Miller Industries, Inc. - MLR STOCK NEWS

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Miller Industries, Inc. (NYSE: MLR) is the world's largest manufacturer of towing and recovery equipment. Headquartered in Chattanooga, Tennessee, the company also operates additional manufacturing facilities in Greeneville, TN, Hermitage, PA, and Mercer, PA. Miller Industries specializes in producing a wide range of vehicle towing and recovery equipment, including wreckers, car carriers, and trailer bodies. These products are marketed under several well-recognized brands such as Century, Vulcan, Challenger, Holmes, Champion, Chevron, Eagle, Titan, Jige, and Boniface.

The company’s offerings are distributed across North America, Canada, and Mexico through independent distributors. In recent years, Miller Industries has achieved remarkable financial success, evidenced by a significant increase in net sales and profitability. For instance, the company reported net sales of $1.15 billion for the fiscal year 2023, an impressive 35.9% increase from the previous year. This growth is largely attributed to strong order trends and effective execution against a near $1 billion backlog.

Throughout 2023, Miller Industries focused on initiatives to enhance productivity and stabilize raw material costs, resulting in improved gross profit margins. The company's strategic investments in capacity, productivity, and workforce development have paid off by meeting high market demand and improving supply chain efficiency. Additionally, the company raised its quarterly cash dividend by 5.6% and announced a $25 million share repurchase program, reflecting its robust financial health and commitment to shareholder value.

Looking ahead, Miller Industries remains optimistic about sustained growth in 2024, with high single-digit revenue growth projected. The company is well-positioned to capitalize on its strong market presence, driven by a solid backlog and steady demand environment.