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CHATTANOOGA, Tenn. - Miller Industries, Inc. (NYSE:MLR) reported fourth-quarter earnings that fell short of analyst expectations, with revenue declining significantly YoY. The towing and recovery equipment manufacturer also provided guidance for 2025 that was well below consensus estimates, sending shares down 2.8% in response.
For Q4 2024, Miller Industries posted earnings per share of $0.91, missing the analyst estimate of $1.21. Revenue came in at $221.91 million, a 25.1% decrease from $296.2 million in the same quarter last year and significantly below the consensus estimate of $294.3 million. The company attributed the revenue decline primarily to a drop in chassis shipments, which had been elevated in Q4 2023 due to inconsistent delivery schedules from OEMs.
Despite the revenue decline, gross margin improved to 15.1% from 13.0% in the prior-year quarter, driven by product mix and a higher percentage of bodies compared to chassis.
Looking ahead, Miller Industries provided a cautious outlook for 2025, forecasting full-year revenue between $950 million and $1.0 billion, well below the consensus estimate of $1.41 billion. The company expects earnings per share of $2.90 to $3.20, also significantly lower than the $5.94 analyst consensus.
CEO William G. Miller, II commented on the outlook, stating, "Looking to 2025, there are significant macro uncertainties in the market, especially in the first half of the year, including tariffs, new legislation impacting our business, and the rising costs of ownership for end users."
Despite the challenges, Miller expressed confidence in the company’s prospects, citing planned new product launches and anticipated developments in military end-markets.
For the full year 2024, Miller Industries reported net sales of $1.26 billion, up 9.0% YoY, with net income of $63.5 million, or $5.47 per diluted share, representing increases of 8.9% and 7.9%, respectively.
The company also declared a quarterly dividend of $0.20 per share, payable on March 24, 2025, marking its 57th consecutive quarterly dividend.
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