Miller Industries Reports Revenue Growth Amid Declining Profits
On August 5, 2026, Miller Industries (NYSE:MLR) reported second-quarter results showing a revenue increase of 12.1% to $240 million compared to the same period in 2025. However, net income fell from $8.5 million to $7.3 million and diluted EPS dropped by 13.7%. The company managed to reduce total debt by $20 million during the quarter and returned $4.9 million to shareholders through dividends and share repurchases. Miller Industries is investing in a new facility at its Tennessee headquarters, expected to cost around $100 million, which it plans to fund via operating cash flow over several years. The expansion aims to meet growing European demand and military commitments exceeding $200 million. Despite revenue growth, gross margin declined by 120 basis points to 15%, with SG&A expenses rising faster than revenue. The Omars acquisition contributed to the earnings pressure through non-cash expenses that reduced diluted EPS by about $0.11 per share in Q2. Management expects continued margin compression for the remainder of 2026, forecasting gross margins to fall into the mid-13% range.
Tickers: $MLR
Topics: capital_expenditure cash_flow_management profitability_decline revenue_growth