Miller Industries Reports 12.1% Sales Increase but 14.1% Decline in Net Income for Q2 2026

Miller Industries, Inc. reported its financial results for the second quarter of fiscal year 2026, revealing a net sales increase of 12.1% to $240.0 million compared to $214.0 million in the same period last year. However, the company experienced a decline in net income, which fell by 14.1% to $7.3 million, down from $8.5 million in the prior year. The decrease in profitability was attributed to rising costs associated with operations and the impact of tariffs on imported materials, which affected gross profit margins.

In the first half of 2026, Miller Industries' net sales totaled $420.9 million, a decrease of 4.3% from $439.7 million in the same period of 2025. The decline was primarily due to lower domestic production levels, although foreign sales increased significantly by 23.6% to $95.7 million, bolstered by the inclusion of revenues from the recently acquired Italian company, Omars – S.p.A. This acquisition, completed in December 2025 for approximately $20.2 million, is expected to enhance the company's manufacturing capacity and expand its market presence in Europe.

Operationally, Miller Industries reported a significant increase in cash and cash equivalents, which rose to $55.6 million as of June 30, 2026, compared to $44.7 million at the end of 2025. The company also noted a reduction in inventory levels, which decreased to $157.3 million from $184.2 million, reflecting improved supply chain management. The total assets of the company increased to $609.1 million, up from $589.7 million at the end of the previous fiscal year, indicating a solid financial position.

Looking ahead, Miller Industries is focused on addressing ongoing challenges such as inflationary pressures and supply chain disruptions. The company has implemented a price increase of 3% on all domestically manufactured products, effective for invoices issued after July 31, 2026, to better align pricing with current cost structures. Additionally, the company is investing in automation and expanding its facilities, including a significant $100 million expansion at its Ooltewah, Tennessee location, expected to enhance production flexibility and capacity.

Miller Industries remains optimistic about its future performance, despite the uncertainties posed by geopolitical tensions and economic conditions. The company is actively monitoring market trends and adjusting its strategies to mitigate risks while continuing to prioritize customer needs and operational efficiency.