Miller Industries Reports 43.1% Decline in Q3 2025 Net Sales

Miller Industries, Inc. reported a significant decline in financial performance for the third quarter of fiscal year 2025, with net sales of $178.7 million, down 43.1% from $314.3 million in the same period last year. For the nine months ended September 30, 2025, net sales totaled $618.4 million, a decrease of 40.3% compared to $1.04 billion in the prior year. The company attributed this decline primarily to reduced chassis deliveries and lower production levels aimed at mitigating inventory buildup in its distribution channel. Gross profit for the quarter was $25.3 million, down 39.7% year-over-year, while net income fell to $3.1 million, an 80% decrease from $15.4 million in Q3 2024.

In terms of operational metrics, Miller Industries experienced a notable reduction in accounts receivable, which decreased to $232.6 million from $313.4 million at the end of 2024. The company also reported a decrease in total assets, which fell to $604.3 million from $667.0 million at the end of the previous fiscal year. The decline in sales was partially offset by a 10.6% increase in foreign sales, which reached $30.6 million compared to $27.7 million in Q3 2024. The company’s gross profit margin improved slightly to 14.2% from 13.4% in the prior year, attributed to a favorable product mix.

Miller Industries has been actively managing its costs, with selling, general, and administrative expenses decreasing by 4.8% to $21.2 million in Q3 2025. The company implemented a reduction in workforce, cutting approximately 150 positions across three U.S. manufacturing facilities as part of a comprehensive cost reduction plan. Additionally, the company continued its investments in automation and robotics to enhance production efficiency, with capital expenditures for the nine months ending September 30, 2025, totaling $8.6 million, down from $14.1 million in the same period last year.

Looking ahead, Miller Industries remains cautious about the economic environment, citing challenges such as high equipment ownership costs, escalating insurance premiums, and potential impacts from tariffs. The company is focused on aligning production schedules with demand and reducing inventory levels in its distribution channel. Management anticipates that ongoing supply chain improvements and strategic investments will help stabilize operations moving forward. As of October 31, 2025, the company had $38.4 million in cash and temporary investments, along with $55.0 million available for borrowing under its credit facility, indicating a solid liquidity position to navigate the current market conditions.