ミラー・インダストリーズ（MLR）2026年第3四半期決算説明会：増収およびガイダンス維持

要点

• 2026年第3四半期の売上高は前年同期比18.8%増の2億1220万ドルとなり、2025年第3四半期と比較して販売代理店在庫が大幅に減少したことを反映した。
• 売上総利益は2980万ドルに達し、売上総利益率は14.0%となった。純利益は610万ドルとなり、希薄化後EPSは0.27ドルから0.53ドルへと増加した。
• 経営陣は2026年通期の売上高ガイダンスを8億5000万ドル〜9億ドルに据え置き、通期EPSは2025年の実績と同水準になると見込んでいる。
• 2026年通期の売上総利益率は、シャーシ販売の減少などを背景に、従来予想を上回る約14%となる見通しである。
• 四半期末時点の現金は2025年末の4470万ドルから6040万ドルに増加し、総負債は年初来で約3000万ドル減少した。
• 既存の軍事関連契約額は2億ドルを突破した。量産は2027年に開始される見込みで、関連売上高の大半は2028年および2029年に計上される見通しである。

主要財務データ

事業および営業業績

国内生産は欧州拠点での休暇に伴う操業停止や、米国内の一部のシャーシサプライヤーにおける課題の影響を受けた。経営陣によると、顧客需要と受注は堅調に推移しており、シャーシの調達状況は10月に改善したものの、完全な回復には至っていないという。

オマーズは前年同期比で大幅な成長を達成した。経営陣は、今回の買収が初年度から利益貢献（アクリーティブ）となる軌道にあると改めて表明した。また、ミラー・インダストリーズはジジェをERPシステムに統合し、ジジェの生産能力増強は2027年第1四半期に完了する予定を維持している。

同社は新型の65トン級ローテーター「Century M65」を発表した。経営陣は既存の75トン級ローテーターとの間で一定のカニバリゼーションが生じる可能性を見込んでいるものの、両製品を揃えることでミラー・インダストリーズの競争優位性が高まると考えている。シャーシの初回納入は早くても2027年5月以降となる見通しで、初回の販売は2027年下半期を見込んでいる。

軍事関連事業は拡大を続けており、契約額は2億ドルを超えている。量産先行ユニットおよびテストユニットの製造が進められており、量産は2027年に開始される見込みである。経営陣は、現在の受注契約に伴う売上高の大半が2028年と2029年に計上されると見込んでいる。

20万平方フィート超のオルテワ施設の建設は順調に進んでいる。経営陣は2027年9月までに仮使用許可を取得し、2027年後半または2028年初頭までに生産能力が増強されることを見込んでいる。同施設は大型レッカー車、輸出、および大口の防衛向けプログラムを支援することを目的としている。

経営陣のガイダンス

経営陣は2026年通期の売上高ガイダンスを8億5000万ドル〜9億ドルに据え置いた。また、通期EPSについても2025年の実績と同水準を維持する見通しである。

同社はシャーシ販売の減少を理由に、通期の売上総利益率の予想を約14%に引き上げた。経営陣は、今後の販売ミックスが車体とシャーシの過去の水準に向けて推移すると見込んでいる。

2026年第4四半期について、経営陣はシャーシサプライヤーが遅延していた生産を進めることに伴い、売上高が回復すると予想している。また、シャーシの供給状況や市場環境次第では、2027年に向けて四半期ベースで2億5000万ドル規模の売上高ランレート付近で事業展開できる可能性があると指摘した。

リスクと注視点

• 米国内の一部のシャーシサプライヤーにおける生産制約が第3四半期の売上高を減少させ、今後も出荷時期に影響を及ぼす可能性がある。
• 欧州拠点での休暇に伴う操業停止が四半期生産の重荷となった。
• 中東の地政学的緊張に関連したディーゼル燃料価格の高騰と消費者マインドの悪化が米国内の小売需要を圧迫しているが、経営陣はその影響について管理可能な範囲であると説明した。
• シャーシおよび車体の販売が正常化する中、製品ミックスは引き続き利益率を左右する重要な変動要因である。
• オルテワ施設の拡張では建築用鋼材の納入に小幅な遅れが生じているものの、経営陣はプロジェクト全体としては計画通りに進んでいるとしている。
• 軍事関連売上高の計上時期は、量産先行やテスト、そして2027年に予定されている量産開始を経て、2028年と2029年に偏重する見通しである。

