Miller Industries(MLR) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, net sales were $221.9 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 $33.5 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 $10.5 million, or $0.91 per diluted share, down 36.9% from $16.7 million, or $1.45 per diluted share in Q4 2023[5] - For the full year 2024, net sales were $1.26 billion, an increase of 9.0% from $1.15 billion in 2023, with net income rising to $63.5 million, or $5.47 per diluted share, up 8.9% from $58.3 million, or $5.07 per diluted share in 2023[6] Expenses and Dividends - Selling, general and administrative expenses for Q4 2024 were $19.7 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 $0.20 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 $1.0 billion, with diluted earnings per share projected between $2.90 and $3.20[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 $25.0 million repurchase program[7] Asset and Liability Management - Total assets increased to $667,015 million in 2024 from $647,210 million in 2023, representing a growth of approximately 3.8%[21] - Current assets rose to $529,766 million in 2024, up from $510,471 million in 2023, an increase of about 3.0%[21] - Accounts receivable increased to $313,413 million in 2024, compared to $286,138 million in 2023, reflecting a growth of approximately 9.5%[21] - Total liabilities decreased to $265,985 million in 2024 from $299,290 million in 2023, a reduction of about 11.1%[21] - Total shareholders' equity increased to $401,030 million in 2024, up from $347,920 million in 2023, indicating a growth of approximately 15.2%[21] - Accounts payable decreased significantly to $145,853 million in 2024 from $191,782 million in 2023, a decline of about 24.0%[21] - Accumulated surplus rose to $254,938 million in 2024, compared to $200,165 million in 2023, an increase of approximately 27.3%[21] - Long-term obligations increased to $65,000 million in 2024 from $60,000 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 $227 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]