Miller Industries Inc /TN/ (NYSE:MLR), a leading manufacturer of truck and bus bodies with a market capitalization of $774 million and an impressive 78% return over the past year, announced today that it will revert to its traditional scheduling for its 2025 annual shareholders meeting, which is set for May 23, 2025. This decision aligns with the company’s practices prior to 2024. According to InvestingPro analysis, the company maintains a "GREAT" financial health score and appears undervalued at current levels.
The company’s announcement, filed with the Securities and Exchange Commission, specifies that the record date and proposals for the annual meeting will be detailed in the forthcoming proxy statement. This document will be made available to shareholders and filed with the SEC ahead of the meeting.
For those intending to nominate director candidates or introduce other business, the company requires written notice to be submitted to the Secretary between January 23 and February 22, 2025. These submissions must adhere to the stipulations outlined in the company’s bylaws. Investors should note that the company’s next earnings report is scheduled for March 5, 2025, which may provide additional context for shareholder decisions.
Additionally, to comply with universal proxy rules, shareholders aiming to solicit proxies for director nominees other than those suggested by the company must adhere to the information requirements of Rule 14a-19 under the Exchange Act.
The address for proposals and bylaw requests, which will be provided free of charge, is to the attention of Frank Madonia, Executive Vice President, Secretary, and General Counsel at Miller Industries’ headquarters in Ooltewah, Tennessee.
In other recent news, Miller Industries reported a notable 14.5% increase in revenue, reaching $314.3 million in the third quarter. This rise in revenue comes despite a temporary halt in production due to Hurricane Helen. The company also experienced a drop in interest expenses and an increase in net income to $15.4 million. The Board declared a quarterly dividend and continued its share repurchase program, underscoring its commitment to shareholder returns and debt reduction.
The company’s gross profit reached $42 million, with a gross margin of 13.4%. However, this margin marks a decline from the previous year’s 15.6%, which the company attributes to a shift in product mix. Despite this, management remains optimistic about achieving low double-digit growth for the full year 2024.
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