investment, and new contracts.

• Interest expense for 2024 decreased 34.3% to $3.9 million.

Outlook and guidance

• 2025 revenue guidance is $950 million–$1 billion, with EPS expected between $2.90–$3.20 per diluted share.

• Q1 and Q2 2025 expected to mirror Q4 2024, with improvement anticipated in the second half as inventory and supply chain normalize.

• Margins for 2025 anticipated to be similar to 2024.

• New product launches and military market developments planned for 2025.

• Military contract revenue impact expected mainly in 2026–2028.