Miller Industries(US:MLR)2021-05-09 05:56Financial Data and Key Metrics Changes - Sales for Q1 2021 decreased by 3.5% year-over-year to $169.9 million, impacted by delivery delays from the enterprise software rollout and supply chain challenges [6][9] - Gross profit fell 14.6% year-over-year to $15.8 million, with gross margin contracting approximately 120 basis points to 9.3% due to decreased sales and increased transportation costs [6][10] - Net income for Q1 2021 was $3.2 million or $0.28 per share, down from $5.4 million or $0.48 per share in Q1 2020 [12] Business Line Data and Key Metrics Changes - The international business faced challenges from pandemic-related restrictions and global shipping constraints, but underlying demand trends remained favorable [7] - Domestic customer demand improved, evidenced by a strong backlog and increasing order rates, despite transportation and freight availability issues [7] Market Data and Key Metrics Changes - The ongoing pandemic continued to impact operations, particularly in Europe, affecting export sales [7] - Transportation and freight availability challenges increased shipping costs, impacting overall performance [7] Company Strategy and Development Direction - The company is focused on capitalizing on strong industry demand trends and has a commitment to returning capital to shareholders, as shown by the declaration of a quarterly dividend [14][15] - Investments in streamlining operations and enhancing customer service are prioritized to drive business forward [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pace of vaccine rollouts and the gradual normalization of the economy, which is expected to benefit the company [15] - Despite potential supply chain disruptions and rising raw material costs, the company remains focused on controllable aspects to meet customer demand and generate shareholder value [17] Other Important Information - Cash and temporary investments as of March 31, 2021, were $56.2 million, slightly down from $57.5 million at the end of 2020 but up from $43.1 million a year ago [13] - The board approved a quarterly cash dividend of $0.18 per share, marking the 42nd consecutive quarterly dividend [14] Q&A Session Summary Question: No specific questions were recorded during the Q&A session - The operator noted that there were no further questions at the time [20]