CHATTANOOGA, Tenn., Feb. 6, 2024
/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller
Industries" or the "Company") today announced preliminary financial
results for the Fourth Quarter and Full Year ended December 31, 2023, ahead of upcoming meetings
with investors.
Based on currently available information, the Company estimates
the following results for the quarter and fiscal year ended
December 31, 2023. These estimated
ranges of financial results are based on the Company's preliminary
financial statements for the Fourth Quarter and Full Year 2023.
These financial statements have not been finalized and the audit by
the Company's independent auditor has not been completed, and these
estimated ranges are therefore subject to change.
Fourth Quarter 2023 Highlights1
- Net sales of $290.0 million to
$296.0 million, up 29.7% year over
year
- Gross profit of $37.5 million to
$38.5 million, up 48.9% year over
year
- Pre-tax income of $20.0 million
to $21.0 million, up 76.3% year over
year
Fiscal Year 2023 Highlights1
- Net sales of $1.147 billion to
$1.153 billion, up 35.5% year over
year
- Gross profit of $150.0 million to
$151.0 million, up 82.6% year over
year
- Pre-tax income of $73.0 million
to $74.0 million, up 185.6% year over
year
1 Year over
year comparisons calculated using midpoint of provided
range
|
"Our fiscal year 2023 finished on a high note, with the fourth
quarter capping a record year with annual results well ahead of the
expectations we set at the start of the year," said William G. Miller, II, Chief Executive Officer
of the Company. "Not only does our topline growth reflect strong
demand for our products in the marketplace, but it is clear that
the profitability improvements we achieved justify our
strategy."
Mr. Miller II concluded, "We are entering 2024 from a position
of great strength. Our backlog continues to remain at near record
levels, approaching $1.0 billion, and
order trends remain strong. A strong demand environment, coupled
with stabilizing costs and productivity improvements, gives us
confidence that we will be able to generate continued topline
growth in fiscal 2024, based on current market conditions. Our
management team and I would like to thank all of our employees,
suppliers, customers and shareholders for their commitment,
dedication, and support, which helped to make 2023 a record year
for Miller Industries."
Information Regarding Preliminary Results
The preliminary estimated financial information contained in
this press release reflects management's estimates based solely
upon information available to it as of the date of this press
release and is not a comprehensive statement of our financial
results for the three months or the year ended December 31, 2023. The ranges for the preliminary
estimated financial results described above constitute
forward-looking statements. The preliminary estimated financial
information presented above is subject to change, and our actual
financial results may differ from such preliminary estimates and
such differences could be material. Accordingly, you should not
place undue reliance upon these preliminary estimates.
Details Regarding Full Fourth Quarter and Full Year 2023
Reporting
Miller Industries intends to release its full financial results
for the Fourth Quarter and Full Year 2023 on Wednesday, March 6, 2024, after market close. The
Company will host a conference call the following day that will be
simultaneously broadcast live over the Internet:
Thursday, March 7,
2024
10:00 AM ET
9:00 AM CT
8:00 AM MT
7:00 AM PT
Listeners can access the conference call live over the Internet
at:
https://app.webinar.net/W380b5vPk1M
Please allow 15 minutes prior to the call to visit the site to
download and install any necessary audio software. After the call
has taken place, its archived version can be accessed at this
website.
About Miller Industries
Miller Industries is The World's Largest Manufacturer of Towing
and Recovery Equipment®, and markets its towing and recovery
equipment under a number of well-recognized brands, including
Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®,
Jige™, Boniface™, Titan® and Eagle®.
Backlog
While backlog is not a defined term under GAAP, it is a common
measurement used in the Company's industry and Miller Industries
believes this non-GAAP measure enables it to more effectively
forecast its future results and better identify future trends.
Backlog is defined as the value of new units ordered by customers
for future deliveries where revenue has not yet been recognized.
The measure provides an indication of and expectation of future
sales to be achieved on these orders. There is no directly
comparable GAAP financial measure for backlog.
Forward-Looking Statements
Certain statements in this news release may be deemed to be
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by the use of words such as "may," "will," "should,"
"could," "continue," "future," "potential," "believe," "project,"
"plan," "intend," "seek," "estimate," "predict," "expect,"
"anticipate" and similar expressions, or the negative of such
terms, or other comparable terminology. The ranges for the
preliminary estimated financial results described above constitute
forward-looking statements. Forward-looking statements also include
the assumptions underlying or relating to any of the foregoing
statements. Such forward-looking statements are made based on our
management's beliefs as well as assumptions made by, and
information currently available to, our management. Our actual
results may differ materially from the results anticipated in these
forward-looking statements due to, among other things: changes in
price, delivery delays and decreased availability of component
parts, chassis and raw materials, including aluminum, steel, and
petroleum-related products, resulting from changes in demand and
market conditions, the general inflationary environment, the war in
Ukraine, and the lingering effects
of the COVID-19 pandemic on supply chains; economic and market
conditions, including the negative impacts on the Company's
customers, suppliers and employees from increasing inflationary
pressures, economic and geopolitical uncertainties (including the
war in Ukraine); our dependence
upon outside suppliers for purchased component parts, chassis and
raw materials, including aluminum, steel, and petroleum-related
products; future impacts resulting from the war in Ukraine, which include or could include (among
other effects) disruption in global commodity and other markets,
increased prices for energy, supply shortages and supplier
financial risk; increased labor costs and the ability to attract
and retain skilled labor to manufacture our products; the potential
negative impacts of higher interest rates and other actions taken
by the federal government in response to economic volatility and
inflationary pressures, including the impact on our customers' and
end users' access to capital and credit to fund purchases; our
ability to raise capital, including to grow our business, pursue
strategic investments, and take advantage of financing or other
opportunities that we believe to be in the best interests of the
Company and our shareholders due to the significant additional
indebtedness we incurred during 2022; the cyclical nature of our
industry and changes in consumer confidence; special risks from our
sales to U.S. and other governmental entities through prime
contractors; changes in fuel and other transportation costs,
insurance costs and weather conditions; changes in government
regulations, including environmental and health and safety
regulations; failure to comply with domestic and foreign
anti-corruption laws; competition in our industry and our ability
to attract or retain customers; our ability to develop or acquire
proprietary products and technology; assertions against us relating
to intellectual property rights; changes in foreign currency
exchange rates and interest rates; changes in the tax regimes and
related government policies and regulations in the countries in
which we operate; the effects of regulations relating to conflict
minerals; the catastrophic loss of one of our manufacturing
facilities; environmental and health and safety liabilities and
requirements; loss of the services of our key executives; product
warranty or product liability claims in excess of our insurance
coverage; potential recalls of components or parts manufactured for
us by suppliers or potential recalls of defective products; an
inability to acquire insurance at commercially reasonable rates; a
disruption in, or breach in security of, our information technology
systems or any violation of data protection laws; and those other
risks referenced herein, and those risks discussed in our filings
with the Securities and Exchange Commission, including those risks
discussed under the caption "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31,
2022 and our Quarterly Report on Form 10-Q for the quarterly
period ended September 30, 2023,
which discussions are incorporated herein by this reference. Such
factors are not exclusive. Except as required by law, we do not
undertake to update any forward-looking statement that may be made
from time to time by, or on behalf of, the Company.
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SOURCE Miller Industries, Inc.