Miller Industries Inc (MLR) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Miller Industries First Quarter 2026 Results Conference Call. Please note, this event is being recorded. And at this time, I would like to turn the call over to William Miller at Miller Industries. Please go ahead, sir.

各位女士、先生，大家好，歡迎參加 Miller Industries 2026 年第一季業績電話會議。請注意，本活動將被錄音。現在，我想把電話交給 Miller Industries 的 William Miller。先生，請開始。

Thank you. Good morning, everyone, and thank you for joining us for our first quarter 2026 earnings call. I want to begin by thanking our employees around the world for their dedication and support. Our first quarter results and strategic progress reflect the commitment and passion of our team, our suppliers, our customers and our shareholders. As always, our remarks today will include forward-looking statements.

謝謝。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。我想先感謝我們全球員工的投入與支持。我們第一季的業績與策略進展，反映了我們團隊、供應商、客戶與股東的承諾與熱忱。一如既往，我們今天的發言將包含前瞻性陳述。

Actual results may differ materially. Please refer to our SEC filings and the safe harbor statement included in today's presentation. I would like to start with a brief overview before I hand the call over to Debbie, who will review our results in greater detail. We entered the year with strong momentum.

實際結果可能會有重大差異。請參閱我們向 SEC 提交的文件，以及今日簡報中所載的安全港聲明。在我把電話交給 Debbie、由她更詳細地檢視我們的業績之前，我想先做一個簡要概述。我們以強勁動能展開新的一年。

The actions we took in 2025 to reduce field inventory, improve the health of our distribution channel, and strengthen our supply chain positioned us to capture rising demand across the business. As that demand materialized, we strategically increased production to deliver solid sequential revenue growth. Late in the quarter, escalating geopolitical tensions in the Middle East introduced additional uncertainty and led to higher diesel prices, creating pressure on retail demand.

我們在 2025 年採取的行動，包括降低通路端庫存、改善經銷通路健康度，以及強化供應鏈，使我們得以掌握全業務範圍內上升的需求。隨著需求逐步顯現，我們策略性提高產量，以帶動穩健的連續季度營收成長。在季度末期，中東地緣政治緊張情勢升高帶來額外不確定性，並推升柴油價格，對零售需求造成壓力。

In response, our team remained disciplined and focused, proactively pausing our North American production increase at current levels to maintain balanced distributor inventory. We believe this was the right decision to best position the business for future success. Despite the reduction in retail activity that we saw throughout 2025 and the recent effects of the conflict in the Middle East, we remain confident in the strength of our business and the structural demand opportunities ahead.

為此，我們團隊保持紀律與專注，主動將北美產量提升計畫暫停在目前水準，以維持經銷商庫存的平衡。我們相信這是最正確的決策，能讓公司為未來成功做好最佳準備。儘管我們在 2025 年全年看到零售活動下滑，以及近期中東衝突的影響，我們仍對業務的韌性與未來結構性需求機會充滿信心。

Our core philosophy remains exactly as it has been since day-1. Miller Industries has the best people, the best products and the best distribution network in the towing and recovery industry. That philosophy is the backbone of Miller Industries' 35-year history and will continue to be our philosophy moving forward.

我們的核心理念自第一天起始終如一。在拖吊與救援產業中，Miller Industries 擁有最優秀的人才、最好的產品，以及最強的經銷網路。這一理念是 Miller Industries 35 年歷史的基石，未來也將持續作為我們的經營哲學。

Our 1,500-plus employees across Tennessee, Pennsylvania, France, the U.K. and Italy, and our distribution footprint gives us unmatched reach, capability and reliability that continues to position the company for future growth. I want to recognize all of our teams across the U.S., Europe and the U.K. for their dedication to support the company throughout difficult periods. Their commitment allows us to stay agile in the near term while building the foundation for longer-term growth and value creation.

