JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
CHATTANOOGA - Miller Industries, Inc. (NYSE:MLR), a manufacturer of towing and recovery equipment with nearly $1 billion in annual revenue, announced Thursday it will reduce its workforce by approximately 150 positions across three manufacturing facilities. The company’s stock, which has declined over 30% in the past six months according to InvestingPro data, appears undervalued based on current market prices.
The job cuts are part of a comprehensive cost reduction plan aimed at enhancing operational efficiency, according to a company press release. The manufacturer cited ongoing market challenges, including reduced retail sales and lower order intake, as factors behind the decision. InvestingPro data shows the company maintains healthy financials with a current ratio of 3.32 and moderate debt levels, though analysts anticipate sales decline in the current year.
"This was an incredibly difficult decision, and we understand the impact it will have on our employees and their families," said William G. Miller II, CEO of Miller Industries.
The company stated it will provide financial and benefit assistance to affected employees, along with outplacement and career transition resources to help them navigate the changes.
Miller Industries manufactures towing and recovery equipment under several brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.
The company did not specify which of its manufacturing facilities would be affected by the workforce reduction or provide a timeline for when the cuts would take place.
Miller Industries believes these actions will strengthen its competitive position as market conditions improve, according to the announcement. Despite current challenges, the company maintains a solid financial foundation with a gross profit margin of 14.76% and has consistently paid dividends for 16 consecutive years. For deeper insights into Miller Industries’ financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which offers detailed research reports and additional ProTips.
In other recent news, Miller Industries Inc. reported its second-quarter earnings for 2025, showcasing an earnings per share (EPS) of $0.73. This figure surpassed analysts’ expectations of $0.63 by 15.87%, indicating a stronger-than-anticipated performance. However, the company’s revenue did not meet projections, totaling $214 million against an expected $222.87 million, which marked a 3.97% shortfall. Despite the positive earnings surprise, the revenue miss contributed to a negative market reaction. The stock experienced a decline in both regular and premarket trading. These developments highlight the mixed financial results for Miller Industries, with earnings exceeding forecasts but revenue falling short. Investors and analysts may closely monitor future reports to assess the company’s ability to align its revenue performance with market expectations.
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