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.