我們在田納西州、賓夕法尼亞州、法國、英國與義大利擁有超過 1,500 名員工，加上我們的經銷版圖，帶來無可匹敵的觸及範圍、能力與可靠性，持續讓公司站在未來成長的有利位置。我想表揚我們在美國、歐洲與英國的所有團隊，在艱難時期仍致力於支持公司。他們的投入讓我們在短期內保持靈活，同時建立更長期成長與價值創造的基礎。

I'll now turn the call over to Debbie, who will provide an update on our financial results in more detail before returning with some more specific thoughts on our markets in 2026, capital allocation priorities and guidance.

接下來我把電話交給 Debbie。她將更詳細更新我們的財務業績，之後我會再回來分享對 2026 年市場的更具體看法、資本配置優先事項與財測指引。

Thank you, Will. Before I begin, I would like to note that this was our first full quarter of contribution from the Omars acquisition. We are encouraged by the smooth integration thus far and expect Omars to be an increasingly meaningful contributor to our results going forward. For the first quarter, revenue was $180.9 million, down 19.8% year-over-year and in line with our expectations for the quarter. This decline reflects the institution of lower production levels in the second half of 2025.

謝謝你，Will。在我開始之前，我想先說明：本季是我們併購 Omars 後，首次完整季度的貢獻。我們對目前為止順利的整合進展感到鼓舞，並預期 Omars 未來將對我們的業績做出愈來愈重要的貢獻。第一季營收為 1.809 億美元，年減 19.8%，符合我們對本季的預期。這一下滑反映了我們在 2025 年下半年採取較低的生產水準。

Earlier this year, we started to accelerate production to meet increasing retail activity and order intake. This drove quarter-over-quarter revenue growth of 5.7%. Gross profit was $25.7 million or 14.2% of sales, and diluted EPS was $0.05 per share. Higher SG&A expenses for the quarter were primarily attributable to the inclusion of Omars.

今年稍早，我們開始加速生產，以因應零售活動與訂單接單量的增加。這帶動營收季增 5.7%。毛利為 2,570 萬美元，約占銷售額的 14.2%；稀釋後每股盈餘（EPS）為每股 0.05 美元。本季較高的銷售、一般及行政（SG&A）費用，主要歸因於納入 Omars。

Based on preliminary valuation estimates, we recorded certain noncash acquisition-related expenses associated with Omars during the first quarter, primarily related to fair value adjustments on equipment sales and the amortization of estimated intangible customer relationship assets.

根據初步估值估計，我們在第一季認列了與 Omars 併購相關的若干非現金費用，主要與設備銷售的公允價值調整，以及對估計之無形資產—客戶關係資產的攤銷有關。

These items reduced first quarter results by approximately $0.13 per diluted share. At this time, we expect this amount to represent roughly half of those total onetime acquisition-related expenses anticipated to be recognized over the balance of 2026. We are continuing to work closely with our third-party valuation specialists, and the final amounts will be recorded upon completion of the valuation process.

上述項目使第一季業績約減少每股稀釋後 0.13 美元。目前我們預期，該金額約占 2026 年剩餘期間預計認列之一次性併購相關費用總額的一半左右。我們將持續與第三方估值專家密切合作，最終金額將在估值流程完成後入帳。

We remain confident that the acquisition will be accretive in the first year after recognizing these noncash acquisition-related expenses. Earnings per share was also impacted by higher consolidated taxes, primarily as a result of a conservative tax approach to the acquisition-related expenses for Omars as well as nondeductible executive compensation.

我們仍有信心，在認列這些非現金併購相關費用後，該併購案在第一年仍將具增益效果（accretive）。每股盈餘亦受到較高合併稅負的影響，主要是因我們對 Omars 併購相關費用採取較保守的稅務處理方式，以及不可扣抵的高階主管薪酬。

I'd like to now shift to a discussion of our balance sheet. At the end of the first quarter, we had a cash balance of $53 million, up $8.3 million from the end of last year as we continue to convert receivables at a faster pace. Our strong cash position provides increased flexibility to deploy capital in the most efficient and value-creating way for our investors. Now I'll turn the call back to Will to discuss our markets and our outlook.

