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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.
Miller Industries reported strong financial results for Q3 2022, with net sales of $205.6 million, a 24.8% increase from Q3 2021. The net income rose 36.0% to $5.2 million, yielding $0.46 per diluted share. Gross profit increased to $23.2 million, representing 11.3% of net sales. For the first nine months, net sales reached $622.6 million, up 20.7%, but net income fell 18.4% to $11.1 million. The company declared a quarterly cash dividend of $0.18 per share, marking the 48th consecutive quarter of dividend payments.
Miller Industries, Inc. (NYSE: MLR) plans to release its Third Quarter results for the period ending September 30, 2022, on November 9, 2022, after market close. A conference call will be held the following day, November 10, 2022, at 10:00 AM ET, which will be broadcast live online. Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, offering well-known brands like Century, Vulcan, and Chevron.
Miller Industries, Inc. (NYSE: MLR) reported second-quarter earnings on August 3, 2022, showcasing a net sales increase of 11.2% to $201.5 million from $181.2 million in Q2 2021. However, net income dropped by 42.3% to $3.8 million or $0.33 per diluted share. Gross profit also declined to $18.4 million (9.1% of sales) compared to $20.6 million (11.4% of sales) in the prior year. The company declared a quarterly cash dividend of $0.18 per share. Supply chain issues impacted revenue growth, but backlogs remained stable.
Miller Industries (NYSE: MLR) will release its second-quarter results for the period ending June 30, 2022, on August 3, 2022, after market close. A conference call is scheduled for August 4, 2022, at 2:00 PM ET, allowing investors to discuss the results. The conference will be broadcast live online, and an archived version will be available afterward. Miller Industries is known as the world's largest manufacturer of towing and recovery equipment, offering various well-recognized brands including Century and Vulcan.
Miller Industries reported a 26.9% increase in net sales for Q1 2022, totaling $215.5 million, up from $169.9 million in Q1 2021. Net income fell to $2.1 million, or $0.18 per share, down 35% year-over-year. Gross profit decreased to $15.3 million, representing 7.1% of net sales compared to 9.3% last year. Despite challenges from supply chain issues and inflation, the company announced a quarterly dividend of $0.18 per share and remains optimistic about order levels and demand. The firm plans to continue building inventory to mitigate supply risks.
Miller Industries, Inc. (NYSE: MLR) plans to report its first-quarter results for the period ending March 31, 2022, on May 4, 2022, after market close. A conference call will follow on May 5, 2022, at 12:00 PM ET, available live online. The company is recognized as the world's largest manufacturer of towing and recovery equipment, with brands including Century, Vulcan, and Chevron.
Miller Industries, Inc. (NYSE: MLR) reported its financial results for Q4 and the full year ended December 31, 2021. Net sales in Q4 reached $201.7 million, up 13.1% year-over-year, while net income fell 77.4% to $2.7 million, or $0.24 per share. For the full year, net sales increased 10.2% to $717.5 million, with net income down 45.5% at $16.3 million, or $1.42 per share. The company declared a quarterly dividend of $0.18 per share. CEO William G. Miller, II acknowledged ongoing supply chain and inflation challenges but expressed confidence due to strong demand and backlog levels.
Miller Industries, Inc. (NYSE: MLR) is set to announce its fourth quarter and full year results for 2021 on March 9, 2022, after market close. A conference call will follow on March 10, 2022, at 10:00 AM ET, available live online. Miller Industries is recognized as the world's largest manufacturer of towing and recovery equipment, with several well-known brands like Century and Vulcan.
Miller Industries, Inc. (NYSE: MLR), on March 1, 2022, granted 160,000 restricted stock units (RSUs) to executive officers, amounting to approximately 1.5% of total shares outstanding. These RSUs will vest evenly over five years. Concurrently, the Board established stock ownership guidelines mandating that RSU shares be held for a minimum of five years post-vesting, with sales prohibited until individual ownership targets are met. This initiative aims to align management's financial interests with those of stockholders and reward leadership during challenging times.
Miller Industries announced its Q3 2021 financial results, reporting net sales of $164.7 million, a 2.2% decrease from Q3 2020. Net income fell 41.3% to $3.8 million or $0.34 per share. Gross profit remained steady at $17.8 million, representing 10.8% of net sales. Selling, general and administrative expenses increased to $12.0 million, or 7.3% of sales. For the year-to-date, net sales were $515.8 million, up 9.1%, but net income decreased 24.0% to $13.5 million. A quarterly cash dividend of $0.18 per share was declared.
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