Miller Industries, Inc. is the world's largest manufacturer of towing and recovery equipment. The company designs, manufactures, and markets a wide range of towing and recovery equipment under several well-recognized brands. They sell products such as wreckers, car carriers, and transport trailers, which are essential for towing and recovery operations globally.
- Wreckers - Manufacture vehicles used to recover and tow disabled vehicles and other equipment, ranging from conventional tow trucks to large recovery vehicles with rotating hydraulic booms and lifting capacities of up to 100 tons.
- Car Carriers - Produce specialized flatbed vehicles with hydraulic tilt mechanisms that allow towing operators to drive or winch vehicles onto the bed for transport, effective for long-distance transport of new or disabled vehicles.
- Transport Trailers - Manufacture a line of transport trailers used in the towing and recovery industry.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Deborah L. Whitmire ExecutiveBoard | EVP, Chief Financial Officer, and Treasurer | None | Joined MLR in 1996; held roles such as VP and Corporate Controller; became CFO in January 2017. | |
William G. Miller II ExecutiveBoard | President and Chief Executive Officer | None | Joined MLR in 2002; held roles such as Co-CEO, VP of Strategic Planning, and Regional VP of Sales; became CEO in March 2022. | View Report → |
Frank Madonia Executive | EVP, Secretary, and General Counsel | None | Joined MLR in 1990; promoted to EVP in 1998; oversees legal and corporate governance. | |
Jamison Linden Executive | VP and Chief Manufacturing Officer | None | Joined MLR in 2004; held roles such as VP of Operations and General Manager; became Chief Manufacturing Officer in January 2021. | |
Jeffrey I. Badgley Executive | President of International and Military | None | Joined MLR in 1988; served as CEO, Co-CEO, and Vice Chairman; became President of International and Military in March 2022. | |
Josias W. Reyneke Executive | VP and Chief Information Officer | None | Joined MLR in 1997; implemented ERP systems and held roles such as VP of Operations; became CIO in January 2017. | |
Vince Tiano Executive | VP and Chief Revenue Officer | None | Joined MLR in 1997; served as VP of Sales before becoming Chief Revenue Officer in January 2021. | |
A. Russell Chandler Board | Director | Chairman of Whitehall Group Ltd.; Director at CoreCard Corporation (NYSE: CCRD) | Director since 1994; founder of Whitehall Group; extensive leadership and investment experience. | |
Javier Reyes Board | Director | Chancellor of UMass Amherst; Board Member at City Holding Company (NASDAQ: CHCO); Member of TIAA Diversity Advisory Council | Director since 2023; academic leader with expertise in international trade and workforce development. | |
Jill Sutton Board | Director | Non-Executive Chair at Pitney Bowes Inc. (NYSE: PBI); Board Member at Potbelly Corp. (NASDAQ: PBPB) | Director since 2023; former Chief Legal Officer at UNFI; expertise in corporate governance and ESG. | |
Leigh Walton Board | Director | Partner at Bass, Berry & Sims PLC | Director since 2020; over 40 years of experience in corporate governance, M&A, and securities law. | |
Peter Jackson Board | Director | Partner and SVP at Providence Consulting Group LTD | Director since 2023; nearly 30 years of manufacturing technology experience; expertise in IT transformation. | |
Richard H. Roberts Board | Director | Director at Forward Air Corporation (NASDAQ: FWRD) | Director since 1994; former Commissioner of the Department of Revenue of Tennessee; legal and financial expertise. | |
Susan Sweeney Board | Director | None | Director since 2023; former CHRO at Enpro Industries; extensive global leadership and workforce development experience. | |
Theodore H. Ashford Board | Lead Independent Director | CEO of Ashford Capital Management, Inc. | Director since 2010; elected Lead Independent Director in August 2023; extensive financial and operational expertise. | |
William G. Miller Board | Chairman of the Board | None | Founder of MLR in 1994; served as CEO, Co-CEO, and President in earlier years; over 30 years of leadership experience at MLR. |
- "With the slowdown in order intake attributed to timing of OEM chassis deliveries, distributor throughput capacity, and political uncertainty, what specific actions are you taking to address these issues, and how confident are you that backlog will return to historical levels in the next 1-2 quarters? "
- "Given that SG&A expenses increased in Q3 due to new compliance and regulations, pushing SG&A as a percentage of net sales above your long-term target of 6.5%, what strategies do you have to control these costs and improve operating leverage in 2025? "
- "Gross margins decreased due to product mix shifts and normalization of chassis deliveries; what factors could impact your gross margins going forward, and how do you plan to manage potential fluctuations to maintain profitability? "
- "Considering the operational disruptions caused by Hurricane Helen, what risk mitigation plans do you have in place to protect your facilities from future extreme weather events, and how might such events affect your financial performance? "
- "You mentioned balancing returning capital to shareholders with potential capacity expansion and debt reduction; how are you prioritizing these capital allocation decisions, and what factors influence your investment in growth opportunities versus shareholder returns? "
Research analysts who have asked questions during MILLER INDUSTRIES INC /TN/ earnings calls.
