Miller Industries' sales, profits drop with fewer government jobs

Miller Industries' sales, profits drop with fewer government jobs

March 7th, 2013 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.

Miller Industries' net sales for 2012 dropped by about $70 million compared to 2011, the company announced Wednesday.

The Chattanooga-based wrecker manufacturer reported $342.7 million in sales in 2012, down from $412.7 million in 2011. Sales dropped last year in part because the company lost the government-related orders that made up about 20 percent of sales in 2011.

In the fourth quarter of 2012, the company's net income was $1.7 million, or 15 cents a share. That's 28 cents less than earnings in the fourth quarter of 2011.

In 2012, Miller Industries' full-year net income was $9.1 million, or 82 cents a share, compared to a net income of $23 million in 2011.

Miller Industries' CEO Jeffrey Badgley said that despite the drop, the company is still poised for growth.

"Comparisons to the year-ago period were challenging given the large government orders in 2011, which masked a continued moderate improvement in demand trends within our domestic commercial customer base on both a sequential and annual basis," he said.

"We will continue to make investments to bring new products to market that enhance our ability to meet our customers' needs and expand our customer base," he added.