MILLER INDUSTRIES REPORTS 2024 FIRST QUARTER RESULTS
For the first quarter of 2024, net sales were
Gross profit for the first quarter of 2024 was
Selling, general and administrative expenses were
Net income in the first quarter of 2024 was
The Company also announced that its Board of Directors has declared a quarterly cash dividend of
"After a record year in 2023, our sustained topline growth demonstrates a promising start to 2024," said
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow,
https://app.webinar.net/Kzka3mjLg4X
Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through
About
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "could," "continue," "future," "potential," "believe," "project," "plan," "intend," "seek," "estimate," "predict," "expect," "anticipate" and similar expressions, or the negative of such terms, or other comparable terminology and include without limitation any statements relating to the Company's 2024 revenues or margins, backlog or customer demand environment, and capital allocation plans. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things the risks discussed in our filings with the
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In thousands, except per share data) (Unaudited) |
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Three Months Ended |
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March 31 |
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% |
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2024 |
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2023 |
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Change |
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$ |
349,871 |
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$ |
282,275 |
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23.9 % |
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COST OF OPERATIONS |
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305,628 |
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251,858 |
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21.3 % |
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GROSS PROFIT |
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44,243 |
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30,417 |
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45.5 % |
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OPERATING EXPENSES: |
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Selling, General and Administrative Expenses |
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21,543 |
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17,924 |
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20.2 % |
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NON-OPERATING (INCOME) EXPENSES: |
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Interest Expense, Net |
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1,245 |
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1,012 |
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23.0 % |
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Other (Income) Expense, Net |
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(33) |
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(318) |
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-89.6 % |
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Total Expense, Net |
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22,755 |
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18,618 |
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22.2 % |
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INCOME BEFORE INCOME TAXES |
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21,488 |
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11,799 |
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82.1 % |
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INCOME TAX PROVISION |
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4,465 |
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2,579 |
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73.1 % |
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NET INCOME |
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$ |
17,023 |
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$ |
9,220 |
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84.6 % |
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BASIC INCOME PER COMMON SHARE |
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$ |
1.49 |
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$ |
0.81 |
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84.0 % |
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DILUTED INCOME PER COMMON SHARE |
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$ |
1.47 |
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$ |
0.81 |
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81.5 % |
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CASH DIVIDENDS DECLARED PER COMMON SHARE |
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$ |
0.19 |
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$ |
0.18 |
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5.6 % |
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WEIGHTED AVERAGE SHARES OUTSTANDING: |
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Basic |
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11,452 |
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11,425 |
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0.2 % |
Diluted |
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11,556 |
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11,431 |
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1.0 % |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except per share data) |
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2024 |
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(Unaudited) |
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2023 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and temporary investments |
$ |
26,809 |
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$ |
29,909 |
Accounts receivable, net of allowance for credit losses of |
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338,887 |
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286,138 |
Inventories, net |
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184,274 |
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189,807 |
Prepaid expenses |
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8,843 |
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4,617 |
Total current assets |
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558,813 |
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510,471 |
NONCURRENT ASSETS: |
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Property, plant and equipment, net |
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116,172 |
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115,072 |
Right-of-use assets - operating leases |
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738 |
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826 |
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20,022 |
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20,022 |
Other assets |
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786 |
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819 |
TOTAL ASSETS |
$ |
696,531 |
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$ |
647,210 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ |
229,040 |
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$ |
191,782 |
Accrued liabilities |
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43,512 |
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40,793 |
Income taxes payable |
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1,773 |
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1,819 |
Current portion of operating lease obligation |
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311 |
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320 |
Total current liabilities |
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274,636 |
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234,714 |
NONCURRENT LIABILITIES: |
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Long-term obligations |
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55,000 |
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60,000 |
Noncurrent portion of operating lease obligation |
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426 |
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|
506 |
Deferred income tax liabilities |
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4,110 |
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4,070 |
Total liabilities |
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333,172 |
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299,290 |
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SHAREHOLDERS' EQUITY: |
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Preferred shares, |
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— |
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— |
Common shares, |
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115 |
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114 |
Additional paid-in capital |
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153,743 |
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153,574 |
Retained earnings |
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215,009 |
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200,165 |
Accumulated other comprehensive loss |
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(6,508) |
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(5,933) |
Total shareholders' equity |
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362,359 |
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347,920 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
696,531 |
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$ |
647,210 |
View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2024-first-quarter-results-302140350.html
SOURCE