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By Nicholas G. Miller
Miller Industries is cutting 150 positions across three manufacturing facilities as part of its cost reduction plan as the company continues to see a decline in orders.
The towing equipment manufacturer on Thursday cited market challenges including reduced retail sales and lower order intake.
Earlier this month, the company reported a 42% decrease in second-quarter net sales and a 59% decrease in net income, citing lower consumer confidence and the elevated costs of ownership as a result of higher interest rates, insurance costs and tariffs.
The company suspended its earnings per share guidance, saying it was evaluating organization-wide initiatives to reduce costs.
The company said it would support employees affected by the job cuts by offering financial and benefit assistance and career transition resources.
Write to Nicholas G. Miller at nicholas.miller@wsj.com.
Q2 2025 saw a 42% drop in sales and a 59% decline in net income, but gross margin improved due to a favorable product mix. Management anticipates continued headwinds from high equipment costs, tariffs, and regulatory changes.
Original document: Miller Industries, Inc. [MLR] SEC 10-Q Quarterly Report — Aug. 7 2025
Q2 2025 saw a 42% drop in net sales and a 59% decline in net income year-over-year, driven by lower demand and elevated costs. Revenue guidance for 2025 was revised downward, with EPS guidance suspended amid ongoing operational challenges.
Original document: Miller Industries, Inc. [MLR] SEC 8-K Current Report — Aug. 7 2025
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