Miller Industries, Inc. (MLR)

In January 2025, the stock started strong but missed Q4 earnings expectations due to a temporary decline in chassis deliveries. Industry headwinds affected sentiment around March 2025. The company's Q1 2025 earnings surpassed expectations, leading to a stock price increase. In July 2025, the stock approached its 52-week lows following weak guidance. The company announced the release of a newly redesigned Century 5130/5230 wrecker on July 23, 2025. In August 2025, Miller Industries reported its Q2 2025 results, which beat EPS estimates, resulting in a stock price increase, and also announced a workforce reduction. The stock experienced significant volatility, with a year-to-date decline attributed to reduced chassis demand and a drop in distributor orders. Analysts currently hold a "Hold" consensus rating for MLR, with an average price target of $64.00.

While there is no explicit information detailing specific seasonal fluctuations in demand for Miller Industries' products, recent performance indicates that demand can be impacted by external factors such as chassis supply issues. Management anticipates a recovery in the second half of 2025 and healthy long-term demand, suggesting that underlying demand for towing and recovery equipment is generally stable, but supply chain disruptions can influence sales.

Miller Industries, Inc. is a global leader in the manufacturing of towing and recovery equipment. The company designs, produces, and distributes a comprehensive range of towing and recovery vehicles and related equipment, including light-duty, medium-duty, and heavy-duty tow trucks, wreckers, car carriers, rotators, and transport trailers. These products are marketed under several well-known brands, and the company also provides a wide array of accessories and replacement parts.

Miller Industries has its headquarters in Ooltewah, Tennessee, and operates four manufacturing facilities in the United States. Internationally, the company has manufacturing facilities in England and France. Miller Industries distributes its products through an extensive network of independent distributors across North America, Canada, and Mexico. It also supplies governmental entities through prime contractors, and its Boniface brand wreckers are utilized throughout Europe and parts of Asia.

Miller Industries maintains a strong brand reputation as the "World's Largest Manufacturer of Towing and Recovery Equipment" and a "global leader" known for its innovative designs and high-quality, reliable products. The company has engaged in positive public relations through initiatives such as auctioning a truck to benefit the International Towing Museum and raising funds for the Breast Cancer Research Foundation. A public statement in March 2024 from shareholder Advisory Research, calling for a strategic review, represented a minor reputational event, to which the company responded by defending its current growth strategy.

Major institutional owners of Miller Industries, Inc. include FMR LLC, Neuberger Berman Group LLC, DIMENSIONAL FUND ADVISORS LP, VANGUARD GROUP INC, ROYCE & ASSOCIATES LP, HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC, THRIVENT FINANCIAL FOR LUTHERANS, SYSTEMATIC FINANCIAL MANAGEMENT LP, GEODE CAPITAL MANAGEMENT, LLC, and STATE STREET CORP. Key individual leadership includes William G. Miller II, who serves as President, Chief Executive Officer, and Director, and William G. Miller, the company's Founder and Executive Chairman.