Miller Industries nearly doubles profits in quarter

Miller Industries Inc. nearly doubled its third quarter profits from a year ago as the tow-truck maker continued to boost both domestic and international sales.

The Ooltewah-based manufacturer said Wednesday it earned $8.7 million, or 76 cents per share, on sales of $195.7 million. In the same period a year earlier, the company earned only $4.5 million, or 39 cents per share, on sales of $153.4 million.

“Performance in the third quarter continued to be strong, with year-overyear revenue growth of 27.6 percent, as we continue to realize the benefits of increased production capacity in a strong global demand environment,” Miller CEO Jeff Badgley said. “Our outlook for the remainder of 2018 remains positive, as backlog, economic conditions, and demand remain strong in both domestic and international markets.”

Miller Industries Towing Equipment Inc. announced Wednesday it will begin selling in January newly redesigned 5-inch girth towing forks for towing class-8 heavy trucks. The updated towing forks are cast steel and have a wider base (throat) than the industry standard 4.5-inch towing fork.

Despite the improved outlook and new product offerings, Badgley said “the effects from steel and aluminum tariffs on raw materials pricing are increasingly noticeable” and could curb some profits.

Miller announced Wednesday it will pay a cash dividend of 18 cents per share on Dec. 10 to shareholders of record at the close of business on Dec. 3