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some text The logo of Miller Industries is seen on a component.

With its profits up nearly 60 percent last year, Miller Industries, Inc. announced today it is raising its quarterly dividend by a penny per share to 16 cents per share, payable March 23 to shareholders of record on March 16.

The Ooltewah-based towing equipment maker said it earned $14.9 million, or $1.31 per share, on sales of $492.8 million in 2014. In the previous year, Miller Industries earned $9.2 million, or 82 cents per share, on sales of $404.2 million.

For the fourth quarter of 2014, net income more than doubled the year-ago level, rising to $5.7 million, or 50 cents per share. Miller Industries' sales were up 36.5 percent to $147.8 million.

"The results in the fourth quarter were indicative of our commitment to ramp up production throughout 2014, as well as the culmination of a number of deliveries of government-related orders made in the quarter," Miller Industries' Co-CEO Jeffrey Badgley said. "We delivered solid revenue growth, expanded our margins, and leveraged the greater amount of volume during the quarter to drive increased profitability."

Badgley said is expects "continued momentum" this year.

"Looking ahead to 2015, we believe our growth opportunity lies in expanding our business geographically while advancing our product offerings, and we see a healthy level of demand to pursue both avenues of growth," Badgely said in a statement.

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