アナリスト質疑応答の要点

経営陣は、シャーシサプライヤーの業績が10月に比較的堅調であったことから、第4四半期にある程度の挽回売上が発生する可能性があると述べた。しかし、サプライヤーは第3四半期の混乱から完全には回復していない。

Century M65について経営陣は、発注は可能であるものの、2027年のシャーシの最終価格は未定であると述べた。シャーシの調達は早くても2027年5月以降となる見通しで、2027年内の生産可能期間は約半年間にとどまる。

オルテワプロジェクトについて経営陣は、調達期間の長い電気部材や開閉装置は早期に発注済みであると述べた。建設関連の混乱が一部あったものの、施工業者は引き続き2027年9月までの仮使用許可取得を目標としている。

決算説明会全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, ladies and gentlemen, and welcome to the Miller Industries Third Quarter Results Conference Call. Please note this event is being recorded. And now at this time I would like to turn the call over to Will Miller at Miller Industries. Please go ahead, sir.

William Miller

Good morning, everyone, and thank you for joining us for our third quarter 2026 earnings call. I'd like to begin by thanking our employees around the world for their continued hard work and commitment. Our third quarter performance and continued progress in strengthening the business reflect the dedication of our team and the ongoing support of our suppliers, customers and shareholders. As always, our remarks today will include forward-looking statements. Actual results may differ materially. Please refer to our SEC filings and the safe harbor statement included in today's presentation.

Before turning the call over to Debbie for a more detailed review of our results, I'd like to discuss a few highlights from the quarter. We delivered solid year-over-year revenue growth in the third quarter with our continued focus on operational excellence in a dynamic environment. Although we were impacted by holiday downtime at our European facilities and production challenges with certain domestic chassis suppliers, we anticipate solid revenue recovery in the fourth quarter of 2026. Importantly, while maintaining steady production levels, customer demand and order intake stayed consistent. We remain confident in the demand for our products as we finalize 2026 production and begin focusing on 2027.

Our balance sheet is also exceptionally strong. With a growing cash balance and minimal debt, this gives us greater financial flexibility to invest in the business and return capital directly to our shareholders, focusing on the areas where we see the greatest opportunities to create long-term value. Together, we believe these factors position us well for continued success. Our core philosophy remains exactly as it has been since the company was founded: Miller Industries has the best people, the best products, and the best distribution network in the towing and recovery industry. That philosophy has guided Miller Industries for more than 35 years and will remain central to how we operate moving forward.

With more than 1,500 employees across Tennessee, Pennsylvania, France, the U.K. and Italy, together with our extensive global distribution network, we have the scale, capabilities and reliability to continue driving sustained profitable growth. I want to thank our teams across the U.S., Europe and the U.K. for their continued commitment and dedication. Their hard work is critical to our ability to execute on our near-term priorities while positioning the business for long-term growth and value creation.

With that, I'll turn the call over to Debbie to review the quarter in more detail. I'll then return to discuss our markets, capital allocation priorities and guidance.

Deborah Whitmire

Thank you, Will. For the third quarter, revenue was $212.2 million, up 18.8% from $178.7 million in the third quarter of 2025. This growth reflects a significant reduction in distributor inventory compared to a year ago. Gross profit was $29.8 million, or 14% of sales, and net income was $6.1 million. During the third quarter, profitability continued to improve year-over-year, driven by strong execution across our global workforce. Gross profit was affected by product mix as sales returned to a more historical level of chassis and bodies. Additionally, Omars' solid performance, including significant year-over-year growth, reinforces our confidence that the acquisition remains on track to be accretive in its first year.

Diluted EPS was $0.53 per share, up from $0.27 per share in the third quarter of 2025. As expected, EPS during the quarter continued to reflect noncash expenses related to the Omars acquisition, which positively impacted EPS by approximately $0.09 per diluted share. These expenses were primarily tied to adjustments of equipment to fair market value, amortization of estimated intangible value of customer relationships, and the associated tax amortization benefit. The majority of the acquisition and integration expenses were recognized in the first and second quarters of 2026.

Now I'd like to shift to a discussion of our balance sheet. At the end of the third quarter, we had a cash balance of $60.4 million, up from $44.7 million at the end of 2025. Since the start of the year, we have also reduced our total debt by approximately $30 million. With minimal debt on our balance sheet, we remain confident in our strong financial position. This combination of strong cash generation and a robust balance sheet provides us with greater financial flexibility to invest in our business and allocate capital to maximize value for the company and our investors. In line with our long-standing commitment to returning capital to shareholders, we were pleased to return $5.1 million to shareholders through dividend and share repurchases under our share repurchase program in the third quarter.

