Miller Industries, Inc. (NYSE:MLR) Q2 2024 Earnings Conference Call August 8, 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 Second Quarter 2024 Results Conference Call. Please note this event is being recorded.

And now 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 second 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. We are very pleased to report yet another strong quarter with record results. The year-over-year growth was predominantly due to consistent demand from customers, increased production volume and elevated OEM chassis deliveries in the quarter. As a result, we generated revenues of $371.5 million increasing 23.7% year-over-year.

Gross profit for the second quarter was $51.1 million, an increase of 27.9% compared to the prior year quarter while our gross margin of 13.8% improved 50 basis points year-over-year and 120 basis points sequentially. Gross margins expanded due to benefits from productivity initiatives and manufacturing efficiencies.

We continue to maintain production levels to decrease our backlog to historical levels allowing us to meet future customer expectations. While we anticipate the chassis deliveries will normalize during the second half of the year. In our international business which accounts for approximately 10% of our total sales, we are encouraged by the strong levels of customer demand we continue to see.