Tow truck maker Miller Industries Inc. hauled in 31% more sales in the first quarter of 2023 than it did a year ago, helping to boost quarterly earnings by more than four-fold from year-ago levels.
The Ooltewah-based manufacturer reported Wednesday that it earned $9.2 million, or 81 cents per share, on sales of $282.3 million in the first three months of calendar 2023. In the same period a year ago, Miller Industries earned only $2.1 million, or 18 cents per share, on sales of $215.5 million.
“We had a promising start to fiscal 2023, as our top-line growth accelerated and supply chain conditions continued to improve,” Miller Industries CEO William G. Miller, II said in an earnings report released Wednesday after the market closed. “Our sales growth reflected strong demand for our products in the marketplace as our backlog remains strong with no customer cancellations in 2023 to date despite the challenging macro environment. Due to the strong demand environment, we believe that investing in accumulating inventory of component parts and goods near completion continues to be the best use of our cash in the current environment.”
Miller said the first quarter results “gives us confidence in our ability to achieve our $1 billion revenue target in 2023 and improve profitability over the prior year.
Miller Industries also announced that its board of directors has declared a quarterly cash dividend of 18 cents per share, payable June 12, 2023, to shareholders of record at the close of business on June 5.