Form 8-K - Current report
27 Agosto 2024 - 5:31PM
Edgar (US Regulatory)
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0000924822
0000924822
2024-08-27
2024-08-27
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xbrli:shares
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xbrli:shares
United
States
Securities And Exchange Commission
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event
reported): August 27, 2024
MILLER INDUSTRIES, INC.
(Exact Name of Registrant as Specified in
Its Charter)
Tennessee |
001-14124 |
62-1566286 |
(State or Other Jurisdiction of
Incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
8503 Hilltop Drive, Ooltewah, Tennessee
37363
(Address of Principal Executive Offices)
(Zip Code)
(423)
238-4171
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered |
Common Stock, par value $0.01 per share |
MLR |
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 7.01 | REGULATION FD DISCLOSURE. |
On August 27, 2024, Miller Industries, Inc. (the
“Company”) posted an investor presentation (the “Investor Presentation”) to its website at https://www.millerind.com/investors.
A copy of the Investor Presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations
to investors, analysts and others on and after August 28, 2024.
The information contained in the Investor Presentation
is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”)
filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation
speaks only as of the date of this Current Report on Form 8-K. The Company undertakes no duty or obligation to publicly update or revise
the information contained in the Investor Presentation, although it may do so from time to time. Any such updating may be made through
the filing of other reports or documents with the SEC, through press releases or through other public disclosure. In addition, the exhibit
furnished herewith contains statements intended as “forward-looking statements” that are subject to the cautionary statements
about forward-looking statements set forth in such exhibit. By furnishing the information contained in the Investor Presentation, the
Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely
by reason of Regulation FD.
This Current Report on Form 8-K and its contents
(including Exhibit 99.1) are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2)
of the Securities Act of 1933, as amended (the “Securities Act”), nor shall it be deemed incorporated by reference in any
filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall
be expressly set forth by specific reference in such filing.
ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Miller Industries, Inc. (Registrant) |
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By: |
/s/ Frank Madonia |
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Frank Madonia |
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Executive Vice President, General Counsel and Secretary |
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Dated: August 27, 2024 |
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Exhibit 99.1
| INVESTOR 2024 PRESENTATION
THE WORLD LEADER IN TOWING AND
RECOVERY EQUIPMENT ® |
| SCAN TO WATCH A SHORT OVERVIEW
VIDEO ABOUT MILLER INDUSTRIES |
| FACT SHEET
The World Leader in Towing and Recovery Equipment ®
Miller Industries is the world’s largest manufacturer of
towing and recovery equipment and markets its towing
and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron,
Holmes, Jigé, and Boniface. There are approximately
76 distributor locations in North America, who serve all
50 states, Canada & Mexico, and approximately 30+
distributors that serve other foreign markets. Each of
the Company’s brands has a well-established, distinct
product image and corresponding customer loyalty.
Since 1990 Miller Industries has developed or acquired
several of the most well-recognized brands in the highly-fragmented towing and recovery industry. During this
period, management has strengthened the Company’s
distributor network, increased production capacity, and
improved manufacturing efficiencies and product design.
Miller Industries offers a broad range of products
that meet most customer design, capacity, and cost
requirements. The Company manufactures the bodies
of wreckers and car carriers, which are installed on
truck chassis manufactured by third parties. Wreckers
generally are used to recover and tow disabled vehicles
and other equipment, and range in type from the
conventional tow truck to large recovery vehicles with
rotating hydraulic booms and 100-ton lifting capacities.
Car carriers are specialized flatbed vehicles with hydraulic
tilt mechanisms that enable a towing operator to drive or
winch a vehicle onto the bed for transport. Car carriers
transport new or disabled vehicles and other equipment
and are particularly effective over long distances. The
company also manufactures a line of transport trailers.
Our continued success in the future will rely heavily on
sensitivity to our customers’ needs and our quality in
construction and design of our products. With these
attributes, Miller Industries will continue to be the
acknowledged leader in the towing and recovery industry.
