MILLER INDUSTRIES REPORTS 2024 FIRST QUARTER RESULTS By Investing.com

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…