Miller Industries(US:MLR)2022-03-10 17:03Financial Data and Key Metrics Changes - Fourth quarter revenues increased 13.1% year-over-year to $201.7 million compared to $178.3 million in the same period of 2020 [6][11] - Gross profit for the fourth quarter was $15.6 million, a decrease of approximately 35.7% from $24.3 million in the prior year, with gross margin dropping about 590 basis points to 7.7% [7][13] - Full year net sales for 2021 were $717.5 million, up 10.2% from $651.3 million in 2020, while net income decreased by roughly 45.5% to $16.3 million or $1.42 per share [16][17] Business Line Data and Key Metrics Changes - Domestic business experienced extremely high demand and strong backlog growth, although supply chain constraints limited the ability to capture new demand [8] - International business showed strong performance driven by recovery in European markets, with increased demand and backlog growth despite ongoing shipping and production challenges [9][10] Market Data and Key Metrics Changes - The company faced supply chain constraints and labor shortages impacting operations globally, yet demand dynamics remained favorable [6][8] - The ongoing conflict between Russia and Ukraine presented additional concerns for the international segment [10] Company Strategy and Development Direction - The company is committed to maintaining best-in-class customer service and operational excellence while navigating macroeconomic challenges [23] - Management expressed confidence in the company's future prospects and financial position, which is expected to allow for quick capitalization on improving market conditions [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of inflation and supply chain challenges on bottom-line growth but remained optimistic about future demand [23] - The company is focused on mitigating macroeconomic disruptions and is prepared for a return to more normal market conditions [8][19] Other Important Information - Cash and cash equivalents as of December 31, 2021, were $54.3 million, showing a slight increase from $50.4 million as of September 30, 2021 [18] - The company announced a quarterly cash dividend of $0.18 per share, marking the 45th consecutive quarter of dividend payments [20] Q&A Session Summary Question: Were there any questions from participants? - There were no questions during the Q&A session, and the management team concluded the call [25]