Core Viewpoint - Miller Industries has shown strong performance in revenue, profitability, and cash flow metrics, leading to a bullish outlook despite significant stock price increases since initial buy ratings [1][8]. Financial Performance - In Q2 2024, Miller Industries reported revenue of $371.5 million, a 23.7% increase from $300.3 million in Q2 2023, driven by supply chain improvements and strong customer demand [2]. - Net income rose from $14.9 million in Q2 2023 to $20.5 million in Q2 2024, with EBITDA increasing from $23.7 million to $31.8 million [3]. - For the first half of 2024, total revenue reached $721.3 million, reflecting a year-over-year increase of 23.8%, with net income growing from $24.1 million to $37.5 million [3]. Cash Flow and Profitability Metrics - Operating cash flow decreased from $2.9 million to negative $1.7 million, but adjusted operating cash flow increased from $30.9 million to $46.2 million [3]. - Selling, general, and administrative costs as a percentage of sales improved from 6.5% to 6.1% due to compensation increases being lower than revenue growth [3]. Future Projections - Annualized projections for 2024 suggest net income could reach $90.7 million, adjusted operating cash flow $105.4 million, and EBITDA $135.8 million, all showing significant improvement over 2023 figures [4]. Valuation Comparison - On a forward basis, Miller Industries is valued attractively, with a price-to-earnings ratio of 7.3 and a price-to-operating cash flow ratio of 6.3 for 2024, making it cheaper than most comparable firms [5][6]. - Even using 2023 figures, Miller Industries remains an attractive investment opportunity, particularly with trading multiples at or below 10 [5][8].

Financial Data and Key Metrics Changes - Revenues for Q2 2024 were $371.5 million, a 23.7% increase year-over-year from $300.3 million in Q2 2023 [4][6] - Gross profit for Q2 2024 was $51.1 million, up 27.9% compared to $39.9 million in the prior year, with a gross margin of 13.8%, improving by 50 basis points year-over-year [4][7] - Net income for Q2 2024 was $20.5 million, or $1.78 per diluted share, compared to $14.9 million, or $1.29 per diluted share in Q2 2023 [9] Business Line Data and Key Metrics Changes - The increase in revenue was driven by consistent customer demand, increased production volume, and elevated OEM chassis deliveries [4] - Cost of operations increased 23.1% to $320.4 million in Q2 2024, primarily due to higher revenue levels, while cost of operations as a percentage of net sales decreased to 86.2% [7] Market Data and Key Metrics Changes - International business accounted for approximately 10% of total sales, with strong customer demand and stable backlog [5] - The company anticipates that chassis deliveries will normalize in the second half of the year [5] Company Strategy and Development Direction - The company is focused on production capacity expansion and investing in productivity improvements, capacity expansion, and employee health and safety [11][12] - The management team is optimistic about achieving low double-digit growth for the full year of 2024, adjusting from initial high single-digit growth expectations [13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining margins in the mid-upper 13% range for the remainder of 2024 [15] - There is ongoing monitoring of the OEM truck market regarding potential pre-buy activities related to upcoming emissions changes in 2027 [16][17] Other Important Information - The company declared a quarterly cash dividend of $0.19 per share, marking the 55th consecutive quarter of dividend payments [12] - The company repurchased 35,000 shares, representing $2 million of the authorized $25 million share repurchase program [12] Q&A Session Summary Question: Thoughts on margins for the rest of the year - Management believes margins will maintain and expects them to be in the mid-upper 13% range for 2024 [15] Question: Long-term outlook regarding emissions changes in 2027 - There is chatter in the trucking OEM market about pre-buy activities, but significant discussions from the customer base have not yet begun [16][17]

Miller Industries, Inc. (MLR) reported a robust performance in the second quarter of 2024, with earnings per share (EPS) rising to $1.78, marking a 37.7% increase compared to $1.29 in the second quarter of 2023. Revenues also saw a significant uptick, climbing 23.7% year over year to $371.5 million from $300.3 million. This growth is attributed primarily to increased production volumes and consistent demand, alongside sustained elevated OEM chassis deliveries. The company has managed to decrease its backlog ...

The company's commitment to enhancing shareholder value is evident through its 5.6% dividend increase and the initiation of a $25 million share repurchase plan. These moves signal confidence in Miller Industries' financial health and long-term strategy. As a leader in the global towing equipment market, Miller Industries benefits from a broad product range and strong brand recognition. The company's dedication to innovation is underscored by products like the patented low center of gravity design in car car ...

