Miller Industries, Inc. ( (MLR) ) has released its Q4 earnings. Here is a breakdown of the information Miller Industries, Inc. presented to its investors.
Miller Industries, Inc. is the world’s largest manufacturer of towing and recovery equipment, known for its wide range of well-recognized brands in the industry. The company recently released its financial results for the fourth quarter and full year of 2024, highlighting a challenging yet growth-oriented year.
In the fourth quarter of 2024, Miller Industries reported net sales of $221.9 million, a 25.1% decrease from the previous year’s fourth quarter, primarily due to a decline in chassis shipments. Despite this, the company achieved a gross profit margin increase to 15.1%, driven by a favorable product mix. For the full year, net sales rose by 9% to $1.26 billion, with net income increasing by 8.9% to $63.5 million.
Key financial highlights include a 37% decrease in net income for the fourth quarter compared to the previous year, while full-year net income showed an increase. The company also declared a quarterly cash dividend of $0.20 per share and repurchased shares worth $2.9 million as part of its ongoing repurchase program.
Looking ahead, Miller Industries remains optimistic despite macroeconomic uncertainties such as tariffs and rising costs. The company plans to launch new products and expects developments in its military markets, aiming for stable revenues and margins in 2025. The management is committed to maintaining strong customer relationships, investing in its workforce, and delivering shareholder value.
Trending Articles:
Questions or Comments about the article? Write to editor@tipranks.com