CORPORATE SUMMARY
MISSION STATEMENT
Miller Industries is the global leader in towing and
recovery equipment, manufacturing and servicing the
highest quality and most innovative products. Our
mission is to create superior value for our end-users,
distributors, suppliers, employees, and shareholders.
CORE VALUES
• Customer Satisfaction
• Innovation
• Integrity
• Quality
• Dedication
NYSE: MLR
FINANCIAL OVERVIEW
FY 2023
Revenue: $1.15B
Gross Margin: $151.9m
(13.2%)
Net Income: $58.3m (5.1%)
EPS (Diluted): $5.07
FACILITIES
Ooltewah, TN
Athens, TN
Greeneville, TN
Hermitage, PA
Lorraine, France
Thetford, England
millerind.com |
| EXECUTIVE BIO
The World Leader in Towing and Recovery Equipment ®
NYSE: MLR
William G. Miller, II has served as a director since May 2014, our
Chief Executive Officer since March 2022 and President since
March 2011, after serving as Co-Chief Executive Officer from
December 2013 to March 2022 and as a Regional Vice President of
Sales of Miller Industries Towing Equipment Inc. from November
2009 to February 2011. Mr. Miller II also served as Vice President
of Strategic Planning of the Company from October 2007 until
November 2009, as Light-Duty General Manager from November
2004 to October 2007, and as a Sales Representative of Miller
Industries Towing Equipment Inc. from 2002 to 2004.
Deborah L. Whitmire has served as a director since February
2020, our Executive Vice President, Chief Financial Officer and
Treasurer since January 2017, after serving as our Vice President
and Corporate Controller from January 2014 to December 2016
and Corporate Controller to Miller Industries Towing Equipment
Inc. from March 2005 to January 2014. From April 2000 to
March 2005, Mrs. Whitmire also served as Director of Finance
– Manufacturing to Miller Industries Towing Equipment Inc. In
addition, Mrs. Whitmire served as Controller to Miller Industries
Towing Equipment Inc. from October 1997 to April 2000 and
Accounting Manager to Miller Industries Towing Equipment Inc.
from October 1996 to October 1997.
millerind.com |
| PRODUCT SUMMARY
The World Leader in Towing and Recovery Equipment ®
NYSE: MLR
LIGHT-DUTY
Vulcan 812 Intruder II
Century 12-Series LCG™
CAR CARRIER
Miller Industries brings a whole new dimension
to transport with the 12 Series LCG™ (Low
Center of Gravity) carrier. The patented
design lowers the deck height 5" – 6" over
conventional carriers, which provides better
stability during transport. The lower height
allows for the transport of taller loads, such as
forklifts or man-lifts, that may be over-height
on a conventional carrier.
The Vulcan 812 and Century Express 300 have
been the most popular choices in the industry
over the past decade for private property
repossession and commercial towers. But in an
effort to improve upon an already great product,
Miller Industries’ engineers surveyed operators
on what features most important to them.
The result was increased rear visibility between the boom and tailboard for easier hook ups, a new
hose tracking system for longer life and easier maintenance, and your choice of several handheld
controllers to suit what the operator is most comfortable with. Other changes include a totally
redesigned low profile crossbar, claws that have a recessed area for better oil pan clearance, and
a new patent pending pivot system.
The operator can easily secure loads or tie down vehicles while standing on the ground, thanks
to the lower height. When mounted on most air ride chassis, with the air dumped, the 12 Series
LCG™ has less than an 11-degree load angle, making it ideal for loading low-clearance vehicles
or equipment without using ramps or wood. Your new 12 Series LCG™ is available in 20.5' to 22'
deck lengths with a capacity of 12,000 lbs. and a wide variety of options to fit your specific needs.
millerind.com |
| PRODUCT SUMMARY
The World Leader in Towing and Recovery Equipment ®
NYSE: MLR
HEAVY-DUTY
Century 5130
Century 1150
ROTATOR
With the call for quick clearance on congested
roadways and to handle a variety of difficult
recovery and lifting jobs, Century is the number
one choice worldwide. As the only manufacturer
of recovery equipment that designs specifically
for towers’ needs and safety, we are proud to
offer the 1150, a 50-ton rotator ideal for heavy
recovery with a weight-saving design for your
daily towing.
