Snow-bound motorists may be cursing the prolonged winter and oil company investors may not like the drop in fuel prices. But higher snowfalls and lower gas prices are combining to give a lift to America’s biggest towing equipment maker — the Ooltewah-based Miller Industries.
“The weather continues to be severe that I have to think that puts more money in the hands of towers,” said Walter Lang, managing partner and Avondale Partners. “And with gas prices down, that means miles driven also are picking up.”
Miller Co-CEO Jeff Badgley said Thursday consumer sentiment is improving among towing companies and he is optimistic about his company’s 2015 outlook following a nearly 60 percent jump in company profits last year.
Jeff Badgley, Miller Industries“In my memory, I don’t think we’ve had a stronger commercial backlog in the history of Miller Industries,” Badgley told industry analysts Thursday after announcing higher sales and profits for the company in 2014.
Miller Industries earned $14.9 million, or $1.31 per share, on sales of $492.8 million last year. In the previous year, Miller Industries earned $9.2 million, or 82 cents per share, on sales of $404.2 million.