Miller Industries profits drop

CEO says that fundamentals remain strong

Net income for Miller Industries, Inc. declined by 17.2 percent in the second quarter compared with the record high performance a year ago for the Ooltewah-based tow truck equipment maker.

But Miller Industries CEO Jeff Badgley said Wednesday the company “continued to see positive trends in both our domestic and international businesses.”

Miller earned $5.4 million, or 48 cents per share, on sales of $153.1 million in the spring quarter. In the same period a year ago, Miller earned $6.6 million, or 58 cents per share, on sales of $156.1 million.

“Our fundamentals also remain steady, as reflected by our healthy balance sheet and strong backlog,” Badgley said. “As we enter the second half of 2017, I am encouraged by the continued direction of our business.”

The world’s largest manufacturer of towing and recovery equipment is expanding its American production facilities, including its Tennessee plants in Ooltewah and Greeneville, and two others in Pennsylvania. Badgley said the Pennsylvania expansions are nearing completion and the company continues work on its $20 million expansion of its Ooltewah tow-truck manufacturing plant that will help increase its wrecker production capability.

Miller Industries said it will pay its quarterly dividend of 18 cents per share on Sept. 18 to shareholders of record at the close of business on Sept. 11.