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8503 Hilltop Drive, Ooltewah, TN 37363
|CONTACT:||Miller Industries, Inc.
Debbie Whitmire, Chief Financial Officer
Frank Madonia, General Counsel
FTI Consulting, Inc.
Investor Contact: Mark Barbalato
MILLER INDUSTRIES REPORTS 2018 SECOND QUARTER RESULTS
CHATTANOOGA, Tenn., August 8, 2018/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the second quarter ended June 30, 2018.
For the second quarter of 2018, net sales were $176.9 million, an increase of 15.5%, compared to $153.1 million for the second quarter of 2017. Net income in the second quarter of 2018 was $7.6 million, or $0.67 per diluted share, an increase of 40.1%, compared to net income of $5.4 million, or $0.48 per diluted share, in the prior year period.
Gross profit for the second quarter of 2018 was $21.3 million, or 12.0% of net sales, compared to $17.6 million, or 11.5% of net sales, for the second quarter of 2017. Selling, general and administrative expenses were $9.7 million, or 5.5% of net sales, compared to $9.1 million, or 5.9% of net sales, in the prior year period.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable September 17, 2018 to shareholders of record at the close of business on September 10, 2018.
Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “Performance in the second quarter continued to be very strong, with year-over-year revenue growth of 15.5%, driven by an increase in production volumes, as we utilized the completion of our expansion projects to meet customer demand. We continued to achieve significant profitability improvement this quarter with gross margin expansion of 50 basis points year-over-year to 12.0% and overall year-over-year gross profit and net income growth of 20.9% and 40.1%, respectively. Our selling, general and administrative expenses as a percent of total revenue also contracted 40 basis points to 5.5%. Economic growth in our markets remains strong and our capital investments propel us forward as we strive to meet customer demand and create sustainable shareholder value.”
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The following information was filed by Miller Industries Inc (MLR) on Wednesday, August 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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