Miller Industries, Inc. ( (MLR) ) has released its Q3 earnings. Here is a breakdown of the information Miller Industries, Inc. presented to its investors.
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Miller Industries, Inc. is a leading manufacturer of towing and recovery equipment, recognized for its diverse range of well-known brands such as Century, Vulcan, and Chevron. The company operates within the industrial manufacturing sector, providing essential equipment worldwide.
In its third quarter of 2024 earnings report, Miller Industries announced a 14.5% increase in net sales, reaching $314.3 million compared to the previous year’s $274.6 million. This growth was primarily driven by a normalization in OEM chassis deliveries despite minor disruptions caused by Hurricane Helene.
Key financial metrics revealed gross profits slightly decreased to $42.0 million, with a reduced gross margin of 13.4% due to increased chassis shipments. Selling, general, and administrative expenses rose to $22.3 million due to enhanced employee compensation and incentives. The company’s net income decreased to $15.4 million, or $1.33 per diluted share, reflecting an 11.7% decline from the previous year.
Miller Industries continues to maintain shareholder value, with its Board declaring a $0.19 per share dividend, marking its fifty-sixth consecutive quarterly payout. The company also repurchased 45,000 shares, amounting to $2.9 million, as part of a $25 million repurchase program.
Looking ahead, Miller Industries remains optimistic about the demand for its products and anticipates continuing strong revenue growth. The company is confident in its ability to achieve low double-digit topline growth for 2024, driven by stable supply chains and improved productivity.
