Revenue Up, Profits Down

Miller Industries Reports Second-Quarter Revenue Growth Despite Declining Profits and Margins

Miller Industries (NYSE:MLR) reported second-quarter 2026 results, with revenue reaching $240 million, up 12.1% from $214 million in the same quarter of 2025, driven by steady production matched to order intake. However, profit slipped to $7.3 million from $8.5 million, and diluted EPS dropped to $0.63 from $0 0.73. The company has made significant progress with cutting total debt by $20 million and returning $4.9 million to shareholders through dividends and share repurchases. However the profit side of the report tells a tougher story, with gross margin slipping 120 basis points to 15%. The company's full-year 2026 guidance calls for gross margins to land in the mid-13% range, below the 15.0% posted in the second quarter. Hedge fund ownership of Miller Industries fell from 16 funds in the previous quarter to 12 in the most recent one.

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