Miller Industries Revenue Rises 12.1% in Second Quarter Despite Profit Decline

Key Facts

Miller Industries reported results on August 5 for the second quarter ended June 30, 2026, with revenue of $240.0 million, up 12.1% year over year. But sales growth did not translate into improved earnings, as diluted earnings per share fell to $0.63 from $0.73 a year earlier. Results also showed gross margin declining to 15.0% from 16.2%, a decrease of 120 basis points. The published results therefore reflect a divergence between revenue growth and weaker profitability during the period, and do not substantiate the claim in an earlier draft that third-quarter results exceeded expectations. The company’s official data list as of October 24 showed second-quarter results, with no third-quarter results published.

Net income figures show the divergence widening. Net income was $7.269 million in the second quarter, down 14.1% from $8.458 million in the same period of 2025. For the six months ended June 30, net income fell 52.7% to $7.822 million from $16.523 million. That came despite higher quarterly revenue, putting margin and earnings pressure at the center of the company’s reported financial performance. The year-over-year gross margin also declined to 15.0%, while diluted earnings per share fell to $0.63.

In its guidance, the company reaffirmed a 2026 revenue range of $850 to $900 million and said earnings per share are expected to be generally in line with 2025 results. It also expected production volumes to remain stable in the second half of the year. The company said full-year gross margins are expected to return to their historical range in the mid-13% range. These forecasts provide management’s framework for the rest of the year in light of the first-half earnings decline. They remain company guidance, while the date for reporting third-quarter results was estimated for November 4, 2026, by MarketBeat and had not been officially announced by the company.

The company’s investment plans include expanding its Ooltewah, Tennessee, facility by more than 200,000 square feet at a cost of about $100 million. In the second quarter, the company approved a quarterly cash dividend of $0.21 per share, payable on September 15 to shareholders of record on September 8. It also repurchased about $2.5 million in shares during the same quarter. These items show concurrent decisions on investment, dividends and buybacks during a period of declining earnings. The details are based on the company’s second-quarter results disclosures, not third-quarter results, which were not included in its official data list as of October 24.

In the market, the company’s shares closed at $51.47 on October 23, 2026, down 1.57% in the session, according to Investing.com data. The available information does not provide a verified reason for the decline, nor does it confirm that an alleged downgrade drove the share move. There is also no evidence to support the daily trading range cited in the earlier draft, so the price here is limited to the published close and daily change. Second-quarter results and management guidance remain the latest disclosed basis for assessing the company’s trajectory ahead of its next results. MarketBeat estimates November 4 as a possible date for the third-quarter results announcement, though the date remains an estimate.