The 5130 is Century’s best performing heavy-duty integrated unit with 128" of underlift
reach. The 5130 has the ability to tow most
vehicles without giving up maneuverability of
a single axle or tandem axle unit. The 5130
also provides a 25-ton recovery boom and
25,000 lbs. winches for your recovery and
lifting applications.
The Century 1150 features 360° of continuous boom rotation, a 3-stage recovery boom, optional
deck and turret mounted winches and a variety of underlift options. The 1150 technology is also
available in the Century 1150R, which features a unique patented roller system that allows the
boom to travel up to 60". The low-maintenance roller system has the ability to start and stop under
heavy loads, even while rotating.
millerind.com |
| The World’s Largest
Manufacturer of
Towing and
Recovery
Equipment
NYSE: MLR
1
Q2 2024 Investor Presentation
Safe Harbor Statement
The World’s Largest Manufacturer of Towing and Recovery Equipment®
NYSE: MLR
Certain statements in this Presentation released August 20, 2024 made with respect to future operating results,
expectations of future customer orders and the availability of resources necessary for our business are forward-looking
statements. 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, other comparable terminology, or the negative of such terms. 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 set forth in Part I, Item 1A - “Risk Factors” in our most recent Annual Report on Form 10-K
for the fiscal year ended December 31, 2023, in Part II, Item 1A – “Risk Factors” in our most recent Quarterly Report on
Form 10-Q filed on August 7, 2024, and in our other filings with the Securities and Exchange Commission. Given these
uncertainties, you should not place undue reliance on these forward-looking statements. You should read the Quarterly
Report and the documents that we reference in the Quarterly Report and documents we have filed as exhibits to the
Quarterly Report completely and with the understanding that our actual future results may be materially different from what
we expect. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of
this Presentation. Except as required by law, we assume no obligation to update these forward-looking statements publicly,
or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements,
even if new information becomes available in the future.
2 |
| Introduction to Miller Industries
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Overview
Miller Industries, Inc., founded in 1990 by William G. Miller “Bill”, is the leading manufacturer of towing and recovery equipment in the world
Our goal is to deliver long-term value to all shareholders through continued innovation, growth, and profitability
Six world-class
facilities located in
three countries
manufacturing the
largest portfolio of
towing, recovery,
and transport
vehicles in the
world
Largest North
American
distribution
network in the
industry
Export to 60+
countries
Significant global
presence in the
military recovery
and transport
sector
Transport
equipment supplier
for the largest
Rental & Salvage
companies in
North America
(Herc, Sunbelt,
United,
Copart, IAA)
Industry leader in
innovation
45+ Engineers that
specialize in
mechanical,
hydraulic, and
electrical
engineering
4
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Investment Highlights
• World Leader in Towing & Recovery Equipment
• Consistent Organic Growth
• Global Presence
• Industry Leader in Innovation
• Best-in-Class Products & Distribution
• Strong Customer Relationships
• Attractive Financial Metrics
• Experienced Management Team
5
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Industry History
Holmes Tow Truck (1916 Chattanooga, TN)
Century M100 (100-ton Rotator)
6
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Towing & Recovery Market • Multi-Billion Dollar Global Market
