MLR earnings analysis
What we found in MLR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Miller Industries reported Q1 2026 revenues of $180.9 million, down 19.8% year-over-year from $225.7 million in Q1 2025, with a substantial decline in EPS to $0.05 from $0.69. The company cited ongoing challenges from acquisition-related expenses and regulatory hurdles, although it reaffirms a strong cash position with operating cash flow of $30.7 million in Q1 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declined Significantly
- Q1 2026 revenue declined to $180.9 million, a 19.8% decrease from $225.7 million in Q1 2025.
- Substantial EPS Drop
- Diluted EPS for Q1 2026 fell to $0.05 from $0.69 in Q1 2025, marking a 92.8% decrease.
- Operating Cash Flow Surge
- Operating cash flow improved significantly to $30.7 million for Q1 2026, compared to $2.7 million in the same period last year.
- Free Cash Flow Recovered
- Free cash flow turned positive at $8.3 million for Q1 2026, up from a negative $2 million in Q1 2025.
- Increased Foreign Sales
- Net foreign sales rose to $49.2 million in Q1 2026 from $39.3 million in Q1 2025, a 25.1% increase.
- Solid Cash Position Maintained
- Cash and cash equivalents stood at $53.0 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Acquisition-Related Expenses
- Acquisition-related expenses from Omars negatively impacted Q1 2026 results by approximately $0.13 per diluted share.
- Geopolitical Tensions Affecting Operations
- Ongoing military conflicts in the Middle East may increase fuel costs, impacting demand for products.
- Rising Costs of Equipment Ownership
- Increasing fuel costs and interest rates are expected to continue to challenge end-market demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
- Gross margin
- 14.2%
What they said about what is next.
Revenue guidance re-affirmed at $850 million to $900 million for FY 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · March 4, 2026
- Miller Industries completed the acquisition of Omars (Dec. 2, 2025) to expand its European footprint while FY2025 revenue materially declined versus FY2024 as management reduced production in 2H2025 to normalize…
- 10-Q · November 5, 2025
- Miller Industries reported 3Q25 net sales of $178,670,000 and diluted EPS of $0.27 (both disclosed in the Form 10-Q). Revenue and profitability are materially lower versus the prior-year quarter (3Q24 net sales…
- 10-Q · May 7, 2025
- Miller Industries reported Q1 2025 revenue of $225,651,000 and diluted EPS of $0.69, with gross profit of $33,944,000 (≈15.0% margin) but operating margin compressed to ~4.8%. Net income fell to $8,065,000 from…
- 10-K · March 5, 2025
- Miller Industries presents itself as “The World’s Largest Manufacturer of Towing and Recovery Equipment®” with a broad branded product portfolio and an extensive distributor network (approximately 76 North American…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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