Cuộc họp công bố kết quả kinh doanh quý 3 năm 2026 của Miller Industries (MLR): Tăng trưởng doanh thu và duy trì định hướng

Điểm nhấn chính

• Doanh thu quý 3/2026 tăng 18,8% so với cùng kỳ năm trước lên 212,2 triệu USD, phản ánh lượng hàng tồn kho của nhà phân phối giảm đáng kể so với quý 3/2025.
• Lợi nhuận gộp đạt 29,8 triệu USD, tương ứng biên lợi nhuận gộp 14,0%. Lợi nhuận ròng đạt 6,1 triệu USD, trong khi EPS pha loãng tăng từ 0,27 USD lên 0,53 USD.
• Ban lãnh đạo duy trì dự báo doanh thu cả năm 2026 trong khoảng từ 850 triệu USD đến 900 triệu USD, đồng thời kỳ vọng EPS sẽ tương đương với kết quả cả năm 2025.
• Biên lợi nhuận gộp cả năm 2026 hiện dự kiến đạt khoảng 14%, cao hơn so với dự tính trước đó, một phần do doanh số bán khung gầm thấp hơn.
• Lượng tiền mặt vào cuối quý tăng lên 60,4 triệu USD từ mức 44,7 triệu USD vào cuối năm 2025, trong khi tổng nợ giảm khoảng 30 triệu USD từ đầu năm đến nay.
• Các cam kết quân sự hiện tại đã vượt 200 triệu USD. Hoạt động sản xuất hàng loạt theo số xê-ri dự kiến sẽ bắt đầu vào năm 2027, với phần lớn doanh thu liên quan được kỳ vọng vào năm 2028 và 2029.

Dữ liệu tài chính quan trọng

Kết quả kinh doanh và hoạt động

Hoạt động sản xuất trong nước bị ảnh hưởng do thời gian ngừng hoạt động trong kỳ nghỉ lễ tại các cơ sở ở châu Âu và những thách thức tại một số nhà cung cấp khung gầm của Mỹ. Ban lãnh đạo cho biết nhu cầu của khách hàng và lượng đơn đặt hàng tiếp tục duy trì ổn định, trong khi nguồn cung khung gầm đã cải thiện trong tháng 10 nhưng vẫn chưa phục hồi hoàn toàn.

Omars đạt mức tăng trưởng đáng kể so với cùng kỳ năm trước. Ban lãnh đạo tái khẳng định rằng thương vụ mua lại này vẫn đang đi đúng lộ trình để gia tăng giá trị ngay trong năm đầu tiên. Miller Industries cũng đã tích hợp Jige vào hệ thống ERP của mình, và kế hoạch mở rộng công suất của Jige vẫn dự kiến hoàn thành vào quý 1/2027.

Công ty đã ra mắt Century M65, dòng xe cẩu cứu hộ xoay 65 tấn mới. Ban lãnh đạo dự báo có thể xảy ra tình trạng cạnh tranh nội bộ làm giảm một phần doanh số của dòng xe cẩu cứu hộ xoay 75 tấn hiện tại, nhưng tin rằng danh mục sản phẩm kết hợp sẽ củng cố vị thế cạnh tranh của Miller Industries. Các đợt giao khung gầm đầu tiên dự kiến diễn ra sớm nhất vào tháng 5/2027, với những đợt bán hàng đầu tiên được kỳ vọng vào nửa cuối năm 2027.

Mảng hoạt động quân sự tiếp tục được mở rộng với các cam kết vượt mức 200 triệu USD. Các sản phẩm tiền sản xuất và thử nghiệm đang được triển khai, trong khi hoạt động sản xuất hàng loạt theo số xê-ri dự kiến bắt đầu vào năm 2027. Ban lãnh đạo kỳ vọng phần lớn doanh thu từ các cam kết hiện tại sẽ được ghi nhận vào năm 2028 và 2029.