• Primary Market Segments
• Commercial Towing
• Transport Fleets (Rental, Salvage)
• Government and Municipal Sales
• Military
• Primary Product Types
• Light-Duty Recovery Vehicles
• Medium- & Heavy-Duty Recovery Vehicles
• Carrier Transport Vehicles
7
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Industry Drivers • Miles Driven
• Aging Vehicle Fleet
• General Construction
• Infrastructure Construction
• Natural Disasters
• Global Conflict
• Future Emission Changes
• Military Recovery Vehicle
Upgrades
• Trade Cycle
Accelerators
8
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Miller Strategy • Develop a world-class team from the top down by investing in our employees’ education
and career development to enhance the value of the Miller organization
• Locate, develop, and maintain a five-star distribution network that has industry leading
product sales, parts sales, and after-the-sale service
• Innovate, design, and produce the highest quality products with greater payload and
recovery capabilities than our competitors
• Grow commercial market share, explore new market potential, and develop innovative
products to create new opportunities
• Focus on core competencies and reinvest in our infrastructure to increase capacity,
capabilities, and improve quality
• Vertically integrate to control costs, reduce manufacturing disruption, and improve quality
control
9
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Manufacturing Locations
Ooltewah, TN
Greeneville, TN
Hermitage, PA
Lorraine, France
Thetford, England
Athens, TN
Global Footprint: 1,154,000 sqft
11
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Investment in Manufacturing
Century Wrecker 1990
Miller Industries Headquarters Present Day
16
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Miller Industries Carrier Plant 1990
Carrier Plant Present Day
Investment in Manufacturing
17
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Revenue Streams
• North American Distribution
• Export
• European Operations
• National Accounts
• Government
• Military
• After Market Parts
• Chassis
For 2023, no individual customer was responsible for more than 10% of revenue or accounts receivable
10
The World’s Largest Manufacturer of Towing and Recovery Equipment®
North American Distribution
• 54 Distributor Principals
• 76 Distributor Locations
• 300+ Retail Sales Personnel
13
The World’s Largest Manufacturer of Towing and Recovery Equipment®
• Commercial Towing Operators
• Entrepreneurs
• Average Fleet Size 10-15 Trucks
• Vehicle Life Cycle
• Warranty Offering / Cost of Ownership
• Depreciation
• Trade Cycle |
| • 30+ Foreign Distributors
• Direct Sales to Foreign Governments
and Militaries
• Export to 60+ Countries
Foreign Market Distribution
14
The World’s Largest Manufacturer of Towing and Recovery Equipment®
“We have the best people,
the best products,
and the best distribution network
in the Towing & Recovery Industry.”
-Bill Miller
Year - 1990
15
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Investment in Human Capital
Welders supplied with air-purifying respirators
Employee Health & Safety Employee Engagement Employee Development
Safety Systems
First Responders provided
with CPR/AED Training
Annual relevant safety
training for all employees
Bi-Monthly town hall
meetings with employees
Increased team leader to
employee ratio to improve
on-the-job training & quality
Six-week Team Leader
Bootcamp Training Program
Employee Family
Scholarship Fund
Cost-of-living adjustments for
all employees
Front-Line Leadership
Academy
Weld Academy
External training on as-needed basis with local
universities
Tuition Reimbursement
Program
18
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Experienced Management Team
William G. Miller “Bill”
Founder and Chairman of the Board
William G. Miller II “Will”
