Miller Industries Earns 24 Cents per Share

Miller Industries (MLR) reported Q4 earnings of 24 cents per share and sales rose 13.1% to $207.7 million. For the year, Miller earned $1.42 per share and sales rose 10.2% to $717.5 million. Miller also announced a regular dividend payment of 18 cents per share.

Gross profit for Q4 was $15.6 million, or 7.7% of net sales. That’s down from $24.3 million, or 13.6% of net sales, for Q4 2020. Selling, general and administrative expenses were $11.2 million, or 5.5% of net sales, compared to $9.4 million, or 5.3% of net sales, in the prior year period.

William G. Miller, II, Chief Executive Officer of the Company said, “We continued to experience supply chain challenges and inflation pressures during the fourth quarter. While it remains difficult to secure certain parts for our products that would allow us to complete finished goods, we are pleased with the steps we have taken to improve the underlying business. We expect that our inventory build-up and strong backlog levels will allow us to capitalize on the demand in our end-markets as supply chain challenges ease. While we are unsure of the timing of a resolution to the supply chain constraints, we believe we have taken the necessary operational actions and pricing initiatives to offset inflationary pressures as we remain committed to providing excellent service to our customers, distributors, and stakeholders.”

Mr. Miller, II continued, “Demand remains at all-time highs. Given the favorable macro dynamics and strong backlog levels, we remain confident about our long-term business prospects. We also saw continued improvement in our international operations as European pandemic restrictions eased. The extended nature of supply chain and inflationary challenges has proved difficult for not only Miller, but for nearly every manufacturing company around the globe. That said, we remain focused on our strategy of delivering our backlog and improving our operational efficiency to hit the ground running as these pressures subside. Supply chain constraints and inflationary pressures had eased slightly as we moved into 2022, however the impact of the current military conflict between Russia and Ukraine has added an additional negative impact on our raw material availability and pricing. We will continue to focus on opportunities in front of us to generate long-term shareholder value.”

Posted by on March 9th, 2022 at 4:12 pm


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