Mueller Industries, Inc.

and gentlemen, and welcome to the Miller Industries fourth quarter 2025 results conference call. Please note this event is being recorded. And now at this time, I would like to turn the call over to Will Miller at Miller Industries. Please go ahead, sir.

Good morning, everyone, and thank you for joining us for our fourth quarter and full year 2025 earnings call. I want to begin by thanking our employees around the world for their dedication throughout the year, our results and strategic progress reflect the commitment and passion of our team, our suppliers, our customers, and our shareholders. As always, our remarks today will include forward-looking statements. Actual results may differ materially. Please refer to our SEC filings and the safe harbor statement included in today's presentation. greater detail. We were pleased to deliver a fourth quarter that led to generating four-year revenue in line with our revised expectations despite a challenging industry environment. I'm incredibly proud of the way our team rose to the challenge this year, focusing on operating discipline in the areas of the business within our control. We have over 1,500 employees across Tennessee Pennsylvania, France, the United Kingdom, and Italy. And our footprint gives us unmatched reach, capability, and reliability. During the year, we made many difficult but necessary decisions to protect the long-term health of the business. These included strategically decreasing production in response to elevated field inventory in our North American distribution network, right-sizing our cost structure for the current environment and strengthening our supply chain to mitigate the impacts of tariffs. We also achieved meaningful milestones, completing the acquisition of OMARS in an effort to expand our European footprint and take advantage of the strong demand we are seeing in the region, particularly for our heavy duty products. More on that shortly. Our core philosophy remains exactly as it has been since day one. Miller Industries has the best people, the best products, and the best distribution network in the tolling and recovery industry. That philosophy is the backbone of Miller Industries' 35-year history and continues to position the company for future growth. I want to directly acknowledge our teams across the United States, Europe, and the United Kingdom who delivered through a challenging market and a deliberate recalibration of production. Their execution enabled us to finish the year with momentum and enter 2026 from a position of strength. I'll now turn the call over to Debbie, who will provide an update on our financial results in more detail, before returning with some more specific thoughts on our markets in 2026, capital allocation priorities, and guidance.

Thank you, Will. Before I begin, I would like to note that we closed the acquisition of OMARS on December 2nd, so our fourth quarter results only reflect approximately one month of contribution from OMARS. For the fourth quarter, revenue was $171.2 million, down 22.9% year-over-year as expected. This decline reflects our decision earlier in the year to reduce production and allow distributor inventories to return to historically normalized levels. First profit was $26.5 million, or 15.5% of sales, and diluted EPS was 29 cents per share. We saw sequential improvement in retail order activity late in the quarter, and that momentum has continued into 2026 consistent with our expectations. As a result, we have already begun to increase production levels at all the U.S. facilities to meet this demand. For the full year 2025, revenue was $790.3 million, down 37.2% from 2024. Gross profit was $120.4 million, or 15.2% of sales, and net income was $23 million, or $1.98 per diluted share. With distributor inventory now back to historical levels, we have greater visibility into retail demands and are operating with an improved production cadence. Our SG&A expenses increased on a year-over-year basis for both the fourth quarter and full year 2025, primarily due to one-time expenses related to the voluntary retirement program in third and fourth quarter, and as we as we executed planned workforce transitions across the organization. Also, transaction and integration costs related to the OMARS acquisition, which represented an important investment in our European growth strategy, and higher stock compensation expenses to retain key leadership talent and further align the executive team to the interests of shareholders. These were all planned and strategic investment expenses that advance our future growth strategy. Now, I'll turn the call back to Will to discuss our markets and our outlook for 2026.