Chattanooga-based Miller Industries on Wednesday posted better first-quarter earnings on what it termed "healthy demand" for its tow trucks.
"The company's first quarter performance, both domestically and internationally, was a strong start to 2016," said Jeffrey I. Badgley, Miller's co-chief executive officer, in a statement.
Net income in the quarter was $3.4 million, or 30 cents per diluted share, compared to net income of $3.1 million, or 27 cents per diluted share, a year ago. In a report released after the market closed Wednesday, Miller said first quarter net sales totaled $148.8 million, up 17.4 percent from the $126.8 million of revenues in the same period a year ago.
Gross profit for the quarter was $13 million, or 8.7 percent of net sales, versus $12 million, or 9.4 percent of net sales for the first quarter of 2015.
Selling, general and administrative expenses were $8 million, or 5.4 percent of net sales, compared to $7.4 million, or 5.9 percent of net sales, in the prior-year period.
The company also announced its board has declared a quarterly cash dividend of 17 cents per share, payable June 20, to shareholders of record at the close of business on June 13.
Badgley said healthy demand for its products resulted in a strong financial performance for the quarter.
"We delivered significant revenue growth and stronger earnings as a result of our continued ramp up in production," he said.
Miller's shares closed on the New York Stock Exchange Wednesday at $20.48, down 46 cents, or 2.2 percent.