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Southern Hydraulic Cylinder, Inc. | 2023 | **Miller Industries completed the acquisition on May 31, 2023, at an aggregate purchase price of about $17.8 million—financed through cash on hand and its revolving credit facility—with the deal structure including asset acquisition, assumed liabilities, and $8.976 million in goodwill tied to workforce and synergy expectations. ** The acquisition supports vertical integration, improves supply chain stability by addressing long hydraulic component lead times, and includes $1.7 million in escrow for indemnification obligations while already contributing positively to revenue and earnings. |
Recent press releases and 8-K filings for MLR.
- Miller Industries achieved a record year in 2024 with $1.26 billion in revenue and $5.47 EPS. However, for 2025, the company has adjusted its estimated revenue guidance down to $750 million to $800 million and suspended EPS guidance due to distributor inventory buildup and reduced retail activity.
- To address current market conditions, the company is implementing cost reduction initiatives, including its first layoff in 16 years, and expects distributor inventory levels to return to historical averages by late Q4 2025 or early Q1 2026.
- Strategic growth areas include securing global military contracts, such as the Canadian military contract for 85 heavy-duty recovery units with production starting in 2027-2028, and expanding its market share in the rental equipment sector.
- The company continues to prioritize capital allocation through quarterly dividends, debt reduction, share repurchases, innovation, and capacity expansion.
- Miller Industries is the world leader in towing and recovery equipment with operations in Tennessee, Pennsylvania, England, and France and approximately 1,700 employees.
- For 2024, revenues increased 9% to $1.26 B, with net income of $63.5 M ($5.47 EPS) and ROE of 16.9%; Q1 2025 revenues were $225.7 M with net income of $8.1 M ($0.69 EPS).
- The company is managing headwinds from a 50% steel tariff on SSAB Strenex imports and CARB zero-emission vehicle mandates, currently subject to legal challenges.
- Capital allocation priorities include maintaining the quarterly dividend, reducing debt, $20 M remaining on a $25 M share repurchase program, and investing in a €8 M French facility expansion and potential $70 M Tennessee project.
- Growth initiatives focus on global military recovery vehicle upgrades, consolidating and expanding in Europe’s fragmented market, and increasing penetration in the rental and salvage segments.
- Net sales declined by 35.5% to $225.7 million in Q1 2025 compared to Q1 2024, driven by reduced chassis shipments .
- Gross profit margin improved to 15.0% from 12.6% .
- Net income dropped from $17 million to $8.1 million and EPS declined from $1.47 to $0.69 per share, reflecting the impact of lower chassis shipments .
- The company returned $4.4 million to shareholders through approximately $2.1 million in share repurchases and declared a $0.20 per share dividend payable on June 9, 2025 .
- Miller Industries reaffirmed its full-year guidance with expected revenue of $950 million–$1 billion and EPS between $2.90 and $3.20, while focusing on debt reduction and inventory normalization strategies .