Miller Industries (MLR) Reports Q1 EPS of $0.28 on Revenues of $169.9M

Miller Industries (NYSE: MLR) reported Q1 EPS of $0.28, versus $0.48 reported last year. Revenue for the quarter came in at $169.9 million, versus $176.1 million reported last year.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company said, "As we stated in our fourth quarter earnings release, our operational performance during January was impacted by delivery delays throughout our network which were associated with the rollout of our new enterprise software system, as well as other COVID-19 related supply chain disruptions and limited availability of freight transportation. With that said, Will and I are pleased to report that the first phase of our enterprise software upgrade rollout has been completed and we are beginning to realize the benefits of our enhanced operational efficiencies. Despite these early challenges, we were able to successfully work through many of those issues during the first half of the first quarter and our operations began to normalize as the quarter progressed. Importantly, the normalization we experienced exiting the first quarter has continued into the second quarter."

Mr. Badgley continued, "While global shipping constraints and certain supply chain disruptions continued to weigh on our business, we are very encouraged by what we are currently experiencing in all of our markets. More specifically, we are extremely encouraged by the current demand trends in our business as evidenced by our strong order rates and healthy backlog. However, supply chain disruptions and high materials costs have potential to impact our ability to obtain certain raw materials and purchased component parts that are necessary to our production processes throughout 2021, including our ability to obtain chassis from third party suppliers. We will continue to aggressively work through those challenges to ensure that we can meet customer demand. Moving ahead into the second quarter, overall demand trends remain favorable and we are well positioned to capitalize on our growth strategy. Our steadfast commitment to operational excellence, strong balance sheet, and leading market position provide us with the necessary tools to drive the business forward and generate shareholder value."

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