Miller Industries Q1 net sales up 31% to $282.3M; EPS $0.81 vs $0.18 YoY

MILLER INDUSTRIES INC /TN/

2023-Q1 EPS reported $0.81 revenue$282,275,000

Net income of $9.2M ($0.81 diluted EPS) vs $2.1M ($0.18) in Q1 2022, a 346.5% increase.
Gross margin improved to 10.8% from 7.1%; SG&A included $1.1M non-recurring legal fees.
Quarterly dividend declared at $0.18/share, payable June 12 to holders of record June 5.
CEO targets $1B revenue in 2023; backlog strong with no customer cancellations year-to-date.
Board added four independent directors as part of governance refresh during the quarter.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MILLER INDUSTRIES INC /TN/ reported first quarter ended March 31, 2023 results: revenue $282.3 million, net income $9.2 million, EPS $0.81 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $282.3 million
Net income: $9.2 million
EPS: $0.81 per diluted share
Result: reported results

Exact text from the filing

For the first quarter of 2023, net sales were $282.3 million, an increase of 31.0%, compared to $215.5 million for the first quarter of 2022. Net income in the first quarter of 2023 was $9.2 million, or $0.81 per diluted share, compared to net income of $2.1 million, or $0.18 per diluted share, in the prior year period, for increases of 346.5% and 350.0%, respectively.

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Source: SEC EDGAR

accession 0001558370-23-007877

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