接下來我想把焦點轉到資產負債表。截至第一季末，我們的現金餘額為 5,300 萬美元，較去年底增加 830 萬美元，因我們持續以更快速度回收應收款項。我們強勁的現金部位，讓我們在以最有效率且能為投資人創造價值的方式部署資本方面，具備更高的彈性。現在我把電話交回給 Will，請他談談我們的市場與展望。

Thank you, Debbie. In the domestic market, we started 2026 with strengthening retail activity and order intake. Due to geopolitical tensions and rising fuel costs towards the end of Q1, we saw a significant reduction in the overall market. At the same time, cost of manufacturing in the United States have continued to increase. While we implemented an initial surcharge in April 2025 to offset tariff-related costs, continued cost increases have exceeded the coverage that our surcharge provides.

謝謝你，Debbie。在國內市場方面，我們以零售活動與接單量轉強的態勢展開 2026 年。由於第一季末地緣政治緊張情勢與燃料成本上升，我們看到整體市場明顯降溫。同時，美國的製造成本也持續上升。雖然我們在 2025 年 4 月實施了初步附加費以抵銷關稅相關成本，但持續的成本上漲已超出該附加費所能涵蓋的範圍。

As a result, we have implemented an additional 3% price increase on all manufactured products to better align pricing with our current cost environment and support our continued investment in U.S. manufacturing. Effective August 1, 2026, all manufactured products will begin invoicing at the updated pricing structure. Orders invoiced on or after this date will reflect new pricing regardless of order placement date.

因此，我們已對所有製造產品額外實施3%的價格調漲，以使定價更貼近我們目前的成本環境，並支持我們持續投資於美國製造。自2026年8月1日起，所有製造產品將開始依更新後的定價架構開立發票。在此日期當日或之後開立發票的訂單，將不論下單日期為何，皆反映新定價。

Importantly, more recent data suggests that the underlying demand that was present at the beginning of the year remains intact as we have seen a rise in chassis sales over the past few weeks. We remain optimistic that retail activity will increase in the second half of the year, which would enable us to continue to accelerate production. With systems in place to closely monitor demand signals, we are well positioned to respond quickly as market conditions improve.

重要的是，較近期的數據顯示，年初所呈現的基本需求仍然完好，因為我們在過去幾週看到底盤銷售有所上升。我們仍樂觀認為，下半年零售活動將增加，這將使我們能夠持續加速生產。在已建立可密切監測需求訊號的系統之下，隨著市場狀況改善，我們具備迅速回應的良好條件。

With backlog levels elevated, our international facilities production rates remain consistent as they work to meet steady customer demands. We remain encouraged by the outlook for our export business, driven by growing international sales and a robust pipeline of global military RFQs. These positive trends should provide a strong multiyear growth tailwind.

在積壓訂單水位偏高的情況下，我們的國際廠區生產率維持一致，並持續努力滿足穩定的客戶需求。在國際銷售成長以及全球軍方RFQ（詢價/報價請求）強勁管線的帶動下，我們對出口業務前景仍感到鼓舞。這些正向趨勢應可在未來多年提供強勁的成長順風。

The acquisition of Omars and our EUR8 million expansion at Jige in France, which remains on track to be completed by mid-2027, will both play significant roles in the success of our global initiatives. We continue to build a strong pipeline of military RFQs, continuing long-term growth in our overall business. We began 2026 with more than $150 million in military commitments with production scheduled to begin in 2027 with the majority of revenue to be recognized in 2028 and 2029.

收購Omars以及我們在法國Jige進行的800萬歐元擴建（目前仍按計畫於2027年年中前完成），兩者都將在我們全球計畫的成功中扮演重要角色。我們持續建立強勁的軍方RFQ管線，推動整體業務的長期成長。我們在2026年初即擁有超過1.5億美元的軍方承諾，預計於2027年開始排程生產，且大部分營收將於2028年與2029年認列。

We continue to work diligently with militaries around the globe and anticipate that defense-grade recovery vehicles will be an important contributor to our financial results in the years to come. To serve future demand, we are focused on being production ready in Ooltewah's new 200,000-plus square foot manufacturing facility by late 2027.

