Miller Industries Inc. more than tripled its net income in the third quarter compared with a year ago as the Chattanooga-based tow truck manufacturer boosted sales by more than a third from the same period last year.
Miller Industries reported net income in the third quarter of $17.5 million, or $1.52 per share, compared to net income of $5.2 million, or 46 cents per share, in the prior year period. Net sales in the three-month period jumped 33.6% to $274.6 million, primarily due to improved deliveries of finished goods to customers.
“Our long-term capital investments to increase capacity, foster innovation and achieve operational excellence are reflected in our performance and are indicative of our commitment to shareholder return,” company CEO William G. Miller II said in the earnings report released after the market closed Wednesday. “We continue to see strong demand for all of our products, across all of our geographies.
“Despite our significant sales growth, we still have a healthy backlog that is substantially more than our historical levels,” Miller continued. “Though we still face supply chain disruptions related to chassis and electrical and hydraulic components, we believe we are well positioned to convert inventory into finished goods and deliver product to our customers as final parts and components are delivered.”
The company also announced a quarterly cash dividend of 18 cents per share, payable Dec. 11 to shareholders of record at the close of business Dec. 4., the 52nd consecutive quarter Miller Industries has paid a dividend.
— Compiled by Dave Flessner