Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Miller Industries, Inc. is a leading manufacturer of towing and recovery equipment, operating primarily within the automotive equipment manufacturing and specialty vehicle industries. The company designs, manufactures, and markets towing, recovery, and car carrier equipment used by towing operators, municipalities, transportation companies, and commercial fleets. Its revenue is primarily driven by the sale of heavy-duty and light-duty wreckers, car carriers, and related parts and services.
The company is recognized for its strong brand portfolio and vertically integrated manufacturing capabilities, which provide scale advantages and product differentiation. Miller Industries traces its origins to 1990, when it was formed through the acquisition of multiple towing equipment brands. Over time, it consolidated these operations, expanded its product offerings, and became one of the largest towing and recovery equipment manufacturers in North America, with a focus on engineering, safety, and durability.
Business Operations
Miller Industries operates as a single reportable segment focused on the design, manufacture, and distribution of towing and recovery equipment. Its core business units include JERR-DAN, Century, Chevron, Vulcan, Holmes, and Miller Industries Parts, which collectively serve a broad range of towing and recovery applications. Revenue is generated primarily through the sale of new equipment, aftermarket parts, and service-related products.
The company conducts manufacturing and assembly operations primarily in the United States, supported by a domestic distribution network and international sales through independent dealers. Miller Industries controls proprietary manufacturing processes, product designs, and brand trademarks, and maintains long-standing relationships with chassis suppliers and dealer networks. It also operates parts and service distribution centers that support its installed equipment base.
Strategic Position & Investments
Miller Industries’ strategic direction emphasizes operational efficiency, product innovation, and expansion of its aftermarket parts and services business. Growth initiatives include investments in manufacturing automation, product development focused on safety and regulatory compliance, and enhancements to dealer and customer support infrastructure. The company has historically favored organic growth over large-scale acquisitions.
While Miller Industries has not been highly acquisitive in recent years, it continues to invest in its existing brand portfolio and manufacturing footprint. Its subsidiaries, including JERR-DAN and Century, are central to its competitive positioning, particularly in light- and medium-duty towing equipment. The company also monitors emerging vehicle technologies, such as electric and alternative-fuel vehicles, to ensure its equipment remains compatible with evolving fleet requirements.
Geographic Footprint
Miller Industries is headquartered in Ooltewah, Tennessee, and maintains manufacturing facilities across multiple states in the United States, including Tennessee, Kentucky, and Pennsylvania. Its domestic operations account for the majority of revenue, reflecting its strong position in the North American towing and recovery market.
Internationally, the company sells products through dealer networks and distributors in Canada, Europe, Latin America, and parts of Asia-Pacific. While international sales represent a smaller portion of total revenue, these markets provide incremental growth opportunities and extend the company’s global brand presence.
Leadership & Governance
Miller Industries is led by an experienced executive team with deep industry and operational expertise. The leadership emphasizes disciplined capital allocation, operational excellence, and long-term value creation for shareholders, as reflected in its governance practices and disclosures in SEC filings.
Key executives include:
- William G. Miller – Executive Chairman
- William A. Miller II – President and Chief Executive Officer
- Joseph W. Miller – Chief Financial Officer
- Zane D. Rowe – Chief Operating Officer
The company maintains a shareholder-aligned governance structure, with board oversight focused on strategy, risk management, and compliance, consistent with public company standards.