Despite ongoing parts shortages, the Chattanooga-based tow truck manufacturer Miller Industries Inc. hauled in more sales and profits in the third quarter of 2022.
Miller Industries reported Wednesday a 24.8% increase in sales in the three months ended September 30. The company had net income to $5.2 million, or 46 cents per share, on net sales to $205.6 million in the third quarter of 2022. In the same period a year ago, Miller Industries earned $3.8 million, or 34 cents per share, on sales of $164.7 million.
“The sequential revenue growth for the third quarter reflected the effects of our pricing initiatives to offset inflation, as well as the value proposition of our products resonating in the marketplace,” company CEO William G. Miller said in a report issued after the market closed on Wednesday. “All indications reflect continued strong demand for our products with a very solid backlog.”
But Miller said the tow truck maker continues to experience a shortage of some parts that limited some delivery of finished goods. “
“These trends will likely continue into the near future,” he said.