EXHIBIT 99.1
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| 8503 Hilltop Drive, Ooltewah, TN 37363 Telephone 423.238.4171 |
| CONTACT: | Miller Industries, Inc. |
| | Debbie Whitmire, Chief Financial Officer (423) 238-8464 |
| | Frank Madonia, General Counsel (423) 238-8414 |
| | FTI Consulting, Inc. |
| | Mike Gaudreau millerind@fticonsulting.com |
MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS
CHATTANOOGA, Tenn., August 9, 2023/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the second quarter ended June 30, 2023.
For the second quarter of 2023, net sales were $300.3 million, an increase of 49.0%, compared to $201.5 million for the second quarter of 2022. Net income in the second quarter of 2023 was $14.9 million, or $1.29 per diluted share, compared to net income of $3.8 million, or $0.33 per diluted share, in the prior year period, for increases of 297.0% and 290.9%, respectively.
Gross profit for the second quarter of 2023 was $39.9 million, or 13.3% of net sales, compared to $18.4 million, or 9.1% of net sales, for the second quarter of 2022. Selling, general and administrative expenses were $19.5 million, or 6.5% of net sales, compared to $12.7 million, or 6.3% of net sales, in the prior year period. The year over year increase was primarily due to updates to the Company’s executive compensation structure, as well as non-recurring legal and professional fees.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable September 11, 2023, to shareholders of record at the close of business on September 1, 2023, the fifty-first consecutive quarter that the Company has paid a dividend.
“I am pleased with our strong second quarter results, which demonstrates the robust, profitable growth that our business is capable of,” said William G. Miller, II, Chief Executive Officer of the Company. “Our topline strength reflects improved delivery of finished goods, as our team and our distributors have continued to adapt to the current supply chain environment. Market demand for our products remains resilient and we are pleased that even with significant improvements in product delivery, our backlog remains at near record levels, with no significant customer cancellations to date this year.”
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