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Miller Industries(MLR) - 2024 Q4 - Annual Results
MLRMiller Industries(MLR)2025-03-06 15:02

Financial Performance - For Q4 2024, net sales were 221.9million,adecreaseof25.1221.9 million, a decrease of 25.1% compared to 296.2 million in Q4 2023, primarily due to a decline in chassis shipments[2] - Gross profit for Q4 2024 was 33.5million,or15.133.5 million, or 15.1% of net sales, compared to 38.6 million, or 13.0% of net sales in Q4 2023, reflecting an increase in gross margin driven by product mix[3] - Net income for Q4 2024 was 10.5million,or10.5 million, or 0.91 per diluted share, down 36.9% from 16.7million,or16.7 million, or 1.45 per diluted share in Q4 2023[5] - For the full year 2024, net sales were 1.26billion,anincreaseof9.01.26 billion, an increase of 9.0% from 1.15 billion in 2023, with net income rising to 63.5million,or63.5 million, or 5.47 per diluted share, up 8.9% from 58.3million,or58.3 million, or 5.07 per diluted share in 2023[6] Expenses and Dividends - Selling, general and administrative expenses for Q4 2024 were 19.7million,or8.919.7 million, or 8.9% of net sales, up from 16.4 million, or 5.5% of net sales in the prior year, due to increased executive compensation and new product launches[4] - The company declared a quarterly cash dividend of 0.20pershare,markingthefiftyseventhconsecutivequarterofdividendpayments[7]FutureProjectionsIn2025,thecompanyexpectstogeneraterevenuebetween0.20 per share, marking the fifty-seventh consecutive quarter of dividend payments[7] Future Projections - In 2025, the company expects to generate revenue between 950 million and 1.0billion,withdilutedearningspershareprojectedbetween1.0 billion, with diluted earnings per share projected between 2.90 and 3.20[10]TheCEOexpressedconfidenceinthecompanysprospectsfor2025,citingthenormalizationofchassismarketdynamicsandupcomingnewproductlaunches[9]ShareholderActionsThecompanyrepurchased49,500sharesofcommonstockduring2024,representing3.20[10] - The CEO expressed confidence in the company's prospects for 2025, citing the normalization of chassis market dynamics and upcoming new product launches[9] Shareholder Actions - The company repurchased 49,500 shares of common stock during 2024, representing 2.9 million of a 25.0millionrepurchaseprogram[7]AssetandLiabilityManagementTotalassetsincreasedto25.0 million repurchase program[7] Asset and Liability Management - Total assets increased to 667,015 million in 2024 from 647,210millionin2023,representingagrowthofapproximately3.8647,210 million in 2023, representing a growth of approximately 3.8%[21] - Current assets rose to 529,766 million in 2024, up from 510,471millionin2023,anincreaseofabout3.0510,471 million in 2023, an increase of about 3.0%[21] - Accounts receivable increased to 313,413 million in 2024, compared to 286,138millionin2023,reflectingagrowthofapproximately9.5286,138 million in 2023, reflecting a growth of approximately 9.5%[21] - Total liabilities decreased to 265,985 million in 2024 from 299,290millionin2023,areductionofabout11.1299,290 million in 2023, a reduction of about 11.1%[21] - Total shareholders' equity increased to 401,030 million in 2024, up from 347,920millionin2023,indicatingagrowthofapproximately15.2347,920 million in 2023, indicating a growth of approximately 15.2%[21] - Accounts payable decreased significantly to 145,853 million in 2024 from 191,782millionin2023,adeclineofabout24.0191,782 million in 2023, a decline of about 24.0%[21] - Accumulated surplus rose to 254,938 million in 2024, compared to 200,165millionin2023,anincreaseofapproximately27.3200,165 million in 2023, an increase of approximately 27.3%[21] - Long-term obligations increased to 65,000 million in 2024 from 60,000millionin2023,reflectinganincreaseofabout8.360,000 million in 2023, reflecting an increase of about 8.3%[21] - The company reported a decrease in the non-current portion of operating lease obligations from 506 million in 2023 to 227millionin2024,adeclineofapproximately55.2227 million in 2024, a decline of approximately 55.2%[21] - The cash and temporary investments decreased to 24,337 million in 2024 from $29,909 million in 2023, a decline of about 18.6%[21]