Business
MILLER INDUSTRIES REPORTS 2025 FIRST QUARTER RESULTS
Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the first quarter ended March 31, 2025.
About this update from Miller Industries, Inc.
[{"type":"text","content":"CHATTANOOGA, Tenn., May 7, 2025 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the first quarter ended March 31, 2025.","length":220,"tagName":"p"},{"type":"text","content":"Net Sales for the first quarter of 2025 were $225.7 million, compared to $349.9 million for the first quarter of 2024, a decrease of 35.5%. The year over year decrease was driven primarily by a decline in chassis shipments, which, in prior quarters, were significantly elevated due to the inconsistent delivery schedule of chassis from original equipment manufacturers ("OEMs") as they recovered from previous supply chain disruptions.","length":445,"tagName":"p"},{"type":"text","content":"Gross profit for the first quarter of 2025 was $33.9 million, or 15.0% of net sales, compared to $44.2 million, or 12.6% of net sales, for the first quarter of 2024. The increase in gross margin was driven largely by product mix, which shifted from a higher percentage of chassis in the prior year period, to a higher percentage of bodies in the current period.","length":361,"tagName":"p"},{"type":"text","content":"Selling, general and administrative (SG&A) expenses were $23.3 million, or 10.3% of net sales, compared to $21.5 million, or 6.2% of net sales, in the prior year period. The year over year increase in selling, general and administrative expenses was primarily driven by annual market adjustments to salaries and cost of living increases in the second quarter of 2024, as well as elevated employee benefit costs.","length":415,"tagName":"p"},{"type":"text","content":"Net income in the first quarter of 2025 was $8.1 million, or $0.69 per diluted share, compared to net income of $17.0 million, or $1.47 per diluted share, in the prior year period, for decreases of 52.6% and 52.8%, respectively.","length":228,"tagName":"p"},{"type":"text","content":"The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable June 9, 2025, to shareholders of record at the close of business on June 2, 2025, the fifty-eighth consecutive quarter that the Company has paid a dividend.","length":278,"tagName":"p"},{"type":"text","content":""Results for the quarter were in-line with our expectations as we continued to exe...