Miller Industries hauls in profits of $6 million

Miller Industries hauls in profits of $6 million

August 5th, 2015 by Staff Report in Business Around the Region

Employees put massive trucks together in the large wrecker assembly shop at the Ooltewah branch of Miller Industries Inc.

Photo by Dan Henry /Times Free Press.

Miller Industries, Inc. boosted its second quarter profits by more than 73 percent from a year ago, earning $5.9 million, or 52 cents per share, on sales of $151.5 million.

The Chattanooga-based tow truck equipment maker said today it boosted production and sales by nearly 24 percent this spring compared with a year ago. Miller co-CEO Jeff Badgley said he was "very pleased" with the quarterly results after the company boosted production lin the first half of 2015 to meet stronger demand.

"Our cost control efforts and strong demand for our products collectively drove substantial year-over-year increase in sales, net income, and improved profitability," Badgley said. "During the quarter, we continued to see high levels of quoting activity, particularly in domestic markets, and healthy activity on an international basis despite the effects of the strength of the dollar. Customer sentiment remains quite positive and we expect healthy demand for our products to continue in the second half of 2015."

The Company also announced today it will pay a quarterly dividend of 16 cents per share on Sept. 21 to shareholders of record at the close of business on Sept. 14.