Miller Industries (MLR) 2026 年第三季財報電話會議：營收成長且維持財測指引

重點摘要

• 2026 年第三季營收年增 18.8% 至 2.122 億美元，反映出與 2025 年第三季相比，經銷商庫存顯著減少。
• 毛利達 2,980 萬美元，毛利率為 14.0%。淨利為 610 萬美元，稀釋每股盈餘 (EPS) 則由 0.27 美元增至 0.53 美元。
• 管理階層維持 2026 全年營收財測在 8.5 億至 9 億美元之間，並預期全年 EPS 將與 2025 年水準相當。
• 目前預期 2026 全年毛利率約為 14%，高於原先預期，部分原因在於底盤銷售減少。
• 截至季末，現金增至 6,040 萬美元，高於 2025 年底的 4,470 萬美元，同時年初至今總債務減少約 3,000 萬美元。
• 現有軍事訂單承諾已突破 2 億美元。預計於 2027 年開始量產，大部分相關營收預計將落在 2028 年與 2029 年。

關鍵財務數據

業務與營運表現

國內生產受到歐洲廠區假期停工以及部分美國底盤供應商面臨挑戰的影響。管理階層表示，客戶需求與接單維持穩健，底盤供應在 10 月有所改善，但尚未完全恢復。

Omars 繳出顯著年成長成績。管理階層重申，該收購案仍按進度預計在第一年實現獲利增益。Miller Industries 亦將 Jige 整合至其 ERP 系統中，且 Jige 的產能擴充計畫仍預計於 2027 年第一季完工。

該公司推出全新 65 噸旋轉起重機 Century M65。管理階層預期其可能會部分蠶食現有 75 噸產品市場，但相信擴增後的產品組合將提升 Miller Industries 的競爭優勢。首批底盤預計最快於 2027 年 5 月抵達，首批銷售預計落在 2027 年下半年。

軍事業務持續擴張，訂單承諾已突破 2 億美元。試產與測試機型正在進行中，預計將於 2027 年開始量產。管理階層預計現有訂單承諾的大部分營收將於 2028 年和 2029 年認列。

佔地超過 20 萬平方英尺的 Ooltewah 廠房興建工程仍在持續進行。管理階層預計將在 2027 年 9 月取得臨時使用執照，並於 2027 年底或 2028 年初提升產能。該廠房旨在支援重型救援設備、出口業務以及更大規模的國防專案。

管理階層財測指引

管理階層維持 2026 全年營收財測在 8.5 億至 9 億美元之間，並預期全年 EPS 將維持與 2025 年相當的水準。

該公司以底盤銷售減少為由，將全年毛利率預估調升至約 14%。管理階層預期未來的銷售組合將趨向車身與底盤的歷史水準。

針對 2026 年第四季，隨著底盤供應商逐步克服生產延遲，管理階層預期營收將重拾成長動能。同時也指出，若底盤供應與市況配合，進入 2027 年後單季營收運作率（run rate）有望接近 2.5 億美元。

風險與觀察重點

• 部分國內底盤供應商的產能受限導致第三季營收下滑，且可能持續影響出貨時程。
• 歐洲廠區的假期停工對單季產能造成壓力。
• 居高不下的柴油價格以及與中東地緣政治緊張相關的消費者信心疲軟，對國內零售需求構成壓力，不過管理階層認為該影響仍在可控範圍內。
• 隨著底盤與車身銷售回歸常態，產品組合仍是影響利潤率的重要變數。
• Ooltewah 擴建工程因建築鋼材略有延誤，但管理階層表示整體專案進度仍如期進行。
• 在經歷試產、測試及預計於 2027 年展開量產後，軍事營收的認列時點將主要集中在 2028 年與 2029 年。

分析師問答焦點

管理階層表示，底盤供應商 10 月表現相對強勁，第四季營收有望迎頭趕上。然而，供應商尚未完全自第三季的中斷中恢復。

關於 Century M65，管理階層表示目前已可下單，但 2027 年的最終底盤定價尚未敲定。底盤預計最快於 2027 年 5 月供應，使 2027 年擁有約半年的潛在生產期。

在 Ooltewah 專案方面，管理階層表示長交期電氣組件與開關設備已提前訂購。儘管面臨部分施工中斷，承包商仍以 2027 年 9 月取得臨時使用執照為目標。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.