Miller Industries boosts 2015 sales by nearly 10 percent
Fourth-quarter sales down 7 percent from a year ago
Miller Industries boosted net sales by 9.8 percent last year to $541 million, helping to increase 2015 profits for the Ooltewahbased towing equipment maker by 7.6 percent over the previous year to $16 million, or $1.41 per share.
In the final three months of 2015, Miller reported net income of $3.9 million, or 34 cents per diluted share. Miller also reported net sales of $136.4 million in the final quarter of 2015.
A year ago, the world’s largest towing and recovery equipment manufacturer reported fourth-quarter net income of $5.7 million, or 50 cents a share. Also last year, the company reported fourth-quarter net sales of $147.8 million.
This year’s fourth-quarter net sales were a 7.7 percent decrease from 2014.
Jeff Badgley, co-CEO at Miller, said in earnings commentary that the year-overyear quarterly decrease is, in some part, due to upward-skewed 2014 fourth-quarter sales that “reflected the culmination of a number of deliveries of government-related orders in that quarter that were unique deliveries
and one-time in nature.”
“Even with those unusual circumstances, our strong momentum continued in the fourth quarter of 2015,” he said.
As a result, Miller’s board of directors declared in Wednesday’s report a quarterly cash dividend of 17 cents per share, payable to shareholders of record at the close of business on March 21.
Badgley said Miller saw strong domestic and international momentum in 2015, and the company “delivered solid revenue growth, expanded our margins and delivered stronger earnings throughout the year as a result of a ramp up in production coupled with ongoing cost reduction efforts.”
Among those efforts, Badgley mentioned consolidating and expanding Miller’s Pennsylvania manufacturing operations, as well as the beginning of capital investment projects at the Ooltewah and Greeneville, Tenn., facilities to increase capacity and improve operating efficiencies.
On Monday, Miller Industries is scheduled to appear before the Hamilton County Regional Planning Commission to request a rezoning for the construction of a 120,000-squarefoot building and additional parking adjacent to the company’s existing facility.
According to planning documents, the plan for the expansion calls for the construction of a one-story storage building with a main entrance on Hilltop Drive.
The Regional Planning Agency staff has recommended the rezoning be granted, but with a lighter, M-2 manufacturing designation to allow protections for neighboring residences.
Looking ahead to the year, meanwhile, Badgley said in Miller’s quarterly report that the company’s outlook is positive.
“We will continue to grow our business, and expand our product offerings and geographical footprint,” he said.
Miller stock fell 4 cents a share Wednesday ahead of the earnings announcement, closing at $19.95 per share.
The company’s stock has declined by more than 8 percent since the beginning of the year.
Contact staff writer Alex Green at agreen@timesfreepress.com or 423-757-6480.