America’s biggest tow truck maker is picking up more sales and profits from the recently enacted cut in federal taxes.
But even with record profits in 2017, Miller Industries said Wednesday it remains worried about the U.S. imposition of steel and aluminum tariffs that could boost its production costs and spur a costly trade war with other countries.
The Ooltewah-based manufacturer said Wednesday it earned a record $23 million, or $2.02 per share, on sales of $615.1 million last year. Net income for Miller Industries was up 15.5 percent from the previous year, while overall sales were up 2.3 percent from 2016.
For the fourth quarter, Miller earned $9.3 million, or 81 cents per share, on net sales of $159.7 million.
“The fourth quarter represents a strong end to fiscal year 2017, with top-line growth of 7 percent, gross profit growth in excess of 20 percent, and income before income taxes growth of 25 percent as compared to the prior year quarter,” Miller Industries CEO Jeff Badgley said.