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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, Inc. (NYSE: MLR) will announce its third-quarter results for the period ending September 30, 2021, on November 3, 2021, after market close. A conference call to discuss these results is scheduled for November 4, 2021, at 10:00 AM ET. The call will be accessible live via the Internet, with an archived version available post-event. Miller Industries is recognized as The World's Largest Manufacturer of Towing and Recovery Equipment® and operates under various well-known brands.
Miller Industries reported a strong second quarter for 2021, with net sales of $181.2 million, up 40.9% from Q2 2020. Net income increased by 11.8% to $6.5 million or $0.57 per share. However, gross profit declined to 11.4% of net sales, down from 13.8% a year earlier. The company declared a $0.18 quarterly cash dividend, marking the 43rd consecutive quarter of dividends. Challenges include supply chain disruptions and employee turnover, but demand remains strong, supported by a healthy order backlog.
Miller Industries, Inc. (NYSE: MLR) will announce its second-quarter results for the period ending June 30, 2021, on August 4, 2021, after market close. A conference call is scheduled for August 5, 2021, at 10:00 AM ET, where the results will be discussed. Investors can access the live broadcast via the internet, with an archive available post-call. Miller Industries is the largest manufacturer of towing and recovery equipment globally, marketing under brands such as Century and Vulcan.
Miller Industries (MLR) reported Q1 2021 net sales of $169.9 million, down 3.5% from Q1 2020's $176.1 million. Net income fell 41.5% to $3.2 million, or $0.28 per share, compared to $5.4 million, or $0.48 per share, last year. Gross profit also decreased to $15.8 million (9.3% of net sales) from $18.5 million (10.5%). The company declared a $0.18 per share dividend, marking the 42nd consecutive quarter of dividend payments. Despite challenges from supply chain disruptions, Miller Industries is seeing favorable demand trends and a strong order backlog.
Miller Industries, Inc. (NYSE: MLR) will announce its first-quarter results for the period ending March 31, 2021, on May 5, 2021, post-market close. A conference call is scheduled for May 6, 2021, at 10:00 AM ET, accessible via the internet. Miller Industries, recognized as the largest manufacturer of towing and recovery equipment globally, markets under notable brands like Century and Vulcan. Investors and stakeholders can expect insights into the company's financial health during the conference.
Miller Industries, Inc. (NYSE: MLR) reported its financial results for Q4 and the full year of 2020. Q4 net sales decreased by 12.2% to $178.3 million, while net income increased by 2.8% to $12 million, or $1.05 per share. For the full year, net sales fell 20.4% to $651.3 million, with net income declining by 23.7% to $29.8 million, or $2.62 per share. The company declared a quarterly cash dividend of $0.18 per share. The CEO expressed optimism for 2021 despite challenges from COVID-19 and supply chain disruptions, noting opportunities for improvement.
Miller Industries, Inc. (NYSE: MLR) will release its fourth-quarter and full-year results for the year ended December 31, 2020, on March 3, 2021, after market close. A conference call is scheduled for March 4, 2021, 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, with well-known brands like Century, Vulcan, and Chevron.
Miller Industries reported Q3 2020 net sales of $168.4 million, down 13.9% from Q3 2019's $195.5 million. Net income decreased 18.9% to $6.6 million, or $0.57 per share. For the nine months, net sales were $472.9 million, a 23.1% decline from $615.0 million last year. The company declared a quarterly dividend of $0.18 per share, marking its 40th consecutive payment. Despite the challenges posed by COVID-19, management noted a 31.0% sequential revenue increase from Q2 and positive cash flow with $47.5 million in cash and no long-term debt.
Miller Industries, Inc. (NYSE: MLR) will announce its third-quarter results for the period ending September 30, 2020, on November 4, 2020, after market close. A conference call to discuss these results is scheduled for November 5, 2020, at 10:00 AM ET. Participants can join the live broadcast via the internet, with a link provided in the press release. Miller Industries is recognized as The World's Largest Manufacturer of Towing and Recovery Equipment®, showcasing brands like Century, Vulcan, and Chevron.
Miller Industries (NYSE: MLR) reported second-quarter results for 2020, revealing a 42.2% decline in net sales to $128.5 million, down from $222.3 million in Q2 2019. Net income also fell 45.5%, totaling $5.8 million, or $0.51 per share. Over six months, net sales decreased 27.4% to $304.6 million. Despite challenges from COVID-19, the company reduced long-term obligations by $25 million, and declared a quarterly dividend of $0.18 per share. CEO Jeffrey Badgley emphasized ongoing investments in technology for operational efficiency.
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