Now I'll turn the call back to Will to discuss our markets and our outlook.

William Miller

Thank you, Debbie. In the domestic market, current production levels are planned to continue into 2027 to meet consistent retail activity. Geopolitical tensions in the Middle East have forced elevated diesel prices as well as reduced consumer confidence, which continue to apply pressure on retail demand, though we believe these pressures remain manageable for our customers. We look forward to the potential easing of tensions and we'll continue to monitor conditions and stay close to our distributors and customers.

As the global leader in innovation, we continue to expand our product portfolio with the most recent addition, a new 65-ton rotator, the Century M65. This latest evolution is, without question, the most advanced recovery machine ever produced by Miller Industries. Just last week, we hosted more than 1,000 distributors and customers from around the world in Chattanooga to unveil the latest innovation in the towing and recovery industry. Innovation remains central to our strategy and is driven by a clear understanding of our customers and their needs. The response to the event reinforced our confidence in both the breadth of our product portfolio, the strength of our distribution network and our ability to effectively meet customers' needs through innovation. As we continue to invest in capacity, automation and new product development, we believe the business is well positioned to capitalize on growth opportunities across our global markets.

Turning to our international business. We continue to see meaningful opportunities across Europe and our broader export markets. Jige, Boniface and Omars provide Miller Industries with an established operating footprint in Europe and strengthen our ability to serve customers with products tailored to regional market needs. This platform remains an important component of our long-term global growth strategy. We recently integrated Jige into our ERP system to streamline operations and improve efficiency as the business grows. The team did an excellent job keeping production moving throughout the transition. Additionally, the capacity expansion project at Jige is on track to be completed in Q1 of 2027. As we expand our global customer base, we remain confident in our international market outlook, consistent retail demand and healthy backlog levels.

Our military business continues to gain momentum. We remain actively engaged with the U.S. and international government agencies on a growing pipeline of opportunities. While our existing military commitments have now surpassed $200 million, preproduction and test units are currently in production, with serialized production expected to begin in 2027, with the majority of revenue anticipated to be recognized in 2028 and 2029. We believe the opportunity extends well beyond the programs already awarded. Demand for advanced recovery capabilities continues to grow across multiple markets, and our expanding engagement with military customers positions this business to become an increasingly important component of our long-term growth strategy.

In Ooltewah, our manufacturing capacity expansion continues to progress on schedule. Construction of the new facility is underway, with foundation footings recently completed and building steel set to arrive in January of next year. We remain on track for the facility to be production-ready by late 2027. The more than 200,000-square-foot facility represents a significant investment in our long-term manufacturing capabilities. It will increase production capacity, improve efficiency and support greater output of heavy-duty recovery equipment, our largest global export category. The facility will also strengthen our ability to meet growing European demand and support higher-volume global defense and military programs that require specialized equipment and advanced manufacturing capabilities. Strong cash flow generation gives us confidence in our ability to fund the majority of this investment through operating cash flow over the next several years.

Our strengthened balance sheet gives us even more flexibility to allocate capital to our 5 key priorities: our industry-leading quarterly dividend, currently at $0.21 per share, which we've now paid for 63 consecutive quarters; $2.7 million of share repurchases in the third quarter, with approximately $8.7 million remaining under our current authorization; maintaining a strong balance sheet and low debt levels; selective M&A opportunities; and ongoing investment in capacity expansion, automation and innovation. This balanced approach enables us to continue investing for long-term growth while also returning value directly to shareholders.

Looking ahead, the trends we are seeing in our business give us confidence in our ability to achieve our previously stated guidance of $850 million to $900 million in revenue for the full year of 2026. We also continue to expect that our earnings per share will be in line with full year 2025 results. We now expect full year 2026 gross margins to be higher than previously anticipated at approximately 14%, which reflects a decrease in chassis sales. We expect future product mix to trend towards historical levels of bodies and chassis. We will be on the road later this month at the Southwest IDEAS Conference and look forward to connecting with some of you in person.

In closing, the entire management team and I would like to thank our global operations team, all of our employees, suppliers, customers and shareholders for their continued support of Miller Industries. We are confident in our ability to navigate near-term market dynamics and capitalize on the significant long-term growth opportunities ahead of us.

Thank you again for joining us. Operator, please open the line for questions.

