Here are 1-3 brief analogies to describe Miller Industries (MLR):

• Miller Industries is the John Deere of tow trucks.
• Think of Miller Industries as Caterpillar for the towing and recovery industry.
• Miller Industries is like PACCAR (maker of Kenworth and Peterbilt trucks), but specialized in tow trucks and vehicle recovery equipment.

• Car Carriers (Rollbacks): Trucks equipped with a hydraulically operated bed that tilts and slides backward to load and transport vehicles.
• Light-Duty Wreckers: Smaller tow trucks designed for recovering and towing passenger cars and light trucks.
• Medium-Duty Wreckers: Tow trucks built for recovering and towing a wider range of vehicles, including larger passenger vehicles and commercial vans.
• Heavy-Duty Wreckers: Large, powerful tow trucks engineered for recovering and towing semi-trucks, buses, and other heavy commercial vehicles.
• Rotators: Specialized heavy-duty wreckers with a boom that can rotate 360 degrees, providing exceptional versatility for complex recovery operations.
• Towing and Recovery Equipment Parts: A wide array of components, accessories, and replacement parts for their entire line of towing and recovery vehicles.

Miller Industries (symbol: MLR) primarily sells its products to other companies (business-to-business or B2B) through a global network of independent distributors. These distributors are Miller Industries' direct customers.

According to Miller Industries' public filings, including their annual 10-K reports, no single customer accounted for 10% or more of their total revenue for the most recent fiscal years. Due to this distribution model and the lack of revenue concentration with any single entity, Miller Industries does not publicly identify specific major customer companies by name or symbol.

While Miller Industries' direct customers are its distributors, the ultimate end-users of its products (wrecker, car carrier, and industrial transport equipment) typically include:

• Towing and recovery businesses
• Automotive dealerships
• Government agencies and municipalities (e.g., for roadside assistance, vehicle impoundment)

• Ford Motor Company (F)
• General Motors Company (GM)
• Navistar
• PACCAR Inc (PCAR)
• Stellantis N.V. (STLA)

William G. Miller II – President and Chief Executive Officer

Mr. Miller II joined Miller Industries in 2002 as a Sales Representative and has progressed through various leadership roles, including Light-Duty General Manager, Vice President of Strategic Planning, and Regional Vice President of Sales of Miller Industries Towing Equipment Inc.. He became President in March 2011, served as Co-Chief Executive Officer from December 2013 to March 2022, and has been the sole Chief Executive Officer since March 2022. Mr. Miller II also served as a Project Leader at DataPath, Inc.. He is the son of William G. Miller, the founder of Miller Industries.

Deborah L. Whitmire – Executive Vice President, Chief Financial Officer and Treasurer

Ms. Whitmire has been with Miller Industries since 1996, holding various finance and accounting positions. She served as Corporate Controller from October 1997 to January 2014, and as Director of Finance – Manufacturing from April 2000 to March 2005. Ms. Whitmire was appointed Vice President and Corporate Controller in January 2014 and assumed her current role as Executive Vice President, Chief Financial Officer, and Treasurer in January 2017. She was elected to the Company's Board of Directors in February 2020.

William G. Miller – Founder and Executive Chairman of the Board

Mr. Miller founded Miller Industries in April 1994. He served as Chief Executive Officer from April 1994 to June 1997 and as Co-Chief Executive Officer from October 2003 to March 2011. Prior to establishing Miller Industries, Mr. Miller was Chairman, President, and Chief Executive Officer of Miller Group, Inc. from 1990 to 1994. Before 1987, he held various management positions with companies such as Bendix Corporation, Neptune International Corporation, Wheelabrator-Frye Inc., and The Signal Companies, Inc..

Jeffrey I. Badgley – President of International and Military

Mr. Badgley began his career in the towing and recovery industry in 1981 with Challenger Wrecker Mfg., Inc.. He later joined Century Wrecker Corporation as VP of Sales and Marketing in 1988 and was instrumental in merging the sales and marketing efforts as these companies were consolidated into Miller Industries. He has served in numerous executive roles at Miller Industries, including Vice President (1994–1996), President (1996–2011), Chief Executive Officer (1997–2003; 2011–2013), and Co-Chief Executive Officer (2003–2011; 2013–2022). From December 2013 to March 2022, he was responsible for European operations, international sales, and overseeing the Delavan joint venture.

Frank Madonia – Executive Vice President, Secretary, and General Counsel

Mr. Madonia holds the positions of Executive Vice President, Secretary, and General Counsel. As of December 2013, his responsibilities include compliance and internal audit.

The key risks to Miller Industries (MLR) primarily revolve around its supply chain, macroeconomic factors impacting customer demand, and evolving regulatory landscape.

