Miller Industries Reports Impressive 2023 Financial Growth

By Bobby Samwell • Thursday, March 07 06:06 • Permanent Link

Miller Industries, Inc. has reported its financial results for the fourth quarter and full year ended December 31, 2023. The company's net sales for the fourth quarter of 2023 were $296.2 million, showing a substantial increase of 31.2% compared to $225.9 million in the fourth quarter of 2022. Gross profit for the same period was $38.6 million, or 13.0% of net sales, up from $25.5 million, or 11.3% of net sales, for the fourth quarter of 2022. Additionally, net income for the fourth quarter of 2023 was $16.7 million, or $1.45 per diluted share, representing an 80.2% increase from the prior year period.

For the full year 2023, Miller Industries reported net sales of $1.15 billion, reflecting a significant increase of 35.9% compared to $848.5 million in the prior year period. The company's net income for the full year 2023 was $58.3 million, or $5.07 per diluted share, marking an impressive 186.5% increase from the full year 2022.

The Board of Directors has declared a 5.6% increase in the quarterly cash dividend to $0.19 per share, payable on March 25, 2024, to shareholders of record at the close of business on March 18, 2024. This marks the fifty-third consecutive quarter that the company has paid a dividend.

William G. Miller, II, Chief Executive Officer of the company, stated that 2023 was a year of tremendous growth at Miller Industries. He emphasized the company's strategy of investing in capacity, productivity, and its workforce, which has started to reflect in the financial results, demonstrating the underlying strength of the company and its end-markets.

Looking ahead to 2024, the company is focused on enhancing its flexibility and reducing working capital. Miller Industries believes that its record 2023 is only the beginning of what is achievable and is well-positioned to continue its efficient execution, as reflected in its near record backlog levels and strong order trends.

In addition to the financial results, the company also reported paying down $5 million of its debt balance in the first quarter of 2024. These figures indicate a positive outlook and a strong performance for Miller Industries, as it continues to build on its momentum from 2023.

Following these announcements, the company's shares moved 0.9%, and are now trading at a price of $45.07. If you want to know more, read the company's complete 8-K report here.

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