Miller Industries (NYSE: MLR) has reported its financial overview for the fiscal year 2023. The company's revenue stood at $1.15 billion, representing a significant increase from the previous period. The gross margin amounted to $151.9 million, reflecting a 13.2% margin. The net income for the year was $58.3 million, indicating a 5.1% net profit margin. The earnings per share (diluted) stood at $5.07.
In terms of facilities, Miller Industries operates in various locations, including Ooltewah, TN, Athens, TN, Greeneville, TN, Hermitage, PA, Lorraine, France, and Thetford, England.
The company's product summary showcases its offerings in both the light-duty and heavy-duty segments. For light-duty, the company's Vulcan 812 Intruder II and Century 12-Series LCG™ car carrier have been popular choices in the industry. Miller Industries' engineers have made several improvements to these products based on customer feedback, including enhanced rear visibility, a new hose tracking system, and redesigned components.
In the heavy-duty category, the Century 5130 and Century 1150 rotator stand out as key offerings. The Century 1150, with 360° of continuous boom rotation, a 3-stage recovery boom, and optional deck and turret-mounted winches, caters to heavy recovery needs.
The financial results and product offerings indicate a strong performance for Miller Industries in the fiscal year 2023, with significant revenue growth and a focus on product improvement based on customer insights. Following these announcements, the company's shares moved -1.1%, and are now trading at a price of $61.7. If you want to know more, read the company's complete 8-K report here.
