MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS
For the second quarter of 2023, net sales were
Gross profit for the second quarter of 2023 was
The Company also announced that its Board of Directors has declared a quarterly cash dividend of
"I am pleased with our strong second quarter results, which demonstrates the robust, profitable growth that our business is capable of," said William G. Miller, II, Chief Executive Officer of the Company. "Our topline strength reflects improved delivery of finished goods, as our team and our distributors have continued to adapt to the current supply chain environment. Market demand for our products remains resilient and we are pleased that even with significant improvements in product delivery, our backlog remains at near record levels, with no significant customer cancellations to date this year."
Mr. Miller continued, "In May we also closed on the acquisition of Southern Hydraulic Cylinder Inc., a custom hydraulic cylinder manufacturer in
"Based on our second quarter results, it is evident that the strategic improvements we have made in our business over the last few quarters are bearing fruit. We are realizing the benefits from the price adjustments implemented last year to mirror our changing costs, the steps we have taken to improve our supply chain, and the efforts we have made to improve production efficiency. All of this gives us assurance in our long-term potential. Based on our solid performance in the first half of 2023, we are comfortable in our ability to achieve the financial targets we set earlier this year – generating over
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, August 10, 2023, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through the following link:
https://app.webinar.net/vpoelY2XVqj
Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through August 17, 2023. The replay number is 1-844-512-2921, Passcode 13739970.
About Miller Industries
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "could," "continue," "future," "potential," "believe," "project," "plan," "intend," "seek," "estimate," "predict," "expect," "anticipate" and similar expressions, or the negative of such terms, or other comparable terminology and include without limitation any statements relating to the Company's 2023 revenues or profitability. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: changes in price, delivery delays and decreased availability of component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products, resulting from changes in demand and market conditions, the general inflationary environment, the war in
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30 | June 30 | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
NET SALES | $ | 300,264 | $ | 201,500 | $ | 582,539 | $ | 417,045 | |||||
COSTS OF OPERATIONS | 260,335 | 183,126 | 512,194 | 383,331 | |||||||||
GROSS PROFIT | 39,929 | 18,374 | 70,345 | 33,714 | |||||||||
OPERATING EXPENSES: | |||||||||||||
Selling, general and administrative expenses | 19,480 | 12,651 | 37,403 | 25,037 | |||||||||
NON-OPERATING (INCOME) EXPENSES: | |||||||||||||
Interest expense, net | 1,700 | 628 | 2,713 | 1,046 | |||||||||
Other (income) expense, net | (229) | 275 | (548) | 327 | |||||||||
Total expense, net | 20,951 | 13,554 | 39,568 | 26,410 | |||||||||
INCOME BEFORE INCOME TAXES | 18,978 | 4,820 | 30,777 | 7,304 | |||||||||
INCOME TAX PROVISION | 4,063 | 1,063 | 6,642 | 1,482 | |||||||||
NET INCOME | $ | 14,915 | $ | 3,757 | $ | 24,135 | $ | 5,822 | |||||
BASIC INCOME PER COMMON SHARE | $ | 1.30 | $ | 0.33 | $ | 2.11 | $ | 0.51 | |||||
DILUTED INCOME PER COMMON SHARE | $ | 1.29 | $ | 0.33 | $ | 2.10 | $ | 0.51 | |||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.18 | $ | 0.18 | $ | 0.36 | $ | 0.36 | |||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | |||||||||||||
Basic | 11,466 | 11,417 | 11,425 | 11,417 | |||||||||
Diluted | 11,526 | 11,417 | 11,477 | 11,421 |
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) | |||||||
June 30, | |||||||
2023 | December 31, | ||||||
(Unaudited) | 2022 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and temporary investments | $ | 30,502 | $ | 40,153 | |||
Accounts receivable, net of allowance for credit losses of December 31, 2022, respectively | 264,542 | 177,663 | |||||
Inventories, net | 167,458 | 153,656 | |||||
Prepaid expenses | 6,393 | 4,576 | |||||
Total current assets | 468,895 | 376,048 | |||||
NONCURRENT ASSETS: | |||||||
Property, plant and equipment, net | 116,055 | 112,145 | |||||
Right-of-use assets - operating leases | 770 | 909 | |||||
Goodwill | 20,594 | 11,619 | |||||
Other assets | 681 | 708 | |||||
TOTAL ASSETS | $ | 606,995 | $ | 501,429 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 188,869 | $ | 125,500 | |||
Accrued liabilities | 34,537 | 27,904 | |||||
Income taxes payable | 882 | 2,430 | |||||
Current portion of operating lease obligation | 311 | 311 | |||||
Total current liabilities | 224,599 | 156,145 | |||||
NONCURRENT LIABILITIES: | |||||||
Long-term obligations | 60,000 | 45,000 | |||||
Noncurrent portion of operating lease obligation | 496 | 597 | |||||
Deferred income tax liabilities | 6,182 | 6,230 | |||||
Total liabilities | 291,277 | 207,972 | |||||
COMMITMENTS AND CONTINGENCIES (Note 7) | |||||||
SHAREHOLDERS' EQUITY: | |||||||
Preferred stock, | — | — | |||||
Common stock, outstanding at June 30, 2023 and December 31, 2022, respectively | 114 | 114 | |||||
Additional paid-in capital | 152,746 | 152,392 | |||||
Accumulated surplus | 170,141 | 150,124 | |||||
Accumulated other comprehensive loss | (7,283) | (9,173) | |||||
Total shareholders' equity | 315,718 | 293,457 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 606,995 | $ | 501,429 |
View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2023-second-quarter-results-301897200.html
SOURCE Miller Industries, Inc.