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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 FOURTH QUARTER AND FULL YEAR RESULTS
CHATTANOOGA, Tenn., March 6, 2019/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2018.
For the fourth quarter of 2018, net sales were $180.0 million, an increase of 12.7%, compared to $159.7 million for the fourth quarter of 2017. Net income in the fourth quarter of 2018 was $10.8 million, or $0.95 per diluted share, an increase of 16.2%, compared to net income of $9.3 million, or $0.81 per diluted share, in the prior year period.
Gross profit for the fourth quarter of 2018 was $22.2 million, or 12.3% of net sales, compared to $18.5 million, or 11.6% of net sales, for the fourth quarter of 2017. Selling, general and administrative expenses were $10.8 million, or 6.0% of net sales, compared to $8.9 million, or 5.6% of net sales, in the prior year period.
For the full year ended December 31, 2018, net sales were $711.7 million, an increase of 15.7% compared to $615.1 million in the prior year. The Company reported net income of $33.7 million, or $2.96 per diluted share for the full year of 2018, an increase of 46.6% compared to net income of $23.0 million, or $2.02 per diluted share for the full year of 2017.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable March 25, 2019 to shareholders of record at the close of business on March 18, 2019.
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The following information was filed by Miller Industries Inc (MLR) on Wednesday, March 6, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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