Operator

[Operator Instructions] Your first question comes from the line of Mike Shlisky from D.A. Davidson.

質疑応答

Michael Shlisky

I guess I wanted to start just asking about the guidance and what may happen here in the fourth quarter based on what you just said. You talked in the past about exiting the year at $1 billion or almost $1 billion top line run rate. There's a chance, you just said, that you could be a little bit above that to end the year here. I'm curious whether -- what has to go right for you to get to that $260 million or plus level to end the year? And if you do, do you think that lags through a good part of 2027?

William Miller

Well, certainly, some of the chassis suppliers had a little bit of a hiccup in Q3, which affected revenue, not EPS nearly as much. We still believe we'll be in line with that $850 million to $900 million. I think moving into next year, we'll still be at that similar $0.25 billion per quarter run rate moving forward, if that answers your question.

Michael Shlisky

Yes. So there may be some...

William Miller

There may be a little bit of catch-up this quarter as the chassis suppliers try to catch up on some of the revenue that they didn't capitalize on last quarter.

Michael Shlisky

Got it. So can I just clarify, we're already in November, have they caught up a bit? Or have they started to catch up to the holidays? So I'm just curious where we are here.

William Miller

They had a fairly strong month in October. I wouldn't say they're caught up by any means, but they're certainly -- as they all try to get towards the end of the year, they're trying to get trucks off the line and out as well.

Michael Shlisky

Okay. I also wanted to ask about the new Century rotator that you just released. I couldn't make it to the launch during the quiet period, for sure, just the last week or 2. I'm curious, what does the product mean to the portfolio? Does something else -- do other products get wound down? Is this going to cannibalize something else? I'm curious as to what you think the net annualized impact from the new launch and the older products might be.

William Miller

We believe there could be some potential cannibalization of our 75-ton rotator that was designed pre-2010. However, it still has some certain needs that it fits in the marketplace. What we believe is that between the 2 products, we will certainly be more competitive with our 65-ton and our current 75-ton product, that we will be more competitive in the marketplace with our -- against our competitors and their 65-ton offering. Certainly, our new product is well beyond theirs in capacity and capability. It also is, in the industry, the first fully greaseless operating system for a movable rotator. So it's an engineering marvel in itself. It went over very well at the event. And I believe we will -- although we're waiting for chassis pricing for 2027 to really get quotes in for the product, I think we'll start out with a significant amount of orders for the new rotator coming into 2027.

Michael Shlisky

Great. Yes. My next question was about the launch cadence here. So is it already available to order? I mean, preorder to get...

William Miller

The unit's available to order, although to get 2027 chassis pricing is still another week or so out. So we're certainly hearing some activity, seeing some quotes being generated, waiting for some final chassis pricing. We anticipate chassis arrival for these to be May of next year at the earliest. So we get about a half a year of production with the new unit. So looking forward to the back half of next year.

Michael Shlisky

Okay. So first sales back half of '27.

William Miller

Yes.

Michael Shlisky

Is that fair? Okay. And maybe one last one. I just wanted to get a sense of construction at the new facility in Ooltewah. Did you -- every company I've talked to so far, just all of them have talked about just having delays in their construction, finding people, finding materials, and also some inflation in what they're using to build their facilities. You might not think, but this might be a very tight market for construction in general. Just some thoughts as to what you're experiencing at your facility.

William Miller

We had -- we initially had a slight delay on our building steel, although our general contractor believes, after meeting with all of the subcontractors and different experts, the electrical and plumbing and everything else, that they still believe they're on track to have temporary CO by September of next year to allow us 4 months to renovate our current facility and have increased production capacity by late 2027, early 2028. So we have seen some hiccups, but the team that's managing the project is on top of it daily and seems to be overcoming most of those. We did reach out well in advance for any long-term items. So we ordered directly electrical components, switchgear, things of that nature. Everything that we saw that was over 40 to 50 weeks of lead time, we preordered as soon as it was engineered. So we were well out in front of some of the lead time issues that other projects are seeing.

Operator

There are no further questions at this time. I'd like to turn the call back over to Will for closing comments.

William Miller

Thank you. I'd like to thank you all again for joining us on the call today, and we look forward to speaking with you on our fourth quarter conference call. If you would like information on how to participate and ask questions on the call, please visit our Investor Relations website, millerind.com/investors, or e-mail investor.relations@millerind.com. Thank you. May God bless you, and may God bless our troops.

Operator

Thank you, Will. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.