The logo of Miller Industries is seen on a component.Miller Industries’ sales jumped by more than a third this summer but profits were down slightly for the Chattanooga-based tow truck manufacturer.
Miller said Wednesday that third quarter revenues were up 34.8 percent over a year ago to $105.1 million. But the company saw a slight decrease in net income, which clocked in at $2.6 million, or 23 cents per share, compared to last year’s third quarter rate of $2.9 million, or 26 cents per share.
Miller Industries CEO Jeff Badgley said the company’s revenue growth is a result of increased production, investments in product development and improved consumer confidence and economic conditions.
“As a result, we delivered strong revenue growth by taking advantage of these opportunities across our markets,” he said in a prepared statement. “While the margins were impacted by the product mix during this quarter, we focused on cost controls.”
Badgely said the company kept selling, general and administrative expenses flat despite the sales gain.