Part I Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Miller Industries' Q1 2024 unaudited consolidated financial statements detail strong year-over-year growth in revenue, net income, assets, and equity [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to **$696.5 million**, with corresponding rises in liabilities and shareholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $558,813 | $510,471 | | **Total Assets** | **$696,531** | **$647,210** | | **Total Current Liabilities** | $274,636 | $234,714 | | **Total Liabilities** | **$334,172** | **$299,290** | | **Total Shareholders' Equity** | **$362,359** | **$347,920** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Miller Industries reported **Q1 2024 net sales up 23.9% to $349.9 million** and **net income up 84.6% to $17.0 million** Q1 2024 vs Q1 2023 Income Statement (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $349,871 | $282,275 | +23.9% | | Gross Profit | $44,243 | $30,417 | +45.5% | | Income Before Income Taxes | $21,488 | $11,799 | +82.1% | | Net Income | $17,023 | $9,220 | +84.6% | | Diluted EPS | $1.47 | $0.81 | +81.5% | | Dividends Declared per Share | $0.19 | $0.18 | +5.6% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 operating cash flow improved to a **$9.0 million inflow**, with investing and financing activities leading to a **$3.1 million cash decrease** Q1 2024 vs Q1 2023 Cash Flow Summary (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $8,977 | $(6,764) | | Net cash from investing activities | $(4,663) | $(1,749) | | Net cash from financing activities | $(7,179) | $(2,059) | | **Net change in cash** | **$(3,100)** | **$(10,433)** | | **Cash at end of period** | **$26,809** | **$29,720** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies, financial statement items, the SHC acquisition, debt, revenue recognition, and subsequent events - On May 31, 2023, the Company acquired Southern Hydraulic Cylinder, Inc. (SHC) for approximately **$17.4 million** to enhance supply chain stability. The acquisition resulted in **$8.4 million of goodwill**. For Q1 2024, SHC contributed approximately **$1.9 million to revenues**[39](index=39&type=chunk)[40](index=40&type=chunk)[45](index=45&type=chunk) - The company has a **$100.0 million unsecured revolving credit facility**. As of March 31, 2024, outstanding borrowings were **$55.0 million**, down from **$60.0 million** at year-end 2023. The company was in compliance with all covenants[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) Net Revenues by Geographic Region (in thousands) | Region | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | North America | $318,536 | $258,167 | +23.4% | | Foreign | $31,335 | $24,108 | +30.0% | | **Total** | **$349,871** | **$282,275** | **+23.9%** | - Subsequent to the quarter end, on May 6, 2024, the Board declared a quarterly cash dividend of **$0.19 per share**. On April 2, 2024, the Board also approved a new stock repurchase program authorizing up to **$25.0 million** of the company's common stock[75](index=75&type=chunk)[76](index=76&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2024 performance to improved supply chains and demand, with net sales up **23.9%**, and confirms adequate liquidity despite economic risks - The company is the world's largest manufacturer of towing and recovery equipment, with brands including Century®, Vulcan®, and Chevron™[81](index=81&type=chunk)[82](index=82&type=chunk) - Strong backlog, supply chain improvements, and pricing actions led to increased revenues and improved gross margins in Q1 2024[87](index=87&type=chunk)[88](index=88&type=chunk) Q1 2024 vs Q1 2023 Results of Operations (in thousands) | Line Item | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $349,871 | $282,275 | +23.9% | | Gross Profit | $44,243 | $30,417 | +45.5% | | SG&A Expenses | $21,543 | $17,924 | +20.2% | | Net Income | $17,023 | $9,220 | +84.6% | - The increase in net sales was primarily driven by higher production volume due to supply chain improvements and strong customer demand. Foreign sales grew by **30.0%**[95](index=95&type=chunk) - As of March 31, 2024, the company had **$26.8 million in cash** and **$45.0 million available** under its credit facility. Operating cash flow improved to a **$9.0 million inflow** from a **$6.8 million outflow** in the prior-year period[103](index=103&type=chunk)[107](index=107&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to quantitative and qualitative market risk disclosures were reported since the 2023 Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures since the last Annual Report on Form 10-K[115](index=115&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2024, disclosure controls and procedures were effective, with no significant changes to internal controls over financial reporting during the quarter - Management, including the CEO and CFO, concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[116](index=116&type=chunk) - No significant changes were made to internal controls over financial reporting during the first quarter of 2024[117](index=117&type=chunk) Part II Other Information [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company faces various ordinary course legal claims, which management believes will not significantly impact financial position or results - The company is subject to a variety of claims and lawsuits arising in the ordinary course of business, but management believes these will not have a significant financial impact[65](index=65&type=chunk)[119](index=119&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2023 Annual Report on Form 10-K - No material changes to risk factors were reported for the period[120](index=120&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[121](index=121&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) The company corrected its December 31, 2023, global employee count to **1,591** and reported no Rule 10b5-1 trading plan changes by directors or officers - The company corrected its global employee count as of December 31, 2023, to approximately **1,591** from the previously reported **1,821**[125](index=125&type=chunk) - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[124](index=124&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications under Rules 13a-14(a)/15d-14(a) and Section 1350, as well as Inline XBRL data files[128](index=128&type=chunk) Signatures

