Miller Industries boosts earnings

Miller Industries boosts earnings

May 5th, 2011 by Staff Report in Business Around the Region

Military orders for tow trucks helped boost sales for Miller Industries by more than 50 percent in the first quarter to $109 million.

The Chattanooga-based wrecker manufacturer reported Wednesday it earned $7.4 million, or 61 cents per share, in the first three months of the year - more than triple the profits in the same period a year ago.

"We achieved strong year-over-year growth in revenue primarily driven by the sharp increase in government-related revenues, as well as some improvement in both our domestic and European sales," said Jeffrey Badgley, CEO of Miller Industries.

Badgley said higher fuel prices and raw material prices could affect demand, though he remains "cautiously optimistic regarding our outlook for the rest of 2011."