On this page of StockholderLetter.com we present the latest annual shareholder letter from MILLER INDUSTRIES INC /TN/ — ticker symbol MLR. Reading current and past MLR letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
TO OUR SHAREHOLDERS April 11, 2025 At Miller Industries, our success has always been driven by having the best people, products, and distribution network in the towing and recovery industry. This unwavering focus has allowed us to grow into the company we are today delivering record results and creating long-term value for our shareholders, customers, distributors, suppliers, and employees. Overall, we are incredibly proud of our 2024 performance, marking another record year across revenue, gross profit, net income, and earnings per share. I want to thank our dedicated team for their hard work, which was instrumental in achieving these outstanding results. 2024 was a tale of two halves one marked by significant success and another by challenges. Through it all, our company has emerged stronger and well-positioned for the future. The first half of the year brought unprecedented levels of profitability due to the significant demand for our industryleading equipment, particularly chassis, and our strategic investments in supply chain, manufacturing efficiency, and innovation continued to yield positive results. In the second half, however, market dynamics shifted. A buildup of inventory in our distribution channel, particularly chassis, required a proactive approach to ensure long-term stability. In response, we made a deliberate decision to delay some chassis shipments to our distributors, ultimately impacting our near-term revenues. Longer-term, we anticipate both chassis and body inventories reducing and moving closer to optimal levels. This improved inventory dynamic should not only promote the financial health of our distributors, but also boost our own working capital efficiency and cash conversion. Despite these challenges, we continued to prioritize returning cash to our shareholders, as we always have. In the fourth quarter, our Board of Directors approved an increase of over 5.2% to our quarterly dividend, a dividend we have paid for 57 consecutive quarters. We re also extremely proud that between our dividend and our share repurchase program, we returned $11.6 million directly to our shareholders in 2024. As our cash conversion improves, we look forward to continuing our history of returning cash to our shareholders in 2025 and beyond. The start of 2025 is presenting some uncertainties related to the economy, new regulations and market conditions. However, we continue to see demand for our products, and we expect to return to a synchronized flow of manufactured equipment and chassis deliveries, which will enhance working capital management, increase distributor flexibility, and reduce lead times, ensuring a more efficient flow of products to customers and improved cash flow generation for our business. While there is noise that may impact results in the short term, we believe perspective is key. In particular, we are confident about what is to come in 2026 and beyond, as inventory levels normalize and we capitalize on new growth opportunities. In closing, the entire Board, management team, and I would like to thank our shareholders, employees, customers, and suppliers for their ongoing support of Miller Industries. Without all of you, our success would not be possible. William G. Miller II President & CEO Deborah L. Whitmire Executive Vice President & CFO
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 • shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/2/2023 MLR Stockholder Letter
 • stockholder letter icon 4/26/2024 MLR Stockholder Letter
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MLR Shareholder/Stockholder Letter Transcript:

2024 Annual Report


TO OUR SHAREHOLDERS
April 11, 2025
At Miller Industries, our success has always been driven by having the best people, products, and distribution network
in the towing and recovery industry. This unwavering focus has allowed us to grow into the company we are today   
delivering record results and creating long-term value for our shareholders, customers, distributors, suppliers, and
employees.
Overall, we are incredibly proud of our 2024 performance, marking another record year across revenue, gross profit,
net income, and earnings per share. I want to thank our dedicated team for their hard work, which was instrumental in
achieving these outstanding results.
2024 was a tale of two halves   one marked by significant success and another by challenges. Through it all, our
company has emerged stronger and well-positioned for the future.
The first half of the year brought unprecedented levels of profitability due to the significant demand for our industryleading equipment, particularly chassis, and our strategic investments in supply chain, manufacturing efficiency, and
innovation continued to yield positive results. In the second half, however, market dynamics shifted. A buildup of
inventory in our distribution channel, particularly chassis, required a proactive approach to ensure long-term stability.
In response, we made a deliberate decision to delay some chassis shipments to our distributors, ultimately impacting
our near-term revenues.
Longer-term, we anticipate both chassis and body inventories reducing and moving closer to optimal levels. This
improved inventory dynamic should not only promote the financial health of our distributors, but also boost our own
working capital efficiency and cash conversion.
Despite these challenges, we continued to prioritize returning cash to our shareholders, as we always have. In the
fourth quarter, our Board of Directors approved an increase of over 5.2% to our quarterly dividend, a dividend we
have paid for 57 consecutive quarters. We   re also extremely proud that between our dividend and our share repurchase
program, we returned $11.6 million directly to our shareholders in 2024. As our cash conversion improves, we look
forward to continuing our history of returning cash to our shareholders in 2025 and beyond.
The start of 2025 is presenting some uncertainties related to the economy, new regulations and market conditions.
However, we continue to see demand for our products, and we expect to return to a synchronized flow of manufactured
equipment and chassis deliveries, which will enhance working capital management, increase distributor flexibility,
and reduce lead times, ensuring a more efficient flow of products to customers and improved cash flow generation for
our business.
While there is noise that may impact results in the short term, we believe perspective is key. In particular, we are
confident about what is to come in 2026 and beyond, as inventory levels normalize and we capitalize on new growth
opportunities.
In closing, the entire Board, management team, and I would like to thank our shareholders, employees, customers,
and suppliers for their ongoing support of Miller Industries. Without all of you, our success would not be possible.
William G. Miller II
President & CEO
Deborah L. Whitmire
Executive Vice President & CFO

(This page has been left blank intentionally.)



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