Miller Industries (MLR) stock suffered a massive plummet of 23.49% on Thursday's trading session, following the release of disappointing fourth quarter 2024 earnings results and a tepid outlook for 2025 late Wednesday.
The towing and recovery equipment manufacturer 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.
The weak results were attributed to lower shipments of chassis, and the company cited significant macroeconomic uncertainties heading into 2025. Miller's full-year guidance for 2025 was also underwhelming, forecasting earnings per share of just $2.90-$3.20 on revenue between $950 million and $1 billion.
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