1. Supply Chain Disruptions and Dependence on Outside Suppliers: Miller Industries faces significant operational risks due to its reliance on outside suppliers for critical component parts, chassis, and raw materials such as aluminum, steel, and petroleum-related products. This dependence exposes the company to fluctuations in price and availability, influenced by economic conditions, tariffs, trade wars, inflation, and geopolitical tensions. Inconsistent delivery schedules of chassis from original equipment manufacturers (OEMs) have previously led to production disruptions, inventory imbalances, and negatively impacted financial performance and customer relationships, including a significant decrease in net sales in the fourth quarter of 2024.
2. Macroeconomic Risks and Fluctuations in Customer Demand: The company is highly susceptible to broader macroeconomic risks, including changes in interest rates, the availability of capital and credit, and the rising costs associated with equipment ownership for its customers. These factors can directly influence customer demand and sales, with recent reports indicating a "sharp demand deficit" and "significant macro uncertainties" leading to substantial declines in revenue and profit. Downturns in the general economy have historically had a material adverse effect on Miller Industries' operations.
3. Regulatory Risks: Miller Industries is exposed to regulatory risks, particularly those related to environmental and health and safety laws. Compliance with regulations like California Air Resources Board's (CARB) Advanced Clean Trucks regulation and other new near-zero emission standards adopted by certain states could impact customer demand and increase operational costs. These regulations limit the registration of diesel-powered commercial vehicles, thereby affecting the number of units the company can sell in these states and creating uncertainty regarding future demand.

Miller Industries (symbol: MLR) manufactures a variety of towing and recovery equipment, with its main products including wreckers (tow trucks), car carriers, and heavy-duty rotators.

Addressable Markets:

• Wreckers (Tow Trucks): The global tow truck market size was valued at approximately $2.3 billion in 2023 and is projected to reach $3.9 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2033. Asia-Pacific is identified as the largest regional market for tow trucks, with North America also holding a significant share.

• Car Carriers: The global car carrier market size was valued at USD 51.28 billion in 2024 and is expected to reach USD 91.45 billion by 2032, growing at a CAGR of 7.5%. North America dominated the car carrier market with the largest revenue share of 37.8% in 2024, while Asia-Pacific is also expected to hold a high share in the global market.

• Rotators (Heavy-Duty Towing and Recovery Equipment): null

Miller Industries (MLR) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Recovery in Chassis Shipments and Inventory Normalization: A significant factor impacting recent revenue has been the decline in chassis shipments, which were elevated in prior periods due to original equipment manufacturers (OEMs) recovering from supply chain disruptions. Management expects these temporary headwinds to subside by the second half of 2025, with expectations for normalized field inventory by 2026. This normalization and subsequent increase in chassis availability are anticipated to drive future revenue growth as production and deliveries stabilize.
2. Growth in Military Contracts and International Markets: Miller Industries is actively pursuing opportunities in the international military sector, identifying it as a significant growth area. The company has noted a "strong military demand" expected in 2026 and a "notable increase in Request For Quote or RFQ activity for our military vehicles." Production of military orders is projected to begin in 2027, indicating a substantial future revenue stream from specialized military transport and recovery vehicles.
3. Introduction of New Products and Continued Innovation: The company consistently emphasizes its commitment to innovation and expanding its product lines. Recent earnings commentary mentioned "new product launches" contributing to expenses, and the company's website showcases new offerings like the Century 5130/5230 and the Century M100 rotator. Miller Industries’ strategy includes developing and introducing innovative products to meet customer needs and expand into new markets.
4. Improved Product Mix Towards Higher-Margin Units: While not a volume driver in itself, a strategic shift in product mix toward higher-margin units is expected to positively impact revenue quality and profitability, which can indirectly support overall revenue growth. The company has already observed gross margin improvements driven by a product mix that favors a higher percentage of manufactured bodies/units compared to chassis. Increasing the sales volume of these more profitable products will contribute to the top line.

Share Repurchases

• Miller Industries' Board of Directors authorized a new $25.0 million share repurchase program on April 2, 2024, which has no expiration date.
• In 2024, the company repurchased $2.9 million of common stock.
• As of early 2025, an estimated $20 million remained available under the authorized share repurchase program.

Share Issuance

• There were no significant dollar amounts of shares issued by Miller Industries between 2020 and 2024.

Outbound Investments

• In May 2023, Miller Industries acquired Southern Hydraulic Cylinder, Inc., a custom hydraulic cylinder manufacturer, for approximately $17.5 million in an all-cash transaction. This acquisition aimed to enhance the stability of its supply chain through vertical integration.

Capital Expenditures

• Capital expenditures were approximately $17.5 million in 2020, $9.1 million in 2021, $28.9 million in 2022, $12.1 million in 2023, and $15.3 million in 2024.
• Future capital allocation priorities include investments in innovation, automation, and capacity expansion.
• The company is undertaking a facility expansion in France and evaluating a similar project in Ottawa, Tennessee.