The following is a summary of the Miller Industries, Inc. (MLR) Q2 2024 Earnings Call Transcript:
Financial Performance:
Miller Industries reported Q2 revenue of $371.5 million, a 23.7% increase year-over-year.
Gross profit for Q2 was $51.1 million, with a gross margin of 13.8%, seeing improvements due to productivity initiatives and manufacturing efficiencies.
Net income for Q2 2024 was $20.5 million, or $1.78 per diluted share, up from $14.9 million, or $1.29 per diluted share in Q2 2023.
Business Progress:
The company expects low double-digit growth for the full year of 2024, adjusting guidance from previously anticipated high single-digit growth.
Continued focus on productivity improvements, capacity expansion, and employee safety.
Enhanced shareholder returns through dividends and ongoing share repurchase program.
Opportunities:
Strong international customer demand and potential for increased production signaling broader market expansion opportunities, especially with subsiding geopolitical tensions in Europe.
Expansion of production capacity and continued investment in capital to support future growth.
Risks:
The normalization of OEM chassis deliveries which may affect production consistency.
More details: Miller Industries IR
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