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8503 Hilltop Drive, Ooltewah, TN 37363
Miller Industries, Inc.
Debbie Whitmire, Chief Financial Officer
Frank Madonia, General Counsel
FTI Consulting, Inc.
Investor Contact: Mark Barbalato
MILLER INDUSTRIES REPORTS 2018 THIRD QUARTER RESULTS
CHATTANOOGA, Tenn., November 7, 2018/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the three and nine months ended September 30, 2018.
For the third quarter of 2018, net sales were $195.7 million, an increase of 27.6%, compared to $153.4 million for the third quarter of 2017. Net income in the third quarter of 2018 was $8.7 million, or $0.76 per diluted share, an increase of 94.7%, compared to net income of $4.5 million, or $0.39 per diluted share, in the prior year period.
Gross profit for the third quarter of 2018 was $21.5 million, or 11.0% of net sales, compared to $15.7 million, or 10.2% of net sales, for the third quarter of 2017. Selling, general and administrative expenses were $9.5 million, or 4.8% of net sales, compared to $8.6 million, or 5.6% 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 December 10, 2018 to shareholders of record at the close of business on December 3, 2018.
Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “Performance in the third quarter continued to be strong, with year-over-year revenue growth of 27.6%, as we continue to realize the benefits of increased production capacity in a strong global demand environment. We continued to achieve significant profitability improvement this quarter due to increased volume and improved workflow, with gross margin expansion of 80 basis points year-over-year to 11.0% and overall year-over-year gross profit and net income growth of 37.2% and 94.7%, respectively. Our selling, general and administrative expenses as a percent of total revenue also contracted 80 basis points year-over-year to 4.8%. Economic conditions in our markets remain robust and we are confident our capacity increases as a result of our capital investments will continue to create sustainable shareholder value.”
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The following information was filed by Miller Industries Inc (MLR) on Wednesday, November 7, 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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