Miller Industries posts record Q2 revenue of $300.3M, EPS surges 291% to $1.29

MILLER INDUSTRIES INC /TN/

2023-Q2 EPS reported $2.10 revenue$582,539,000

Net sales $300.3M (+49% YoY); net income $14.9M ($1.29 diluted EPS) vs $3.8M ($0.33) prior year.
Gross margin expanded to 13.3% from 9.1%; SG&A up to $19.5M partly on executive comp and legal fees.
Board declares $0.18/share dividend payable Sept 11, 2023; 51st consecutive quarterly dividend.
CEO confirms FY 2023 revenue target >$1B with significant profit improvement; backlog near record.
Closed May 2023 acquisition of Southern Hydraulic Cylinder for supply chain vertical integration.

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 the second quarter ended June 30, 2023 results: revenue $300.3 million, net income $14.9 million, EPS $1.29 per diluted share.

Period: the second quarter ended June 30, 2023
Revenue: $300.3 million
Net income: $14.9 million
EPS: $1.29 per diluted share
Result: reported results

Exact text from the filing

For the second quarter of 2023, net sales were $300.3 million, an increase of 49.0%, compared to $201.5 million for the second quarter of 2022. Net income in the second quarter of 2023 was $14.9 million, or $1.29 per diluted share, compared to net income of $3.8 million, or $0.33 per diluted share, in the prior year period, for increases of 297.0% and 290.9%, respectively.

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Source: SEC EDGAR

accession 0001558370-23-014185

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