Miller Industries Q1 Revenue Falls 19.8% to $180.9M as EPS Drops to $0.05; $0.21 Dividend
Q1 2026 revenue $180.9M (–19.8%), gross profit $25.7M (–24.3%), net income $0.555M (–93.1%) and EPS $0.05, with Omars acquisition charges reducing EPS by ~$0.13. Board approved $0.21 dividend and plans site prep for a $100M, 200,000+ sq ft Ooltewah expansion to boost capacity for Europe and military programs.
1. Q1 2026 Financial Performance
Miller Industries reported Q1 2026 revenue of $180.9 million, a 19.8% decline from the prior year, and gross profit of $25.7 million, down 24.3%. Net income fell 93.1% to $0.555 million, delivering diluted EPS of $0.05, while disciplined production increases drove sequential revenue growth.
2. Omars Acquisition and Cash Deployment
Non-cash acquisition-related expenses from the Omars purchase reduced EPS by approximately $0.13 in Q1, representing half of the total charges expected in 2026. Strong operating cash flow supported debt reduction and funded $4.6 million of shareholder returns, including $2.2 million in share repurchases and a new $0.21 per share quarterly dividend.
3. Ooltewah Expansion and Future Outlook
Site preparation is underway for a $100 million, 200,000+ sq ft facility at Ooltewah, with construction expected to begin by late summer to expand North American capacity and backfill European and military demand. Management anticipates the expansion to enhance lead times for exports and support higher-volume defense production starting in 2027.