President and CEO
Jeffrey I. Badgley
President of International and Military
Deborah L. Whitmire
Executive Vice President,
Chief Financial Officer and Treasurer
Frank Madonia
Executive Vice President, Secretary
and General Counsel
Josias W. Reyneke
Vice President and Chief Information Officer
Vince Tiano
Vice President and Chief Revenue Officer
30+ years
20+ years
30+ years
25+ years 25+ years
25+ years
30+ years
19
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| $151.9M
84.2% 286.5%
$58.3M
Hist. Gross Margin Hist. Net Income Hist. EPS
$1.15B $5.07
35.9%
Hist. Revenue
2020
$651.3m
2019
$818.2m
284.8%
2020
$78.4m
2019
$96.5m
2020
$29.8m
2019
$39.1m
2020
$1.42
2019
$3.43
2021
$717.5m
2021
$69.9m
2021
$16.3m
2021
13.2% 5.1%
Financial Overview - FY 2019 - 2023
2022
$848.5m
2022
$82.4m
2022
$20.3m
2022
$1.78
$2.62
20
$0
$325,000
$650,000
$975,000
$1,300,000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Historical & Projected 2024 Revenue
21
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| $0
$300,000
$600,000
$900,000
$1,200,000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
CAGR
CAGR: 13.6%
22
The World’s Largest Manufacturer of Towing and Recovery Equipment®
Q2 2024
Peer Group
Analysis
23 |
| -$2.00
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
ALG MLR FSS BLBD EPAC PKOH PLOW CVGI FSTR SRI SHYF ASTE NNBR MPAA
TTM
27
EPS
Q2 ‘24 TTM
ALG $2.35 $10.56
MLR $1.78 $6.22
FSS $0.99 $3.29
BLBD $0.85 $3.03
EPAC $0.47 $1.52
PKOH $0.92 $1.41
PLOW $1.02 $1.18
CVGI -$0.05 $0.96
FSTR $0.26 $0.67
SRI $0.10 $0.07
SHYF $0.06 -$0.08
ASTE -$0.61 -$0.10
NNBR -$0.12 -$1.14
MPAA -$0.92 -$3.36
Sorted by TTM
-50%
-25%
0%
25%
50%
75%
100%
BLBD MLR FSTR EPAC PKOH FSS NNBR ALG SRI PLOW MPAA ASTE SHYF CVGI
TTM
25
TSR (Total Shareholder Return)
Q2 Div. Q2 ‘24 TTM
BLBD $0.00 40.3% 139.5%
MLR $0.19 11.2% 57.3%
FSTR $0.00 -20.2% 50.7%
EPAC $0.01 7.6% 41.6%
PKOH $0.13 -1.7% 38.9%
FSS $0.12 -1.6% 31.4%
NNBR $0.00 -31.4% 25.5%
ALG $0.26 -19.0% -5.4%
SRI $0.00 -12.2% -15.3%
PLOW $0.30 -2.5% -17.7%
MPAA $0.00 -24.1% -20.3%
ASTE $0.13 -30.3% -33.6%
SHYF $0.05 -2.4% -45.3%
CVGI $0.00 -24.7% -55.9%
*MLR Increased Quarterly Dividend 5% in 2024 Sorted by TTM |
| 0.00%
5.00%
10.00%
15.00%
20.00%
CVGI MLR ALG BLBD PKOH PLOW EPAC FSS FSTR SRI ASTE SHYF NNBR MPAA
TTM
CVGI 19.59%
MLR 11.30%
ALG 6.10%
BLBD 5.63%
PKOH 5.45%
PLOW 5.04%
EPAC 3.98%
FSS 3.93%
FSTR 3.11%
SRI 0.44%
ASTE -0.34%
SHYF -0.67%
NNBR -38.00%
MPAA -54.46%
*EOQ2 ’24 Stock Price Used
Earnings Yield
TTM
0.0
0.5
1.0
1.5
2.0
2.5
MLR ASTE FSS ALG SHYF EPAC FSTR BLBD SRI MPAA CVGI NNBR PLOW PKOH
Q2 ‘24
MLR 0.19
ASTE 0.22
FSS 0.26
ALG 0.32
SHYF 0.52
EPAC 0.54
FSTR 0.66
BLBD 0.71
SRI 0.72
MPAA 0.97
CVGI 1.03
NNBR 1.05
PLOW 1.16
PKOH 2.41
Debt to Equity Ratio
Q2 ‘24 |
| 0x
5x
10x
15x
20x
25x
30x
CVGI MLR MPAA PKOH ASTE ALG SRI BLBD PLOW FSTR EPAC NNBR FSS SHYF
Q2 ‘24
CVGI 4.93
MLR 6.35
MPAA 7.16
PKOH 7.89
ASTE 8.45
ALG 9.59
SRI 10.04
BLBD 10.23
PLOW 11.85
FSTR 12.03
EPAC 15.02
NNBR 15.48
FSS 18.87
SHYF 34.54
EV / EBITDA
Q2 ‘24
Select Market Information
As of August 16, 2024
Ticker
Exchange
Stock Price
Market Capitalization
Book Value
Debt to Total Capitalization Ratio
MLR
NYSE
$59.47 per share
$681.2 million
$33.17 per share
15.68%
28
The World’s Largest Manufacturer of Towing and Recovery Equipment® |
| Q3 & Q4 IR Schedule
The World's Largest Manufacturer of Towing and Recovery Equipment®
• MW Ideas Conference, Chicago - August 28-29
• D.A. Davidson Conference, Nashville - September 18-20
• Raymond James Small Cap Conference, Sonoma - November 17-18
• SW Ideas Conference, Dallas - November 20-21
• Roadshows - California & New York
The World’s Largest
Manufacturer of
Towing and
Recovery
Equipment
NYSE: MLR
Thank You
30 |
| Exhibit 99.1
8503 Hilltop Drive, Ooltewah, TN 37363
Telephone (423) 238-4171
CONTACT:Miller Industries, Inc.
