Miller Industries Inc. boosted its net income last year by nearly 25 percent to $19.9 million, or $1.75 per share, as sales of the company's towing equipment rose in 2016 by 11.1 percent to a record $541 million.
The Ooltewah-based manufacturer said Wednesday it earned $4.5 million, or 38 cents per share, on sales of $148.6 million in the fourth quarter.
Bolstered by the improved results in the quarter and previous year, Miller Industries announced it will increase its quarterly dividend by a penny per share to 18 cents per share, payable April 3 to shareholders of record at the close of business on March 27, 2017.
"Our 2016 fiscal year was capped off by a strong fourth quarter in which we saw significant progress in our capital projects and consistent revenue expansion," Miller Industries CEO Jeffrey Badgley said in Wednesday's earnings announcement. "We continue to pace production with demand levels, which remain healthy both internationally and domestically."
Miller Industries is consolidating its Pennsylvania operations and expanding production capacity at its plants in Ooltewah and in Greeneville, Tenn.
"As economic conditions evolve, we remain confident in our product offerings and competitive position," Badgley said. "We are optimistic that we will continue to grow our business, expand our capabilities, and return shareholder value in the upcoming year."