NYSE$MLR
Miller Industries Inc · Q2 2025 earnings
Q2 2025 earnings · · After market close
Briefing
Miller Industries reported sharply lower Q2 2025 revenue and earnings amid elevated channel inventory and softer demand.
Net sales fell 42% year-over-year to $214.0 million as the company curtailed chassis shipments to reduce distributor inventory. Gross margin improved to 16.2% on a favorable mix shift toward higher-margin bodies, while net income declined 59% to $8.5 million. Operating cash flow turned strongly positive and the balance sheet remained solid with $31.8 million in cash.
- Q2 net sales dropped 42% to $214.0 million due to reduced chassis deliveries aimed at normalizing channel inventory.
- Gross margin expanded 240 basis points to 16.2% on a higher proportion of body sales versus chassis.
- Net income fell 59% to $8.5 million ($0.73 diluted EPS) while operating cash flow reached $30.0 million for the first half.
- Foreign sales rose 24% to $38.1 million, partially offsetting the domestic decline.
Headline financials
Revenue & EPS history
Miller Industries · Revenue · Quarterly
$214M
Forward guidance
Management expects channel inventory normalization and more synchronized chassis deliveries in the second half of 2025, while monitoring demand headwinds from high equipment ownership costs, insurance, and tariffs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.3%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+0.8%
Avg return
30 days after
50%
12 / 24 earnings
Positive
+6.4%
Q4 2025
Best reaction
-4.4%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -1.7% | -3.6% | -4.4% | |
| Q4 2025 | +6.4% | -0.7% | +1.6% | |
| Q3 2025 | -4.4% | -5.4% | -5.4% | |
| Q1 2025 | +0.4% | +11.0% | +8.3% | |
| Q3 2024 | -0.3% | -13.9% | -6.7% | |
| Q2 2024 | -2.5% | -9.3% | -8.7% | |
| Q1 2024 | -0.2% | +4.5% | +3.4% | |
| Q3 2023 | +0.4% | +5.9% | +8.5% | |
| Q2 2023 | +3.7% | +4.1% | +4.4% | |
| Q1 2023 | +0.2% | -2.2% | -0.1% | |
| Q3 2022 | -0.3% | +4.9% | +5.7% | |
| Q2 2022 | +1.0% | -1.7% | -3.8% | |
| Q1 2022 | +1.6% | -2.7% | -8.1% | |
| Q3 2021 | +2.3% | -1.3% | -10.2% | |
| Q2 2021 | -0.1% | +1.1% | -1.2% | |
| Q1 2021 | +0.8% | -0.0% | -4.8% | |
| Q3 2020 | -0.9% | +1.5% | +9.6% | |
| Q2 2020 | -0.2% | +2.4% | +8.6% | |
| Q1 2020 | -0.4% | -0.4% | +11.8% | |
| Q3 2019 | -2.2% | -6.5% | -4.3% | |
| Q2 2019 | +1.0% | +7.7% | +5.5% | |
| Q1 2019 | -0.3% | -1.7% | -15.7% | |
| Q3 2018 | +2.8% | +14.7% | +17.6% | |
| Q2 2018 | +1.4% | +9.2% | +8.2% |
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