Miller Industries (MLR) Reports Q2 EPS of $0.67 on Revenues of $176.9M

Miller Industries (NYSE: MLR) reported Q2 EPS of $0.67. Revenue for the quarter came in at $176.9 million.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, "Performance in the second quarter continued to be very strong, with year-over-year revenue growth of 15.5%, driven by an increase in production volumes, as we utilized the completion of our expansion projects to meet customer demand. We continued to achieve significant profitability improvement this quarter with gross margin expansion of 50 basis points year-over-year to 12.0% and overall year-over-year gross profit and net income growth of 20.9% and 40.1%, respectively. Our selling, general and administrative expenses as a percent of total revenue also contracted 40 basis points to 5.5%. Economic growth in our markets remains strong and our capital investments propel us forward as we strive to meet customer demand and create sustainable shareholder value."

"We continued to see strong demand for our products across all of our geographies during the second quarter. In addition, we are seeing positive impacts on our results from efficiency improvements. Our ability to meet demand, while effectively enhancing productivity, continues to be encouraging to all of our stakeholders."

Mr. Badgley concluded, "Our outlook for the remainder of 2018 remains positive, reflecting a healthy backlog and continued strength in both domestic and international markets. Although our top-line growth and profitability have not been affected through the first half of the year, we continue to remain cautious as it relates to raw materials, more specifically the potential effects related to tariffs on steel and aluminum. We're in constant communication with our customers and suppliers and we\'ll continue to monitor the changing dynamics resulting from the tariffs to determine the impact they may have on our raw material costs in the future."

For earnings history and earnings-related data on Miller Industries (MLR) click here.

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