Hoạt động xây dựng cơ sở Ooltewah với diện tích hơn 200.000 foot vuông vẫn đang được triển khai. Ban lãnh đạo kỳ vọng sẽ nhận được giấy chứng nhận sử dụng tạm thời vào tháng 9/2027 và nâng cao công suất sản xuất vào cuối năm 2027 hoặc đầu năm 2028. Cơ sở này nhằm phục vụ thiết bị cứu hộ hạng nặng, xuất khẩu và các chương trình quốc phòng quy mô lớn hơn.

Định hướng của ban lãnh đạo

Ban lãnh đạo duy trì dự báo doanh thu cả năm 2026 ở mức từ 850 triệu USD đến 900 triệu USD. Công ty cũng kỳ vọng EPS cả năm sẽ duy trì tương đương kết quả năm 2025.

Công ty đã nâng dự báo biên lợi nhuận gộp cả năm lên khoảng 14%, viện dẫn nguyên nhân doanh số bán khung gầm thấp hơn. Ban lãnh đạo dự kiến cơ cấu doanh số trong tương lai sẽ có xu hướng trở về mức lịch sử đối với thân xe và khung gầm.

Trong quý 4/2026, ban lãnh đạo dự báo doanh thu sẽ phục hồi khi các nhà cung cấp khung gầm giải quyết tình trạng chậm trễ sản xuất. Công ty cũng chỉ ra rằng hoạt động kinh doanh có thể đạt mức doanh thu quý tương đương khoảng 250 triệu USD khi bước sang năm 2027, tùy thuộc vào nguồn cung khung gầm và điều kiện thị trường.

Rủi ro và các yếu tố cần theo dõi

• Tình trạng hạn chế sản xuất tại một số nhà cung cấp khung gầm trong nước đã làm giảm doanh thu quý 3 và có thể tiếp tục ảnh hưởng đến thời gian giao hàng.
• Thời gian ngừng hoạt động trong kỳ nghỉ lễ tại các cơ sở ở châu Âu đã gây áp lực lên sản lượng quý.
• Giá dầu diesel neo cao và niềm tin người tiêu dùng suy yếu do căng thẳng địa chính trị ở Trung Đông đang gây áp lực lên nhu cầu bán lẻ trong nước, dù ban lãnh đạo đánh giá tác động này vẫn ở mức có thể kiểm soát.
• Cơ cấu sản phẩm vẫn là một biến số quan trọng đối với biên lợi nhuận khi doanh số khung gầm và thân xe dần bình thường hóa.
• Dự án mở rộng Ooltewah đã bị chậm trễ một chút do nguồn thép xây dựng, dù ban lãnh đạo cho biết toàn bộ dự án nhìn chung vẫn đúng tiến độ.
• Thời điểm ghi nhận doanh thu quân sự tập trung nhiều hơn vào năm 2028 và 2029, sau các giai đoạn tiền sản xuất, thử nghiệm và kế hoạch bắt đầu sản xuất hàng loạt theo số xê-ri vào năm 2027.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết các nhà cung cấp khung gầm đã ghi nhận kết quả tháng 10 tương đối tích cực, mở ra tiềm năng bù đắp một phần doanh thu trong quý 4. Tuy nhiên, các nhà cung cấp vẫn chưa hoàn toàn phục hồi sau những gián đoạn trong quý 3.

Về mẫu Century M65, ban lãnh đạo cho biết khách hàng đã có thể đặt hàng, nhưng mức giá khung gầm chính thức cho năm 2027 vẫn chưa được chốt. Nguồn cung khung gầm dự kiến sớm nhất là từ tháng 5/2027, để lại khoảng nửa năm tiềm năng sản xuất trong năm 2027.

Đối với dự án Ooltewah, ban lãnh đạo cho biết các linh kiện điện và thiết bị đóng cắt có thời gian giao hàng dài đã được đặt trước từ sớm. Bất chấp một số gián đoạn liên quan đến việc thi công, nhà thầu vẫn tiếp tục đặt mục tiêu đưa công trình vào sử dụng tạm thời vào tháng 9/2027.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.