Miller Industries Q4 Revenue Falls 22.9% to $171.2M, Secures $150M in Military Orders
Miller Industries’s Q4 revenue fell 22.9% to $171.2M and net income dropped 67.6% to $3.4M, with gross margin up 40 basis points to 15.5%. The company closed the Omars acquisition, secured $150M+ in military commitments, and raised its dividend 5% to $0.21 while greenlighting a $100M Ooltewah expansion.
1. Q4 Financial Results
Miller Industries reported Q4 2025 revenue of $171.2 million, down 22.9% year-over-year, with gross profit of $26.5 million and gross margin rising to 15.5% from 15.1%. Net income fell 67.6% to $3.4 million, translating to diluted EPS of $0.29 compared to $0.91.
2. European Acquisition and Military Orders
The company completed its acquisition of Omars S.p.A., strengthening its European presence in light- to heavy-duty recovery vehicles. It also secured over $150 million in global military commitments for heavy-duty recovery products, with production slated to begin in 2027 and most revenue expected by 2029.
3. Capacity Expansion Plans
Miller Industries plans a $100 million, 200,000+ square-foot expansion at its Ooltewah headquarters, targeting late 2027 completion to boost North American output and support European orders and defense production. European investments include an €8 million upgrade at Jige to double heavy-duty integration capacity and efficiency enhancements at Boniface.
4. Capital Return and 2026 Outlook
The board approved a 5% quarterly dividend increase to $0.21 per share and repurchased $2.2 million of stock in Q4, totaling $15.1 million in dividends and buybacks for 2025. The company forecasts 2026 revenue between $850 million and $900 million, with production volumes ramping through midyear and full-year gross margins around 13%.