Debbie Whitmire, Chief Financial Officer
(423) 238-8464
FTI Consulting, Inc.
Mike Gaudreau
millerind@fticonsulting.com
MILLER INDUSTRIES REPORTS 2024 SECOND QUARTER RESULTS
CHATTANOOGA, Tenn., August 7, 2024/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (“Miller Industries” or the
“Company”) today announced financial results for the second quarter ended June 30, 2024.
For the second quarter of 2024, net sales were $371.5 million, an increase of 23.7%, compared to $300.3 million for the
second quarter of 2023. The year over year growth was predominantly due to consistent demand from customers, increased
production volume and continued elevated OEM chassis deliveries in the quarter. We anticipate that chassis deliveries will
normalize during the second half of the year.
Gross profit for the second quarter of 2024 was $51.1 million, or 13.8% of net sales, compared to $39.9 million, or 13.3% of
net sales, for the second quarter of 2023. The year over year increase in gross margin was largely driven by higher production
and delivery volumes.
Selling, general and administrative expenses were $22.8 million, or 6.1% of net sales, compared to $19.5 million, or 6.5% of
net sales, in the prior year period.
Net income in the second quarter of 2024 was $20.5 million, or $1.78 per diluted share, an increase of 37.5% and 37.7%
respectively compared to net income of $14.9 million, or $1.29 per diluted share, in the prior year period.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per share, payable
September 16, 2024, to shareholders of record at the close of business on September 9, 2024, the fifty-fifth consecutive
quarter that the Company has paid a dividend.
“During the second quarter we continued to deliver strong operating results, capping off a record first half for Miller
Industries,” said William G. Miller, II, Chief Executive Officer of the Company. “Our continued strong topline performance
underscores the success of our strategic initiatives, and when coupled with our improved production and delivery levels, also
contributed to improved margins. We continue to maintain current production levels to decrease our backlog to more
historical levels. This will allow us to better accommodate our distributors with increased flexibility and to deliver finished
products to retail customers with a more acceptable lead time. Our steady order entry rate demonstrates the strength of our
salesforce and distribution network, and the competitive advantages our products provide to our customers. Moving into the
second half of the year, we are acutely focused on shifting product from our distributors to our end users, to ensure that the
revenue we are generating has a strong cash conversion rate. As our first half results have surpassed our initial expectations,
we now expect to achieve low double-digit revenue growth for the full year of 2024, in line with our historical annual growth
rate, as opposed to the high single-digit growth we anticipated two quarters ago.” |
| - MORE -
MILLER INDUSTRIES REPORTS 2024 SECOND QUARTER RESULTS PAGE 2
Mr. Miller, II, concluded, “As we look ahead, and as we mentioned last quarter, we continue to analyze the need for future
investments in our manufacturing capabilities, specifically our production capacity. As always, we will also prioritize
returning capital to our shareholders through our industry leading dividend and the $25 million share repurchase program we
announced in April.”
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled
for tomorrow, August 8, 2024, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet
through the following link:
https://app.webinar.net/B1LjNejVJ5M
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 Thursday, August 15, 2024. The replay number
is 1-844-512-2921, Passcode 13747773
About Miller Industries, Inc.
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and
recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®,
Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.