[Overview of Q1 2024 Financial Performance](index=1&type=section&id=Overview%20of%20Q1%202024%20Financial%20Performance) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Miller Industries reported record first-quarter net sales of **$349.9 million**, a **23.9%** increase, with net income rising **84.6%** to **$17.0 million** and gross margin improving to **12.6%** Q1 2024 Key Financial Metrics (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $349.9M | $282.3M | +23.9% | | Gross Profit | $44.2M | $30.4M | +45.5% | | Gross Margin | 12.6% | 10.8% | +180 bps | | Net Income | $17.0M | $9.2M | +84.6% | | Diluted EPS | $1.47 | $0.81 | +81.5% | - The year-over-year revenue growth was primarily attributed to increased production volume resulting from supply chain improvements and sustained strong customer demand[2](index=2&type=chunk) - Selling, general and administrative (SG&A) expenses increased to **$21.5 million** from **$17.9 million** year-over-year, driven by employee incentive programs, investor relations activities, higher sales volume costs, and talent retention programs[4](index=4&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management%20Commentary%20and%20Outlook) Management reported record quarterly revenue driven by strong demand, maintaining full-year 2024 high single-digit growth guidance while monitoring production capacity for capital allocation - The company achieved another **quarterly revenue record**, driven by a strong demand environment for all its products[6](index=6&type=chunk) - The company expects to maintain a more moderate but healthy year-over-year growth rate, consistent with its previous guidance of **high single-digit growth** for the full year 2024[7](index=7&type=chunk) - With a steady backlog and demand environment, the company is closely monitoring its **production capacity** in the U.S. and internationally to inform future **capital allocation plans**[8](index=8&type=chunk) [Shareholder Returns](index=1&type=section&id=Shareholder%20Returns) The company declared a **$0.19** per share quarterly cash dividend, a **5.6%** increase, marking its **54th** consecutive dividend, and authorized a **$25 million** share repurchase program - The Board of Directors declared a quarterly cash dividend of **$0.19 per share**, payable on June 10, 2024[5](index=5&type=chunk) - This is the **54th consecutive quarter** the company has paid a dividend, and the amount represents a **5.6% increase** from the prior quarter's dividend of **$0.18**[5](index=5&type=chunk)[8](index=8&type=chunk)[15](index=15&type=chunk) - In April, the Board of Directors authorized a **$25 million share repurchase program**[8](index=8&type=chunk) [Detailed Financial Statements](index=5&type=section&id=Detailed%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For Q1 2024, net sales grew **23.9%** to **$349.9 million**, gross profit increased **45.5%** to **$44.2 million**, and net income surged **84.6%** to **$17.0 million** Q1 2024 Income Statement (in thousands, except per share data) | Line Item | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **NET SALES** | **$349,871** | **$282,275** | **23.9%** | | COST OF OPERATIONS | $305,628 | $251,858 | 21.3% | | **GROSS PROFIT** | **$44,243** | **$30,417** | **45.5%** | | Selling, General and Administrative Expenses | $21,543 | $17,924 | 20.2% | | **INCOME BEFORE INCOME TAXES** | **$21,488** | **$11,799** | **82.1%** | | INCOME TAX PROVISION | $4,465 | $2,579 | 73.1% | | **NET INCOME** | **$17,023** | **$9,220** | **84.6%** | | DILUTED INCOME PER COMMON SHARE | $1.47 | $0.81 | 81.5% | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets reached **$696.5 million**, driven by increased accounts receivable, with total liabilities at **$333.2 million** and shareholders' equity at **$362.4 million** Key Balance Sheet Items (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and temporary investments | $26,809 | $29,909 | | Accounts receivable, net | $338,887 | $286,138 | | Inventories, net | $184,274 | $189,807 | | **Total current assets** | **$558,813** | **$510,471** | | **TOTAL ASSETS** | **$696,531** | **$647,210** | | Accounts payable | $229,040 | $191,782 | | **Total current liabilities** | **$274,636** | **$234,714** | | **Total liabilities** | **$333,172** | **$299,290** | | **Total shareholders' equity** | **$362,359** | **$347,920** |

