Miller Industries, Inc. (NYSE:MLR) Q1 2024 Results Conference Call May 9, 2024 10:00 AM ET

Company Participants

Mike Gaudreau - Investor Relations, FTI Consulting
Will Miller - President & Chief Executive Officer
Debbie Whitmire - Executive Vice President & Chief Financial Officer

Conference Call Participants

Mike Shlisky - D.A. Davidson

Operator

Good day, ladies and gentlemen, and welcome to the Miller Industries First Quarter 2024 Results Conference Call. Please note, this event is being recorded.

At this time, I would like to turn the call over to 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 2024 first quarter results, which were released after the close of the market yesterday. With us from the management team today are Bill Miller, Chairman of the Board; Will Miller, President and CEO; Debbie Whitmire, Executive Vice President and CFO; and Frank Madonia, Executive Vice President, Secretary and General Counsel.

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 fully 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 Will. Please go ahead, Will.

Will Miller

Thank you, and good morning, everyone. Following our record 2023, we had a strong start to 2024, generating another quarter of record revenues and maintaining our year-over-year improvements in profitability.

First and foremost, I'd like to thank our entire team for their continued efforts and dedication. Without them, these results would not be possible.

We continue to reap the benefits of our strategy to invest during a macroeconomic slowdown, doubling down on our investments in our business and in our people at a time when many of our peers were cutting costs.

As a result of these investments and continued strong demand environment for all of our products, we generated record revenues of $349.9 million, a nearly 24% increase compared to the prior year period. We also saw chassis shipments increase significantly during the first quarter as OEMs shipped delayed orders from 2023. While we expect chassis OEM shipments to normalize in the second half of the year, we still anticipate high single-digit top line growth in 2024 compared to our record year in 2023.