EXHBIT 99.1
| | |
| | 8503 Hilltop Drive, Ooltewah, TN 37363 Telephone 423.238.4171 |
| | |
| CONTACT: | Miller Industries, Inc. |
| | Debbie Whitmire, Chief Financial Officer (423) 238-8464 |
| | Frank Madonia, General Counsel (423) 238-8414 |
| | FTI Consulting, Inc. |
| | Mike Gaudreau millerind@fticonsulting.com |
MILLER INDUSTRIES REPORTS 2023 THIRD QUARTER RESULTS
CHATTANOOGA, Tenn., November 8, 2023/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the third quarter ended September 30, 2023.
For the third quarter of 2023, net sales were $274.6 million, an increase of 33.6%, compared to $205.6 million for the third quarter of 2022. The year over year improvement was predominantly due to execution against the Company’s strategic initiatives in the form of improved deliveries of finished goods to our customers.
Gross profit for the third quarter of 2023 was $42.9 million, or 15.6% of net sales, compared to $23.2 million, or 11.3% of net sales, for the third quarter of 2022. The increase in gross margin was driven largely by productivity improvements, the stabilization of raw material costs, and a more favorable product mix compared to the prior year.
Selling, general and administrative expenses were $19.3 million, or 7.0% of net sales, compared to $14.7 million, or 7.1% of net sales, in the prior year period. The increase in selling, general and administrative expenses compared to the prior year was due largely to increases in bonus accruals associated with increased pretax income, as well as investments in the training and retention of the Company’s workforce.
Net income in the third quarter of 2023 was $17.5 million, or $1.52 per diluted share, compared to net income of $5.2 million, or $0.46 per diluted share, in the prior year period, for increases of 233.7% and 230.4%, respectively.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable December11, 2023, to shareholders of record at the close of business on December 4, 2023, the fifty-second consecutive quarter that the Company has paid a dividend.
“I am pleased to report yet another strong quarter in 2023, with substantial year over year improvements in almost every aspect of our business,” said William G. Miller, II, Chief Executive Officer of the Company. “Our long-term capital investments to increase capacity, foster innovation and achieve operational excellence are reflected in our performance, and are indicative of our commitment to shareholder return.”
– MORE –