CHATTANOOGA, Tenn., May 1, 2024 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) intends to release its results for the First Quarter ended March 31, 2024, on Wednesday, May 8, 2024, after market close. The Company will host a conference call the following day that will be simultaneously broadcast live over the Internet:Thursday, May 9, 202410:00 AM ET9:00 AM CT8:00 AM MT7:00 AM PTListeners can access the conference call live over the Internet at:https://app.webinar.net/Kzka3mjLg4X Please allow 15 minute ...

Miller Industries, Inc. (NYSE:MLR) Q4 2023 Earnings Conference Call March 7, 2024 10:00 AM ET Company Participants Mike Gaudreau - Investor Relations, FTI Consulting Will Miller - President & Chief Executive Officer Debbie Whitmire - Executive Vice President & Chief Financial Officer Operator Good day, ladies and gentlemen, and welcome to the Miller Industries Fourth Quarter and Full Year 2023 Results Conference Call. Please note, this event is being recorded. And now, at this time, I'd like to turn the cal ...

Table of Contents FY 2023 FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File No.001-14124 MILLER INDUSTRIES, INC. (Exact name of registrant as specified in its charter ...

Financial Data and Key Metrics Changes - In Q3 2023, the company generated revenues of $274.6 million, a 33.6% increase year-over-year, attributed to improved deliveries from a healthy backlog [16][18] - Gross profit for Q3 was $42.9 million, representing an 84.9% increase compared to the prior year, with a gross margin improvement of 430 basis points to 15.6% [16][20] - Net income for Q3 2023 was $17.5 million or $1.52 per diluted share, compared to $5.2 million or $0.46 per diluted share in Q3 2022 [10] - SG&A expenses increased to $19.3 million in Q3 2023 from $14.7 million in Q3 2022, but as a percentage of net sales, it decreased to 7% [9] Business Line Data and Key Metrics Changes - The international and military business, which constitutes approximately 10% of sales, is experiencing strong demand, similar to the domestic business [7] - The company has seen significant improvements in productivity and a favorable product mix contributing to gross profit growth [20] Market Data and Key Metrics Changes - Demand for products remains high across all end markets, with backlog still substantially higher than pre-pandemic levels [6] - The overall supply chain health has improved compared to the previous year, although some chassis suppliers are still facing production disruptions [5][6] Company Strategy and Development Direction - The company is focused on investing in inventory and business improvements to enhance lead times and fulfill customer demand [6] - The recent acquisition of Southern Hydraulic Cylinder (SHC) is performing well and has positively impacted the supply chain [17] - The company aims to prioritize debt reduction while maintaining a strong dividend policy [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting expectations for over $1 billion in annual revenue and significant year-over-year profitability improvements for 2023 [35] - The leadership team believes that the strategic initiatives and investments made during the pandemic have yielded positive results [34] Other Important Information - The effective tax rate for Q3 was 20.8%, slightly lower than the previous year, primarily due to tax credits [10] - The Board of Directors approved a quarterly cash dividend of $0.18 per share, payable on December 11, 2023 [12] Q&A Session Summary Question: Inventory and Debt Reduction - Analyst inquired about the potential to reduce inventory and use cash to pay down debt, to which management confirmed they are reaching peak inventory levels and prioritize debt reduction [25][26] Question: Chassis Supply and Sales Growth - Analyst asked if improved chassis supply contributed to sales growth, and management confirmed they own the chassis and expect better deliveries in the upcoming quarters [27][28] Question: SG&A Expenses and R&D Investment - Analyst questioned the consistency of SG&A expenses and potential increases in R&D, management indicated they plan to maintain overall SG&A levels while possibly increasing R&D investments [29][30]