Miller Industries Q2 net sales up 11% to $201.5M but net income drops 42% to $3.8M

MILLER INDUSTRIES INC /TN/

2022-Q2 EPS reported $0.51 revenue$417,045,000

Q2 diluted EPS $0.33 vs $0.57 in prior year; net income $3.8M, down 42.3%.
Gross margin fell to 9.1% from 11.4% due to supply chain issues and unfavorable product mix.
Board declared $0.18/share quarterly dividend, payable Sept 12, 2022 to Sept 5 record holders.
CEO reports price increases improving profitability sequentially; backlog remains strong.
Supply chain constraints limited finished goods deliveries and revenue growth.

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