- MORE - |
| MILLER INDUSTRIES REPORTS 2024 SECOND QUARTER RESULTS PAGE 3
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, profitability, backlog, customer demand, 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 Securities and Exchange
Commission, including the risks set forth in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023 as supplemented in Part II, Item 1A, “Risk Factors” in our subsequent Quarterly Reports on
Form 10-Q, which discussion is incorporated herein by this reference. Such factors are not exclusive. Except as required by
law, we expressly disclaim any obligation to update these forward-looking statements, or to update the reasons actual results
could differ materially from those anticipated in these forward-looking statements, even if new information becomes available
in the future.
- MORE - |
| MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
% %
2024 2023 Change 2024 2023 Change
NET SALES $ 371,451 $ 300,264 23.7% $ 721,322 $ 582,539 23.8%
COSTS OF OPERATIONS 320,373 260,335 23.1% 626,001 512,194 22.2%
GROSS PROFIT 51,078 39,929 27.9% 95,321 70,345 35.5%
OPERATING EXPENSES:
Selling, General and Administrative Expenses 22,773 19,480 16.9% 44,316 37,403 18.5%
NON-OPERATING (INCOME) EXPENSES:
Interest Expense, Net 2,048 1,700 20.5% 3,293 2,713 21.4%
Other (Income) Expense, Net 13 (229) 105.7% (20) (548) 96.4%
Total Expense, Net 24,834 20,951 18.5% 47,589 39,568 20.3%
INCOME BEFORE INCOME TAXES 26,244 18,978 38.3% 47,732 30,777 55.1%
INCOME TAX PROVISION 5,730 4,063 41.0% 10,195 6,642 53.5%
NET INCOME $ 20,514 $ 14,915 37.5% $ 37,537 $ 24,135 55.5%
BASIC INCOME PER SHARE OF
COMMON STOCK
$
1.79 $ 1.30 37.7% $ 3.28 $ 2.11 55.3%
DILUTED INCOME PER SHARE OF COMMON
STOCK
$
1.78 $ 1.29 37.7% $ 3.26 $ 2.10 55.0%
CASH DIVIDENDS DECLARED PER SHARE
OF COMMON STOCK $ 0.19 $ 0.18 5.6% $ 0.38 $ 0.36 5.6%
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic 11,461 11,466 0.0% 11,457 11,425 0.3%
Diluted 11,550 11,526 0.2% 11,531 11,477 0.5%
- MORE - |
| MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30,
2024 December 31,
(Unaudited) 2023
ASSETS
CURRENT ASSETS:
Cash and temporary investments $ 23,816 $ 29,909
Accounts receivable, net of allowance for credit losses of $1,633 and $1,527 at June 30, 2024 and
December 31, 2023, respectively
391,797 286,138
Inventories, net 187,286 189,807
Prepaid expenses 8,099 4,617
Total current assets 610,998 510,471
NON-CURRENT ASSETS:
Property, plant and equipment, net 115,768 115,072
Right-of-use assets - operating leases 659 826
Goodwill 19,998 20,022
Other assets 744 819
TOTAL ASSETS $ 748,167 $ 647,210
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 243,146 $ 191,782
Accrued liabilities 49,546 40,793
Income taxes payable 771 1,819
Current portion of operating lease obligation 306 320
Total current liabilities 293,768 234,714
NON-CURRENT LIABILITIES:
Long-term obligations 70,000 60,000
Non-current portion of operating lease obligation 352 506
Deferred income tax liabilities 4,159 4,070
Total liabilities 368,279 299,290
SHAREHOLDERS' EQUITY:
Preferred shares, $0.01 par value; 5,000,000 shares authorized, none issued — —
Common shares, $0.01 par value: Authorized - 100,000 shares, Issued - 11,453,792 and 11,445,640 at
June 30, 2024 and December 31, 2023, respectively
115 114
Additional paid-in capital 153,014 153,574
Retained earnings 233,330 200,165
Accumulated other comprehensive loss (6,571) (5,933)
Total shareholders' equity 379,888 347,920
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 748,167 $ 647,210 |
| NYSE: MLR |
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Miller Industries (NYSE:MLR)
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