Miller Industries Reaffirms 2026 Outlook, Eyes $200M-Plus Military Production Pipeline

Miller Industries reaffirmed its 2026 outlook , targeting revenue of approximately $850 million to $900 million, EPS in line with 2025, and gross margins in the mid-13% range. The company has secured more than $200 million in military production commitments , with manufacturing expected to begin in late 2027 and most revenue anticipated in 2028 and 2029. Miller plans a roughly $100 million expansion program , including a 200,000-square-foot Tennessee facility, while entering 2026 with normalized distributor inventories and a debt-free revolver.

Miller Industries NYSE: MLR said it is maintaining its 2026 revenue outlook of approximately $850 million to $900 million, with earnings per share expected to be in line with 2025 and gross margins projected in the mid-13% range. During a presentation, Chief Executive Officer Will Miller described the company as the world’s largest manufacturer of towing and recovery equipment, with approximately 1,500 employees and manufacturing operations in Tennessee, Pennsylvania, England, France and Italy. The company sells equipment under brands including Century, Vulcan, Chevron, Holmes, Boniface, Jige and OMARS. About 90% of company revenue currently comes from North American distribution, with additional revenue from exports, European operations and national accounts.

For the second quarter of 2026, Miller Industries reported approximately $240 million in revenue and diluted earnings per share of $0.63. The company returned $4.9 million to shareholders through share repurchases and dividends during the quarter. Miller also said the company reduced its revolver debt to zero in the second quarter. The company expects to fund most of an approximately $100 million investment program through cash flow, though Miller said debt could increase late in 2027 as the company completes expansion projects and adds working capital for military production. The company’s capital-allocation priorities include its quarterly dividend, share repurchases, working capital, acquisitions, innovation, automation, employee investment and capacity expansion.

Miller Industries is building a 200,000-square-foot expansion at its Ooltewah, Tennessee, headquarters and manufacturing site. Construction is expected to begin in mid-September and be completed by Sept. 1, 2027. Miller said the expansion will change how the company manufactures heavy-duty products and will help address capacity needs as military-related production ramps up. The company has more than $200 million in military production commitments, with manufacturing expected to begin late in 2027 and most related revenue anticipated in 2028 and 2029. Miller said those commitments consist of multiple contracts, some of which may include extension opportunities. The company also has additional requests for quotation in process. The military contracts are global rather than limited to the U.S. Miller said the company has supplied military recovery products to customers including Australia, Singapore, Norway, Sweden, France and Denmark, as well as the United States. In Europe, Miller said it has a strong order backlog and is expanding its Jige operation in France. The company previously approved an 8 million euro, ...