Vince Mish, CFO of Miller Industries Inc., speaks during a press conference 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,
Chattanooga tow truck-maker Miller Industries on Wednesday reported third quarter earnings jumped on much higher revenues.
Also, the company announced J. Vincent Mish, its executive vice president, chief financial officer and treasurer, will retire effective at year's end after more than 25 years.
Net sales were $147.6 million, an increase of 17 percent, compared to $126.2 million for the third quarter of 2015, the company reported after the stock market's close.
Net income in the quarter was $5.5 million, or 49 cents per diluted share, an increase of 74.3 percent, compared to $3.2 million, or 28 cents per diluted share, in the prior year period.
Miller's stock price closed at $23.10, up $1.25, or 5.72 percent on the New York Stock Exchange.
Jeffrey I. Badgley, co-chief executive officer of the company, said the strong third quarter built upon its success in the first half of the year.
"We added to the momentum in our business, evidenced by strong financial performance and continued progress on our strategic objectives," he said in a statement. "We maintained our production levels to continue to stay ahead of our healthy customer demand. In doing so, we once again delivered strong revenue and earnings growth."
The company also said the board of directors elected Deborah Whitmire to succeed Mish as the executive vice president, CFO and treasurer of the company.
Whitmire serves as vice president and corporate controller, a position she has held since January 2014. She has served in various positions of increasing responsibility and leadership in the company's finance department since 1996.
William G. Miller, chairman of the board, said Mish has been an officer and integral part of Miller Industries and its predecessor company since 1990.
"As chief financial officer over this period of time he has had a significant impact on Miller Industries and more specifically, its financial success," Miller said.
He said Whitmire is "extremely well positioned" for the transition.
Mish said Miller Industries is "a very special company with truly outstanding people."