Miller Industries Inc (MLR) Reports Robust Growth in Q3 2023 with Net Sales Up 33.6%
Net sales increased by 33.6% to $274.6 million in Q3 2023 compared to Q3 2022.
Gross profit soared by 84.9% to $42.9 million, representing 15.6% of net sales.
Net income surged by 233.7% to $17.5 million, or $1.52 per diluted share.
Miller Industries Inc (NYSE:MLR) declares a consistent quarterly cash dividend of $0.18 per share.
On November 8, 2023, Miller Industries Inc (NYSE:MLR) released its earnings report for the third quarter ended September 30, 2023, showcasing substantial growth in net sales, gross profit, and net income. The company's strategic initiatives have led to improved deliveries of finished goods, contributing to a significant increase in net sales to $274.6 million, up 33.6% from the same period last year.
Financial Highlights
Gross profit for the quarter reached $42.9 million, or 15.6% of net sales, a notable increase from the 11.3% margin in the third quarter of 2022. This improvement is attributed to productivity enhancements, stabilized raw material costs, and a more favorable product mix. Selling, general, and administrative expenses slightly increased to $19.3 million, or 7.0% of net sales, due to higher bonus accruals and investments in workforce training and retention.
Net income for the quarter was impressive, with a 233.7% increase to $17.5 million, or $1.52 per diluted share. This performance underscores the company's operational excellence and commitment to shareholder returns. Additionally, the Board of Directors has declared a quarterly cash dividend of $0.18 per share, marking the fifty-second consecutive quarter of dividend payments.
Operational and Strategic Developments
CEO William G. Miller, II expressed satisfaction with the company's strong quarterly performance, highlighting the long-term capital investments that have bolstered capacity, innovation, and operational efficiency.
Our strategy of investing in inventory has served us well thus far exiting the pandemic and resulting supply chain challenges and I am confident that it will continue to do so,"
said Mr. Miller, II.
Despite supply chain disruptions, Miller Industries Inc (NYSE:MLR) maintains a healthy backlog and is well-positioned to convert inventory into finished goods as supply chain conditions improve. The company's proactive inventory strategy has been key to its success during challenging times.
Looking Forward
With a record-breaking performance in the first nine months of 2023, Miller Industries Inc (NYSE:MLR) is on track to achieve over $1 billion in annual revenue, with significant improvements in gross margin and net income. The CEO concluded by thanking the dedicated team for their crucial role in the company's success.
Financial Tables Summary
The condensed consolidated statements of income and balance sheets further illustrate the company's strong financial position. The balance sheet as of September 30, 2023, shows total assets of $587.4 million, with current assets comprising $449.1 million. Shareholders' equity stands at $332.4 million, reflecting the company's robust equity base.
Miller Industries Inc (NYSE:MLR) will host a conference call to discuss these results further, providing an opportunity for investors and analysts to gain deeper insights into the company's performance and outlook.
For detailed financial figures and the full earnings report, please visit the Miller Industries Inc (NYSE:MLR) website or access the conference call recording using the provided link.
Investors are reminded that certain statements in this news release may be forward-looking and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
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Explore the complete 8-K earnings release (here) from Miller Industries Inc for further details.
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