On this page of StockholderLetter.com we present the 4/26/2024 shareholder letter from MILLER INDUSTRIES INC /TN/ — ticker symbol MLR. Reading current and past MLR letters to shareholders can bring important insights into the investment thesis.
2023 Annual Report
TO OUR SHAREHOLDERS, April 26, 2024 At Miller Industries, we have always had a clear vision to create superior value for our shareholders, customers, distributors, suppliers, and employees. We are proud of the Company s strong performance in 2023, which was a year of tremendous growth. This performance reflects both the success of our long term strategy as well as our potential for the future. Since I stepped into the role of CEO nearly 10 years ago, we have focused on modernizing the Company and our operations, securing our supply chain, and attracting the best talent in our sector. In that timeframe, we have invested more than $100 million into the business to increase capacity, improve productivity, and enhance our supply chain. In 2021, we were tasked with navigating the Company through the COVID-19 pandemic and the supply chain challenges that followed. While others may have scaled back, we doubled down and continued to invest in our business, people, and providing the best service possible to our customers. With signs of a recovery on the horizon in 2023, we took another step to bolster our operations through the acquisition of SHC, Inc, a custom hydraulic cylinder manufacturer, our first acquisition in many years. Coming out of the pandemic, we wanted to shore up our supply chain, particularly related to custom hydraulic cylinder parts, which historically have had extended lead times. I m pleased to report that from day one, SHC has been a great addition to the Miller Industries family. So far, the integration has been seamless and performance has exceeded all of our expectations. As a result of our investments in the business over the past several years, we generated record results on both the top and bottom line in 2023, surpassing full-year guidance. This financial performance is not only validation of the longterm fundamentals of our business and strategy, but also a testament to the enduring strength of the Miller Industries brand, our diversified product portfolio, and the hard work and commitment of our employees. Our Company has always been committed to returning capital to our shareholders through our dividend, a dividend we have paid for 53 consecutive quarters. The record results of 2023 have allowed us to increase our dividend by 5.6%. Along with that, the Company will institute a $25 million share repurchase program early in 2024. We believe these actions reflect the Board's confidence in our team, strategy, and the underlying strength of our business, balance sheet, and end markets. Capital allocation will remain a top priority for us in 2024 as the business is expected to generate more cash. We have set an incredibly strong foundation for growth at Miller Industries, and our past investments are beginning to materialize in our results. We anticipate strong macroeconomic conditions on the horizon and are operating under the stewardship of a best in class and recently refreshed Board of Directors. I am confident our record 2023 results are only the beginning of what we can achieve at the Company. Our backlog remains near record levels, order intake remains strong, and internally, we are well positioned to continue to execute our strategy. We previously set guidance for high single-digit revenue growth in the year ahead, and the entire management team is anticipating another tremendous year in 2024. In closing, the entire Board, management team, and I would like to thank our shareholders, employees, customers, and suppliers for their ongoing support of Miller Industries. Without you all, our success would not be possible. William G. Miller II President & CEO Deborah L. Whitmire Executive Vice President & CFO
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MLR 4/26/2024 Shareholder/Stockholder Letter Transcript:

2023 Annual Report

TO OUR SHAREHOLDERS,
April 26, 2024
At Miller Industries, we have always had a clear vision to create superior value for our shareholders, customers,
distributors, suppliers, and employees. We are proud of the Company   s strong performance in 2023, which was a year
of tremendous growth. This performance reflects both the success of our long term strategy as well as our potential for
the future. Since I stepped into the role of CEO nearly 10 years ago, we have focused on modernizing the Company
and our operations, securing our supply chain, and attracting the best talent in our sector. In that timeframe, we have
invested more than $100 million into the business to increase capacity, improve productivity, and enhance our supply
chain.
In 2021, we were tasked with navigating the Company through the COVID-19 pandemic and the supply chain
challenges that followed. While others may have scaled back, we doubled down and continued to invest in our business,
people, and providing the best service possible to our customers.
With signs of a recovery on the horizon in 2023, we took another step to bolster our operations through the acquisition
of SHC, Inc, a custom hydraulic cylinder manufacturer, our first acquisition in many years. Coming out of the pandemic,
we wanted to shore up our supply chain, particularly related to custom hydraulic cylinder parts, which historically have
had extended lead times. I   m pleased to report that from day one, SHC has been a great addition to the Miller Industries
family. So far, the integration has been seamless and performance has exceeded all of our expectations.
As a result of our investments in the business over the past several years, we generated record results on both the top
and bottom line in 2023, surpassing full-year guidance. This financial performance is not only validation of the longterm fundamentals of our business and strategy, but also a testament to the enduring strength of the Miller Industries
brand, our diversified product portfolio, and the hard work and commitment of our employees.
Our Company has always been committed to returning capital to our shareholders through our dividend, a dividend we
have paid for 53 consecutive quarters. The record results of 2023 have allowed us to increase our dividend by 5.6%.
Along with that, the Company will institute a $25 million share repurchase program early in 2024. We believe these
actions reflect the Board's confidence in our team, strategy, and the underlying strength of our business, balance sheet,
and end markets. Capital allocation will remain a top priority for us in 2024 as the business is expected to generate
more cash.
We have set an incredibly strong foundation for growth at Miller Industries, and our past investments are beginning to
materialize in our results. We anticipate strong macroeconomic conditions on the horizon and are operating under the
stewardship of a best in class and recently refreshed Board of Directors.
I am confident our record 2023 results are only the beginning of what we can achieve at the Company. Our backlog
remains near record levels, order intake remains strong, and internally, we are well positioned to continue to execute
our strategy. We previously set guidance for high single-digit revenue growth in the year ahead, and the entire
management team is anticipating another tremendous year in 2024.
In closing, the entire Board, management team, and I would like to thank our shareholders, employees, customers,
and suppliers for their ongoing support of Miller Industries. Without you all, our success would not be possible.

William G. Miller II
President & CEO

Deborah L. Whitmire
Executive Vice President & CFO



shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 

MLR Stockholder/Shareholder Letter (MILLER INDUSTRIES INC /TN/) 4/26/2024 | www.StockholderLetter.com
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