Miller Industries(MLR) - 2024 Q2 - Quarterly Results

Financial Performance - For Q2 2024, net sales reached $371.5 million, a 23.7% increase from $300.3 million in Q2 2023, driven by consistent customer demand and increased production volume [2]. - Gross profit for Q2 2024 was $51.1 million, representing 13.8% of net sales, compared to $39.9 million or 13.3% in Q2 2023, reflecting improved margins due to higher production and delivery volumes [2][3]. - Net income for Q2 2024 was $20.5 million, or $1.78 per diluted share, marking a 37.5% increase from $14.9 million or $1.29 per diluted share in the prior year [3][11]. - Selling, general and administrative expenses were $22.8 million, or 6.1% of net sales, down from $19.5 million or 6.5% in the previous year [3]. - The company anticipates low double-digit revenue growth for the full year of 2024, an upgrade from the previously expected high single-digit growth [5]. - The company reported a gross profit increase of 27.9% year-over-year, from $39.9 million to $51.1 million in Q2 2024 [12]. Dividends and Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.19 per share, marking the fifty-fifth consecutive quarter of dividend payments [3]. Operational Focus - The company is focused on reducing backlog to historical levels to improve flexibility for distributors and lead times for retail customers [4]. - Future investments in manufacturing capabilities, particularly production capacity, are under analysis to support growth [5]. Balance Sheet Highlights - Total current assets increased to $610,998,000 as of June 30, 2024, up from $510,471,000 at December 31, 2023, representing a growth of 19.6% [13]. - Accounts receivable rose significantly to $391,797,000, compared to $286,138,000 in the previous period, marking an increase of 37.0% [13]. - Total assets reached $748,167,000, up from $647,210,000, indicating a growth of 15.6% [13]. - Current liabilities increased to $293,768,000 from $234,714,000, reflecting a rise of 25.1% [13]. - Long-term obligations rose to $70,000,000, compared to $60,000,000 previously, showing a 16.7% increase [13]. - Retained earnings improved to $233,330,000, up from $200,165,000, which is an increase of 16.5% [13]. - Total shareholders' equity increased to $379,888,000 from $347,920,000, representing an increase of 9.2% [13]. - Cash and temporary investments decreased to $23,816,000 from $29,909,000, a decline of 20.4% [13]. - Inventories slightly decreased to $187,286,000 from $189,807,000, a reduction of 1.3% [13]. - Accrued liabilities increased to $49,546,000 from $40,793,000, reflecting a rise of 21.0% [13]. Interest Expense - Interest expense increased by 20.5% year-over-year, from $1.7 million to $2.0 million, impacting overall net income [12].