Miller Industries Cuts Production, Reports 22.9% Q4 Revenue Decline to $171.2M
Miller Industries reported Q4 revenue of $171.2 million, down 22.9% year-over-year, and EPS of $0.29 following planned production cuts to normalize distributor inventory. Management noted late-quarter retail order improvements carrying into 2026 and closed the OMARS acquisition on December 2, supporting its growth outlook.
1. Fourth-Quarter Results
Q4 revenue fell 22.9% to $171.2 million, gross profit was $26.5 million (15.5% margin) and diluted EPS was $0.29, reflecting the decision to reduce production and allow distributor inventories to return to normalized levels.
2. Full-Year Performance
For full-year 2025, revenue totaled $790.3 million, down 37.2% from 2024. Gross profit reached $120.4 million (15.2% margin) and net income was $23.0 million, or $1.98 per diluted share.
3. Inventory and Production Outlook
Management reported sequential improvement in retail orders late in Q4 that has extended into 2026. With distributor inventory back to historical norms, U.S. facilities have begun ramping up production to meet renewed demand.
4. SG&A Expenses and Acquisition Costs
SG&A rose year-over-year due to one-time voluntary retirement program charges, transaction and integration costs from the OMARS acquisition closed on December 2, and increased stock-based compensation aimed at retaining key talent.