我們持續與全球各地軍方密切合作，並預期國防級救援車輛將在未來數年成為我們財務成果的重要貢獻來源。為因應未來需求，我們聚焦於在2027年末前，使位於Ooltewah、面積超過20萬平方英尺的新製造設施達到可投產狀態。

Site preparation for the capacity expansion remains on schedule, and we are targeting facility construction to begin by late summer. As we shared last quarter, this investment will streamline heavy-duty workflow and enhance our manufacturing efficiencies. The new facility will be key to providing -- producing global high-volume defense grade recovery vehicles as well as meeting increased demand for our global export markets while maintaining the ability to service our North American customer base.

產能擴充的場地整備仍按進度進行，我們目標在夏末前後開始廠房施工。如同我們在上一季分享的，這項投資將精簡重型作業流程並提升製造效率。新設施將是提供——生產全球高產量國防級救援車輛，以及在維持服務北美客戶基礎能力的同時，滿足全球出口市場需求增加——的關鍵。

Our strong ongoing cash flow generation position us to fund the majority of this expansion organically through operating cash flow over the next several years. We remain disciplined in how we allocate capital, focusing on 5 key priorities: paying a consistent industry-leading quarterly dividend of $0.21 per share.

我們持續強勁的現金流創造能力，使我們得以在未來數年主要透過營運現金流以自有資金方式支應此次擴建。我們在資本配置上維持紀律，聚焦於5項關鍵優先事項：支付每股0.21美元、穩定且領先同業的季度股利。

We reduced our credit facility by $10 million, bringing the total debt balance to approximately $21 million at the end of the quarter. Share repurchases, including $2.2 million in the first quarter and approximately $14 million remaining under our current authorization, selective M&A opportunities and ongoing investment in capacity expansion, automation and innovation.

我們將信用額度融資減少1,000萬美元，使本季末總負債餘額降至約2,100萬美元。股票回購（包括第一季的220萬美元，以及在目前授權額度下尚餘約1,400萬美元）、選擇性的併購（M&A）機會，以及持續投資於產能擴充、自動化與創新。

We're extremely proud that we paid our dividend for 62 consecutive quarters. In the first quarter, we returned approximately $4.6 million to shareholders between our dividend and share repurchase program. This balanced approach strengthens the company while also returning value directly to shareholders.

我們非常自豪已連續62個季度發放股利。第一季，我們透過股利與股票回購計畫合計向股東回饋約460萬美元。這種平衡的作法在強化公司的同時，也將價值直接回饋給股東。

As Debbie said earlier, our strong cash generation allows us to execute on each one of these priorities without the need for additional financing. At this time, we remain optimistic that we are on track to generate between $850 million and $900 million in revenue for full year 2026 and expect earnings per share to be generally in line with full year 2025 results.

如Debbie先前所說，我們強勁的現金創造能力使我們能夠執行上述每一項優先事項，而無需額外融資。目前，我們仍樂觀認為，2026全年營收可望達到8.5億至9億美元，且預期每股盈餘大致與2025全年結果相當。

While demand remains consistent, higher diesel prices and heightened uncertainty stemming from geopolitical tensions in the Middle East are leading customers to push orders. As a result, we expect production volumes and revenue to be increasingly weighted towards the second half of 2026. As external pressures on our industry lessen, we remain confident in our ability to approach $250 million in quarterly revenue by the second half of the year.

儘管需求仍維持一致，但柴油價格上升，以及源自中東地緣政治緊張局勢所帶來的不確定性升高，正使客戶延後下單。因此，我們預期2026年的生產量與營收將更明顯集中於下半年。隨著外部對本產業的壓力減輕，我們仍有信心在下半年使單季營收接近2.5億美元。

We also continue to expect that gross margins will return to historical levels in the mid-13% range for full year 2026, with product mix shifting towards historical levels of bodies and chassis. We look forward to meeting with investors to speak about these exciting developments throughout 2026 at the Three Part Advisors Conferences in New York, Chicago and Dallas, D.A. Davidson's Industrial Conference and additional non-deal roadshows to be scheduled.

