Miller Industries, Inc. reported significant financial performance improvements in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved net sales of $314.3 million for the three months ended September 30, 2024, marking a 14.5% increase from $274.6 million in the same period of 2023. For the nine months ended September 30, 2024, net sales reached $1.04 billion, up 20.8% from $857.1 million in the prior year. This growth was primarily driven by increased deliveries of OEM chassis.

Despite the revenue growth, net income for the third quarter decreased to $15.4 million, down 11.7% from $17.5 million in the same quarter of 2023. Basic earnings per share for the quarter were $1.35, compared to $1.53 in the prior year. However, for the nine-month period, net income increased to $52.96 million, a 27.3% rise from $41.6 million in 2023, with basic earnings per share improving to $4.62 from $3.64.

The company’s total assets grew to $755.3 million as of September 30, 2024, up from $647.2 million at the end of 2023. Total current assets also increased to $615.5 million, compared to $510.5 million at year-end 2023. Cash and temporary investments rose to $40.6 million, up from $29.9 million at the end of the previous fiscal year.

Miller Industries made a strategic acquisition of Southern Hydraulic Cylinder, Inc. on May 31, 2023, for approximately $17.4 million, which contributed $6.2 million to revenues and increased pretax income by $0.7 million for the nine months ended September 30, 2024. The acquisition was aimed at enhancing supply chain stability and production efficiency.

Operating expenses also saw an increase, with selling, general, and administrative expenses rising to $22.3 million for the third quarter, up 15.6% from $19.3 million in 2023, largely due to higher executive compensation and employee incentives. The cost of operations for the third quarter was $272.2 million, reflecting a 17.5% increase from the previous year.

The company has a $100 million unsecured revolving credit facility, with outstanding borrowings of $65 million as of September 30, 2024, up from $60 million at the end of 2023. Interest expense for the third quarter was $1.1 million, slightly higher than $1.0 million in the same period last year.

Miller Industries also initiated a stock repurchase program in April 2024, allowing for the buyback of up to $25 million in common stock. During the third quarter, the company repurchased 14,500 shares at a total cost of $0.9 million.