The Chattanooga tow truck maker Miller Industries Inc. hauled in more sales and profits in the second quarter compared with the pandemic-depressed level of a year ago.
Miller Industries said Wednesday it earned $6.5 million, or 57 cents per share, on sales of $181.2 million in the fiscal quarter ended June 30. Sales were up nearly 41% and net income grew by 11.8% compared with the same period a year earlier.
"We are encouraged by our strong performance in the second quarter as our operations continued to normalize towards pre-pandemic levels," said Jeffrey I. Badgley, co-chief executive for Miller Industries. "Our operations are beginning to see the benefits of our enterprise software upgrades completed in the first quarter and we do not anticipate any significant disruptions to our business operations as we work to implement further system improvements across our network. "
But Badgley said despite favorable demand conditions, "our operations continue to be impacted by supply chain disruptions and limited availability of freight transportation across our network, as well as increased employee turnover and difficulties in hiring new workers."
The company also announced Wednesday that its board of directors has declared a quarterly cash dividend of 18 cents per share, payable Sept. 13 to shareholders of record at the close of business on Sept. 3.
- Compiled by Dave Flessner