Miller Industries, Inc. (NYSE:MLR) Q3 200 Earnings Conference Call November 10, 2022 10:00 AM ET

Company Participants

Mike Gaudreau – Investor Relations

Debbie Whitmire – Executive Vice President and Chief Financial Officer

Jamison Linden – Chief Manufacturing Office

Conference Call Participants

Arnie Ursaner – Ursaner Family Office

Operator

Good day, ladies and gentlemen, and welcome to the Miller Industries Third Quarter 2022 Results Conference Call. [Operator Instructions]

And at this time, I would like to turn the call over to your host, Mike Gaudreau, at FTI Consulting. Please go ahead sir.

Mike Gaudreau

Thank you, and good morning, everyone. I would like to welcome you to the Miller Industries conference call. We are here to discuss the company's 2020 third quarter results, which were released after the close of market yesterday.

With us from the management team today are Bill Miller, Chairman of the Board; Debbie Whitmire, Executive Vice President and CFO; Frank Madonia, Executive Vice President, Secretary and General Counsel; Vin Tiano, Chief Revenue Officer; and Jamison Linden, Chief Manufacturing Office.

Today's call will begin with formal remarks from management, followed by a question-and-answer session. Please note in this morning's conference call, management may make forward-looking statements in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. I'd like to call your attention to the risks related to these statements, which are more formally described in the company's annual report filed on Form 10-K and other filings with the Securities and Exchange Commission.

At this time, I'd like to turn the call over to Debbie. Please go ahead, Debbie.

Debbie Whitmire

Thank you and good morning everyone. Will is traveling today, so I will be providing today's update. We were pleased by our third quarter results, both the continued strong demand in our end markets and the sequential revenue growth. Sales in the quarter increased 24.8% to $205.6 million compared to the third quarter last year.

Gross profit for the third quarter was $23.2 million, an increase of 30% compared to the prior year quarter, resulting in a gross margin of 11.3%.

We are encouraged by the profitability improvement as we benefited from our pricing initiatives. Our results also reflect strategic actions taken since the last downturn to build information systems with our business partners, giving us more visibility into sales trends and helping us adjust production to the proper levels for our products. However, we continue to experience significant supply chain challenges. We still had difficulty sort sourcing certain parts that are critical to the completion of finished goods that were slightly fewer than we had in prior quarters.