MLR · Miller Industries, Inc.

Miller Industries reported a challenging first quarter of 2026, with revenue declining 19.8% year-over-year to $180.9 million and net income falling 93.1% to $555 thousand. The significant drop in profitability was heavily influenced by non-cash acquisition-related expenses tied to the Omars acquisition, which reduced diluted EPS by approximately $0.13. Excluding this impact, operational performance was also pressured by decreased volume and a slight contraction in gross margin to 14.2%. Management noted that while sequential revenue growth occurred due to disciplined production increases, rising geopolitical tensions in the Middle East and higher diesel prices prompted a proactive pause in North American production ramp-up to maintain balanced distributor inventory. Despite near-term headwinds, the company reaffirmed its full-year 2026 revenue guidance of $850 million to $900 million, anticipating that production volumes will be weighted toward the second half of the year. Strategic initiatives remain on track, including the Ooltewah capacity expansion, which is expected to break ground in late summer 2026. To address ongoing cost pressures from tariffs and regulatory requirements, the company announced a 3% price increase effective for invoices after July 31, 2026. The company continues to return capital to shareholders, declaring a $0.21 dividend and repurchasing $2.2 million of stock during the quarter.