Welcome to our dedicated page for Miller Industries news (Ticker: MLR), a resource for investors and traders seeking the latest updates and insights on Miller Industries stock.
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.
Miller Industries, Inc. (NYSE: MLR) is set to announce its first quarter results for the period ending March 31, 2023, on May 3, 2023, after the market closes. The company will also host a conference call on May 4, 2023, at 10:00 AM ET, which will be streamed live online. Interested parties can access the call via the provided link. Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering products under well-known brands such as Century, Vulcan, and Chevron.
Miller Industries (NYSE: MLR) announced the appointment of new independent directors as part of a corporate governance refreshment effort, following an agreement with Lakeview Investment Group. The new board members include Javier Reyes, Jill Sutton, Peter Jackson, and Susan Sweeney. Deborah Whitmire will complete her term and not seek re-election. The board aims for additional changes, including the appointment of a Lead Independent Director and plans for further director resignations by 2026. The changes emphasize strengthening corporate governance and stockholder engagement while positioning the company for long-term value creation.
Miller Industries (NYSE: MLR) reported strong financial results for Q4 and the full year 2022, with net sales increasing to $225.9 million in Q4, up 12% year-over-year. Net income surged to $9.3 million, marking a 242.2% rise from $2.7 million in Q4 2021. For the full year, net sales reached $848.5 million, an 18.3% increase, while net income rose to $20.3 million. The company declared a quarterly cash dividend of $0.18 per share. CEO William G. Miller, II highlighted improvements in supply chain management and strong demand, projecting revenues exceeding $1 billion for fiscal 2023, subject to supply chain conditions.
Miller Industries, Inc. (NYSE: MLR) will release its Fourth Quarter results for the period ending December 31, 2022, on March 8, 2023, after market close. Following this, a conference call will be hosted on March 9, 2023, at 10:00 AM ET, accessible via the internet. Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, under brands such as Century and Vulcan. This announcement marks a key event for investors as they anticipate the company's financial performance.
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