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    MILLER INDUSTRIES REPORTS 2024 FIRST QUARTER RESULTS

    5/8/24 4:30:00 PM ET
    $MLR
    Construction/Ag Equipment/Trucks
    Consumer Discretionary
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    CHATTANOOGA, Tenn., May 8, 2024 /PRNewswire/ -- Miller Industries, Inc. (NYSE:MLR) ("Miller Industries" or the "Company") today announced financial results for the first quarter ended March 31, 2024.

    For the first quarter of 2024, net sales were $349.9 million, an increase of 23.9%, compared to $282.3 million for the first quarter of 2023. The year over year growth was predominantly due to increased production volume as a result of supply chain improvements and continued strong customer demand for the Company's products.

    Gross profit for the first quarter of 2024 was $44.2 million, or 12.6% of net sales, compared to $30.4 million, or 10.8% of net sales, for the first quarter of 2023. The increase in gross margin was driven primarily by higher revenue levels and margin improvements across all of our product lines, offset slightly by our product mix.

    Selling, general and administrative expenses were $21.5 million, or 6.2% of net sales, compared to $17.9 million, or 6.3% of net sales, in the prior year period. The year over year increase in selling, general and administrative expenses was driven by several factors including incentive programs for all employees, investor relations activity, higher costs related to the increased sales volume, and additional training and talent retention programs.

    Net income in the first quarter of 2024 was $17.0 million, or $1.47 per diluted share, compared to net income of $9.2 million, or $0.81 per diluted share, in the prior year period, for increases of 84.6% and 81.5%, respectively.

    The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per share, payable June 10, 2024, to shareholders of record at the close of business on June 3, 2024, the fifty-fourth consecutive quarter that the Company has paid a dividend.

    "After a record year in 2023, our sustained topline growth demonstrates a promising start to 2024," said William G. Miller, II, Chief Executive Officer of the Company. "Our revenue this quarter was another quarterly record for the Company, driven by a strong demand environment for all of our products. While our product mix this quarter was a headwind, margins for all of our product lines are up compared to the prior year. As we proceed in 2024, we expect to maintain a more moderate, but healthy year over year growth rate, consistent with the guidance of high single-digit growth for 2024 that we provided last quarter."

    Mr. Miller, II, concluded, "With our backlog and demand environment steady, coupled with our strong financial results, we have made strides in returning capital to our shareholders. Last quarter, we raised our dividend by 5.6%. Additionally, in April we announced that our Board of Directors authorized a $25 million share repurchase program. Going forward, given the strong demand environment I mentioned earlier, we are closely monitoring our production capacity both in the U.S. and internationally as we consider our future capital allocation plans."

    The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, May 9, 2024, 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/Kzka3mjLg4X

    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 May 16, 2024. The replay number is 1-844-512-2921, Passcode 13745934

    About Miller Industries, Inc.

    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 2024 revenues or margins, backlog or customer demand environment, and capital allocation plans. 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 the risks discussed in our filings with the Securities and Exchange Commission, including the risks set forth in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and in Part II, Item 1A, "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

     

    MILLER INDUSTRIES, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (In thousands, except per share data)

    (Unaudited)

























    Three Months Ended







    March 31 

















    %







    2024





    2023



    Change

    NET SALES



    $

    349,871



    $

    282,275



    23.9 %



















    COST OF OPERATIONS





    305,628





    251,858



    21.3 %



















    GROSS PROFIT





    44,243





    30,417



    45.5 %



















    OPERATING EXPENSES:

















    Selling, General and Administrative Expenses





    21,543





    17,924



    20.2 %



















    NON-OPERATING (INCOME) EXPENSES:

















    Interest Expense, Net





    1,245





    1,012



    23.0 %



















    Other (Income) Expense, Net





    (33)





    (318)



    -89.6 %



















    Total Expense, Net





    22,755





    18,618



    22.2 %



















    INCOME BEFORE INCOME TAXES





    21,488





    11,799



    82.1 %



















    INCOME TAX PROVISION





    4,465





    2,579



    73.1 %



















    NET INCOME



    $

    17,023



    $

    9,220



    84.6 %





































    BASIC INCOME PER COMMON SHARE



    $

    1.49



    $

    0.81



    84.0 %



















    DILUTED INCOME PER COMMON SHARE



    $

    1.47



    $

    0.81



    81.5 %



















    CASH DIVIDENDS DECLARED PER COMMON SHARE



    $

    0.19



    $

    0.18



    5.6 %





































    WEIGHTED AVERAGE SHARES OUTSTANDING:

















    Basic





    11,452





    11,425



    0.2 %

    Diluted





    11,556





    11,431



    1.0 %

     

    MILLER INDUSTRIES, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except per share data)















    March 31, 







    2024



    December 31, 



    (Unaudited)



    2023

    ASSETS











    CURRENT ASSETS:











    Cash and temporary investments

    $

    26,809



    $

    29,909

    Accounts receivable, net of allowance for credit losses of $1,578 and $1,527 at March 31, 2024 and

    December 31, 2023, respectively



    338,887





    286,138

    Inventories, net



    184,274





    189,807

    Prepaid expenses



    8,843





    4,617

    Total current assets



    558,813





    510,471

    NONCURRENT ASSETS:











    Property, plant and equipment, net



    116,172





    115,072

    Right-of-use assets - operating leases



    738





    826

    Goodwill



    20,022





    20,022

    Other assets



    786





    819

    TOTAL ASSETS

    $

    696,531



    $

    647,210













    LIABILITIES AND SHAREHOLDERS' EQUITY











    CURRENT LIABILITIES:











    Accounts payable

    $

    229,040



    $

    191,782

    Accrued liabilities



    43,512





    40,793

    Income taxes payable



    1,773





    1,819

    Current portion of operating lease obligation



    311





    320

    Total current liabilities



    274,636





    234,714

    NONCURRENT LIABILITIES:











    Long-term obligations



    55,000





    60,000

    Noncurrent portion of operating lease obligation



    426





    506

    Deferred income tax liabilities



    4,110





    4,070

    Total liabilities



    333,172





    299,290













    SHAREHOLDERS' EQUITY:











    Preferred shares, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding



    —





    —

    Common shares, $0.01 par value; 100,000,000 shares authorized, 11,469,960 and 11,445,640

    outstanding at March 31, 2024 and December 31, 2023, respectively



    115





    114

    Additional paid-in capital



    153,743





    153,574

    Retained earnings



    215,009





    200,165

    Accumulated other comprehensive loss



    (6,508)





    (5,933)

    Total shareholders' equity



    362,359





    347,920

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    $

    696,531



    $

    647,210

     

     

    Cision View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2024-first-quarter-results-302140350.html

    SOURCE Miller Industries, Inc.

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