Key Highlights

  • Third-quarter Diluted Earnings per Share were USD 0.53, almost double the USD 0.27 reported a year earlier, on Net Income of USD 6.1 million against USD 3.1 million.
  • Net sales rose 18.8% to USD 212.2 million, helped by more chassis deliveries and a full quarter of Omars, which contributed USD 8.8 million of foreign sales.
  • Gross profit increased 17.6% to USD 29.8 million, but gross Margin edged down to 14.0% from 14.2% because of chassis mix and Section 232 tariffs on steel and aluminum.
  • Operating cash flow for nine months was USD 86.6 million versus USD 49.9 million, and the company had USD 60.4 million of cash and no outstanding revolver borrowings.

Omars and Chassis Deliveries Lift Sales 18.8%

Miller Industries (NYSE:MLR) disclosed third-quarter results in its 10-Q filed on November 4, 2026. Net sales were USD 212.2 million against USD 178.7 million, driven by higher chassis deliveries and a full quarter of Omars, the Italian towing equipment maker acquired in fiscal 2025, partly offset by lower domestic production. The company makes car carriers and wreckers, sold through distributors and governments under brands such as Century, Vulcan and Jige. Net foreign sales rose 49.1% to USD 45.7 million. Nine-month net sales were USD 633.1 million, up 2.4%, with foreign sales of USD 141.4 million, up 30.8%.

Lower Tax Rate and Omars Accounting Support the USD 0.53

Cost of operations rose 19.0% to USD 182.4 million, so Gross Profit grew 17.6% to USD 29.8 million. Selling, general and administrative expenses rose 3.5% to USD 22.0 million but fell to 10.4% of sales from 11.9%. The effective tax rate dropped to 19.2% from 28.4% after final purchase price allocation adjustments for Omars, which carried a tax amortization benefit of about USD 0.6 million. Management said non-cash Omars Acquisition items, including inventory Fair Value and intangible amortization with its tax benefit, added about USD 0.09 to diluted earnings per share. Excluding that effect, per-share earnings would be about USD 0.44 (calculated). Nine-month net income was USD 13.9 million, or USD 1.21 per diluted share, versus USD 19.6 million, or USD 1.68.

Fuel Costs, Tariffs and Interest Rates Still Cloud Demand

The filing says the company continued to face Demand headwinds through the first three quarters of 2026, which it attributes to higher fuel costs reducing miles driven, elevated interest rates, rising insurance costs for customers and Tariff uncertainty. It also cites conflicts in the Middle East and Ukraine as pressures on Supply chains and fuel prices. Nine-month gross margin was 14.4% against 15.2%. On the positive side, management expects state emission rules that limited diesel truck registrations to lessen through the rest of 2026. The revolver offers USD 100.0 million of availability, and dividends declared were USD 0.21 per share for the quarter against USD 0.20.

Where Things Stand

Yes for the quarter, with caveats. Miller Industries (NYSE:MLR) nearly doubled earnings per share to USD 0.53, but the improvement came from higher sales, a lower tax rate and USD 0.09 of Omars accounting benefits rather than wider margins, since gross margin slipped to 14.0%. Nine-month earnings per share of USD 1.21 are still below last year's USD 1.68. The filing offers no numeric guidance and no stock price reaction. Next markers are fourth-quarter chassis deliveries, the effect of fuel costs on customer orders, tariff developments and whether domestic production recovers.