我們也持續預期，2026全年毛利率將回到歷史水準、約13%中段區間，且產品組合將朝向車身與底盤的歷史水準回歸。我們期待在2026年期間，於紐約、芝加哥與達拉斯舉行的Three Part Advisors投資人會議、D.A. Davidson工業產業會議，以及後續將安排的其他非交易路演中，與投資人會面並分享這些令人振奮的進展。

We welcome continued dialogue with our shareholders. In closing, the entire management team and I would like to thank all of our employees, suppliers, customers and shareholders for their continued support of Miller Industries. We are exceptionally well positioned to manage near-term uncertainty and capitalize on long-term global growth.

我們歡迎與股東持續對話。最後，我與整個管理團隊謹向所有員工、供應商、客戶與股東致謝，感謝各位持續支持Miller Industries。我們具備極佳條件以因應短期不確定性，並把握長期的全球成長機會。

Thank you again for joining us. Operator, please open the line for questions.

再次感謝各位參與。接線員，請開放提問線路。

(Operator Instructions)

(接線員指示)

Michael Shlisky, DA Davidson & Co.

Michael Shlisky，DA Davidson & Co.

Yes. Hi, good morning. Let's take my questions here.

是的。嗨，早安。我來提幾個問題。

Good morning, Mike.

早安，Mike。

How are you? I'm great, thank you. So let's see, the onetime items that you mentioned, Debbie, in your comments, were those in the -- on the SG&A line in the quarter? And maybe more broadly, you add SG&A about $3 million quarter-over-quarter because of the Omars deal. First of all, is that the right number that Omars is a run rate? Or were there onetime items in there? And do you anticipate any synergies over time to reduce some of that SG&A?

你好嗎？我很好，謝謝。那我看看，Debbie，你在評論中提到的一次性項目，是在本季的——SG&A（銷售、一般及行政費用）那一行嗎？另外更廣泛地說，因為Omars交易，你們的SG&A較上一季增加約300萬美元。首先，這個數字是否正確、也就是Omars的常態化費用水準（run rate）？還是其中包含一次性項目？另外，隨著時間推進，你們是否預期會有任何綜效，以降低部分SG&A？

Morning, Mike. Mike, some of the onetime charges were at the gross margin line and some were at the SG&A line. About $600,000 is on the SG&A line that is related to those acquisition costs. The remaining amount will be pretty much the current run rate with a full quarter of Omars.

早安，Mike。Mike，有些一次性費用列在毛利率項下，有些列在銷售、一般及行政費用（SG&A）項下。約60萬美元列在SG&A項下，與那些併購成本相關。其餘金額基本上會是目前的經常性水準，並反映Omars完整一季的影響。

The additional was the conservative approach that we took from a tax standpoint as we continue to understand the deductibility under Italian tax law of those acquisition-related expenses. So it's the combination of the three.

另外一項是我們從稅務角度採取的保守作法，因為我們仍在持續了解依義大利稅法，這些併購相關費用的可扣抵性。所以是這三項因素的組合。

Great. And the synergies?

很好。那協同效益呢？

What was that?

你說什麼？

Opportunities to reduce SG&A in the future?

未來降低SG&A的機會？

Oh, yes. Omars was a stand-alone company. So they had a full stack of engineering, HR, accounting. We feel like the leverage that we can get is the synergies between the 3 European companies as we go forward to either enhance efficiencies or combine that with the U.S. for reductions of cost.

喔，有的。Omars原本是一家獨立運作的公司。所以他們有完整的工程、人資、會計等部門配置。我們認為，隨著未來推進，我們可以透過三家歐洲公司的協同效益來取得槓桿，無論是提升效率，或是與美國業務整合以降低成本。

Great. Thank you for that. Great. I also wanted to ask about your comments, Will, on the military opportunities out there. Did anything move closer to the commitment phase during the quarter? In other words, how is the pipeline looking as far as getting closer to being able to book things?

