Chattanooga-based Miller Industries' income falls in quarter

Chattanooga-based Miller Industries' income falls in quarter

May 9th, 2012 by Staff Report in Business Around the Region

The logo of Miller Industries is seen on a component.

Photo by John Rawlston/Times Free Press.

Chattanooga-based Miller Industries, the world's biggest towing equipment manufacturer, said Tuesday it earned $2 million, or 18 cents per share, in the first quarter of 2012, missing analyst expectations by 12 cents a share.

The Chattanooga-based towing equipment maker reported $8.9 million higher net income a year ago due largely to a federal government order that accounted for 42 percent of the company's last-year sales.

"We are pleased with our performance in the 2012 first quarter, which was up against challenging comparables in the year ago period," Miller CEO Jeffrey Badgley said. "Our results reflected continued improvement across our domestic markets, driven by stronger demand for our commercial products." Miller is pursuing contracts with the French government, Badgley said, and European markets in general are improving.