Miller Industries (MLR) stock plummeted 8.26% in pre-market trading on Thursday, following the company's disappointing fourth quarter 2024 earnings results and tepid 2025 outlook released late Wednesday.
The manufacturer of towing and recovery equipment reported Q4 earnings per share of $0.91, significantly missing analyst estimates of $1.19. Revenue for the quarter came in at $221.9 million, well below the consensus estimate of $290.3 million. Net income fell 37% year-over-year to $10.5 million.
Miller blamed the weak results on lower shipments of chassis and cited significant macroeconomic uncertainties heading into 2025. For the full year, the company issued underwhelming guidance, forecasting earnings per share of just $2.90-$3.20 on revenue between $950 million and $1 billion.
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