很好。謝謝你的說明。很好。我也想問一下，Will，你提到外部的軍用機會。本季是否有任何案子更接近承諾階段？換句話說，就更接近能夠入帳而言，管線看起來如何？

Yeah. . We've seen some movement in positive directions from a few RFQs throughout the quarter. At this time, there's nothing specifically to add on any specific RFQ, but we're hoping that when we release Q2 earnings next quarter that we'll have some additional information that we can provide to you and shareholders more specifically about some of the RFQs that we have commitments for and some that are in the pipeline that we believe will move forward throughout the quarter.

是的。。我們在本季看到幾個詢價（RFQ）有一些朝正面方向的進展。目前針對任何特定RFQ沒有具體新增資訊，但我們希望在下季發布第二季（Q2）財報時，能提供你以及股東更具體的補充資訊，說明哪些RFQ我們已取得承諾、哪些仍在管線中且我們認為會在本季持續推進。

Great. And if you indulge me in one more here --

很好。如果你允許我再多問一個--

No, no. Absolutely.

不，不。當然可以。

Okay. Yeah. They said two questions, but usually, there's very few other folks on this call here asking the question. So I appreciate the time. I just want to also ask the underlying reasons for a consumer to use a tow service are most of those kind of still intact?

好的。是的。他們說只能問兩個問題，但通常這通電話上其他提問的人不多。所以我很感謝你們撥時間。我也想問，消費者使用拖吊服務的根本原因，大多數是否仍然存在？

The average age of the car remains all-time records, number of cars on the road, miles driven. Most of those things are still trending in Miller's favor, you think, in 2026?

車輛平均車齡仍在創歷史新高，道路上的車輛數、行駛里程。你認為到2026年，這些因素大多仍會朝對Miller有利的方向發展嗎？

I believe so. I think what we're seeing today is individuals as they're looking to make that purchase of $100,000 to $1 million with diesel price ranging anywhere from $5 to $9 a gallon here in the United States that a little bit of uncertainty with the current geopolitical tensions and waiting to see how that all levels out before they make that commitment.

我認為是的。我想我們目前看到的是，個人在考慮購買10萬到100萬美元的設備時，而美國柴油價格約在每加侖5到9美元之間，在當前地緣政治緊張情勢下會有些不確定性，並且會先觀望情勢如何落定再做出承諾。

Obviously, we're still seeing some solid retail activity, but not at the levels where they were prior to six or eight weeks ago. So I think that will quickly return once things in the Middle East settle down.

顯然，我們仍看到一些穩健的零售活動，但水準不如六到八週前。所以我認為，一旦中東局勢緩和，需求會很快回來。

And your view of maybe the average tow fleet truck is --

那你對拖吊車隊卡車的平均狀況看法是--

It's still in line. If anything, over last year, lower retail activity. If anything, the age of the fleet has aged out slightly more, which is a positive trend for us as customers look to replace fleets.

仍然一致。若有的話，相較去年，零售活動較低。若有的話，車隊車齡又略為老化一些，這對我們是正向趨勢，因為客戶會開始考慮汰換車隊。

Great. That was where my question was going. I appreciate the call, everybody. I'll pass it along.

很好。這正是我問題想問的方向。感謝各位的電話會議。我把時間交回去。

Absolutely, Mike. Thank you very much.

當然，Mike。非常感謝。

We have reached the end of the question-and-answer session. And I will now turn the call over to William Miller for closing remarks. Please go ahead.

我們已到達問答環節的結束。接下來我將把電話交給William Miller作結語。請開始。

Thank you. I'd like to thank you all again for joining us on the call today, and we look forward to speaking with you on our second quarter conference call. If you would like information on how to participate and ask questions on the call, please visit our Investor Relations website, millerind.com/investors or e-mail, investor.relations@millerind.com. Thank you, and may God bless you and may God bless our troops.

謝謝。我想再次感謝各位今天參與本次電話會議，我們期待在第二季法說會上再與各位交流。若您想了解如何參與並在會議中提問，請造訪我們的投資人關係網站millerind.com/investors，或寄電子郵件至investor.relations@millerind.com。謝謝，願上帝保佑各位，也願上帝保佑我們的部隊。

Thank you. This concludes today's conference, and you may now disconnect your lines. Thank you all for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛線。感謝各位的參與。