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    Miller Industries Inc (MLR)

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    Business Description

    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.

    1. 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.
    2. 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.
    3. Transport Trailers - Manufacture a line of transport trailers used in the towing and recovery industry.

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    Executive Team

    NamePositionStart DateShort Bio
    William G. Miller IIPresident and Chief Executive OfficerMarch 2022William G. Miller II has been with Miller Industries since 2002, serving in roles such as Co-CEO (2013–2022), President (2011–2022), and Regional VP of Sales (2009–2011).
    Deborah L. WhitmireExecutive VP, Chief Financial Officer, and TreasurerJanuary 2017Deborah L. Whitmire has been with Miller Industries since 1996, holding roles such as VP and Corporate Controller (2014–2016) and Corporate Controller (2005–2014).
    William G. MillerExecutive Chairman of the Board of DirectorsApril 1994William G. Miller founded Miller Industries in 1994 and has served in roles such as CEO (1994–1997) and Co-CEO (2003–2011). He has prior leadership experience at companies like Bendix and Wheelabrator.
    Jeffrey I. BadgleyPresident of International and MilitaryMarch 2022Jeffrey I. Badgley has been with Miller Industries since 1988, serving in roles such as CEO (1997–2003; 2011–2013), Co-CEO (2003–2022), and President (1996–2011).
    Josias W. ReynekeVice President and Chief Information OfficerJanuary 2017Josias W. Reyneke joined Miller Industries as a consultant in 1997 and has held roles such as Director of Management Information Systems (1998–2011) and VP of Operations (2011–2016).
    Vincent TianoVice President and Chief Revenue OfficerJanuary 2021Vincent Tiano has been with Miller Industries since 1997, serving as VP of Sales (1997–2020) before becoming Chief Revenue Officer.
    Frank MadoniaExecutive VP, Secretary, and General CounselSeptember 1998Frank Madonia has been with Miller Industries since 1990, serving in roles such as VP, General Counsel, and Secretary (1994–1998). He has prior experience at companies like U.S. Steel and Wheelabrator.

    Questions to Ask Management

    1. "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? "
    2. "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? "
    3. "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? "
    4. "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? "
    5. "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? "

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateApril 2, 2024
    End Date/DurationNo expiration
    Total Additional Amount$25.0 million
    Remaining Authorization$22.1 million (as of 2024-09-30)
    DetailsDesigned to create shareholder value, reflects confidence in strategy and financial strength, and is part of a broader capital allocation strategy.