Miller Industries Inc. boosted its profits nearly four-fold in the second quarter compared with a year ago as the Chattanooga-based tow-truck manufacturer hauled in 49% higher revenues in the three-month period ended June 30.
Miller reported Wednesday that it earned $14.9 million, or $1.29 per share, on record-high quarterly sales of $300.3 million in the three months ended June 30. A year earlier, the company had net income of $3.8 million, or 33 cents per share, on sales of $201.5 million.
Bolstered by its acquisition of Southern Hydraulic Cylinder in Athens, Tennessee, in May, Miller Industries projects it will continue to boost profits, with sales topping $1 billion for all of 2023.
The strong second-quarter earnings demonstrate “the robust, profitable growth that our business is capable of,” William G. Miller, the president and CEO of Miller Industries, said.
“Our topline strength reflects improved delivery of finished goods, as our team and our distributors have continued to adapt to the current supply chain environment,” Miller said in the company’s earnings release.