Miller boosts profits, expands investment in Tennessee plants

Miller boosts profits, expands investment in Tennessee plants

August 3rd, 2016 by Dave Flessner in Business Around the Region

Randy Cook assembles a hydraulic valve set while in the large wrecker assembly shop at the Ooltewah, Tenn., branch of Miller Industries Inc., on September 12, 2013.

Photo by Dan Henry /Times Free Press.

Jeff Badgley, CEO of Miller Industries Inc., speaks about his company during an interview at Miller Industries in Ooltewah, Tennessee. Jeff Badgley, CEO of Miller Industries Inc., Jamison Linden, GM of Ooltewah Operations, Randy Olson, VP of Marketing, Tom Griffin, Exports, Vince Tiano, VP, blue polo stipes Vince Mish, CFO, (hat) Bill Beckley, Corporate director of Human Resources,

Jeff Badgley, CEO of Miller Industries Inc., speaks...

Photo by Dan Henry /Times Free Press.

Employees put massive trucks together in the large wrecker assembly shop at the Ooltewah, Tenn., branch of Miller Industries Inc., on Sept. 12, 2013.

Employees put massive trucks together in the large...

Photo by Dan Henry /Times Free Press.

Miller Industries Inc. boosted its second quarter profits by 11.5 percent over last year and said it expects to continue to improve sales in the rest of 2016, leading the company to expand its investments in its Ooltewah and Greeneville, Tenn., plants.

The Chattanooga-based towing equipment maker said Wednesday it earned $6.6 million, or 58 cents per share, on sales of $156.1 million in the three months ended June 30, 2016. A year earlier, the company earned $5.9 million, or 52 cents per share, on sales of $151.5 million in the same period.

For the six-month period ended June 30, 2016, net sales rose 9.6 percent over last year to $304.9 million and net income was up 11.4 percent to $9.9 million, or 88 cents per share.

"We are very pleased with our second quarter performance, which builds upon an already strong start to 2016," Miller Industries' CEO Jeff Badgley said. "Demand for our products remains healthy, and drove solid top and bottom line financial performance for the quarter."

Badgley said "demand continues to be strong in our domestic markets based on recovering economic conditions" and "we retain our positive outlook for the second half of 2016."

The company said its consolidation and expansion of the company's Pennsylvania manufacturing operations should be complete this year and Miller Industries plans to expand its Ooltewah and Greeneville, Tenn., facilities.

"We continue to execute on multiple capital projects to strengthen our production capabilities," Badgley said.

Miller also announced Wednesday that its board of directors has declared a quarterly cash dividend of 17 cents per share, payable Sept. 19, to shareholders of record at the close of business on Sept. 12.


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