Miller Industries, Inc. (NYSE:MLR) Q4 2023 Earnings Call Transcript
Miller Industries, Inc. (NYSE:MLR) Q4 2023 Earnings Call Transcript March 7, 2024
Miller Industries, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, ladies and gentlemen, and welcome to the Miller Industries Fourth Quarter and Full Year 2023 Results Conference Call. Please note, this event is being recorded. And now, at this time, I'd like to turn the call over to Mike Gaudreau at FTI Consulting. Please go ahead, sir.
Mike Gaudreau: Thank you, and good morning, everyone. I would like to welcome you to the Miller Industries conference call. We are here to discuss the company's 2023 fourth quarter and full year results, which were released after the close of the market yesterday. With us from the management team today are Bill Miller, Chairman of the Board; Will Miller, President and CEO; Debbie Whitmire, Executive Vice President and CFO; and Frank Madonia, Executive Vice President, Secretary and General Counsel. Today's call will begin with formal remarks from management, followed by a question-and-answer session. Please note, in this morning's conference call, management may make forward-looking statements in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
I'd like to call to your attention the risks related to these statements, which are more fully described in the company's Annual Report filed on Form 10-K and other filings with the Securities and Exchange Commission. At this time, I'd like to turn the call over to Will. Please go ahead, Will.
Will Miller: Thank you, and good morning, everyone. I'd like to start off by saying thank you to our team and our amazing employees for an exceptional year. It is with great pride that I am here with you today having concluded our fiscal year 2023 on a tremendous high note. The fourth quarter marked the culmination of a record-breaking year as we surpassed the annual expectations we set a year ago by a wide margin. When stepping into this role, I had a clear vision of what Miller Industries could become, and I am proud that we are now realizing the potential of our capital investments and long-term strategy. During my tenure as CEO, Miller Industries has undergone a transformation, investing over $100 million in projects since 2014, focused on increasing our capacity, improving our productivity and enhancing our supply chain, most recently with the acquisition of Southern Hydraulic Cylinder, as well as investing in and attracting the best talent in our sector.
These efforts intensified over the last two years, in particular, as I became sole CEO, during a period of global market volatility and macroeconomic uncertainty. Instead of cutting back, as we saw many of our peers do, we doubled down and continued to invest in our business regardless of the headwinds. We knew that with the right investments in our business and the right team in place, once macroeconomic factors normalized, Miller Industries would emerge stronger than ever. Our financial results this year are a proof that our strategy is bearing fruit. Additionally, we focused on improving productivity by reinvesting in automation and productivity initiatives. One such example is the acquisition of Southern Cylinder, or SHC. We'd like to again reiterate that SHC is integrating seamlessly into our broader business and has immensely improved production efficiency as custom hydraulic components have historically had long lead times.
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