Wednesday, Miller Industries Inc. (MLR), said that softer economic environment has dragged down the second quarter net income and sales, which were further negatively impacted by rising raw material prices for steel, aluminum and petroleum-related products.
The Ooltewah, Tennessee based towing and recovery equipments manufacturer recorded a second quarter net income of $1.04 million or $0.09 per share, lower than $4.87 million or $0.42 per share reported in the prior-year quarter. The company said that second quarter results also reflect the absence of some significant government-related contracts completed in the first half of last year.
Net sales for the quarter were down to $74.7 million from $108.2 million last year.
For the first six months, Miller recorded a lower net income of $1.97 million or $0.17 per share versus $10.26 million or $0.88 per share last year. Net sales were down at $142.3 million over $222.8 million in comparable year-ago period.
Commenting on the outlook, Jeffrey Badgley, president and Co-CEO of the company said, "Demand from our customers continues to be impacted by high fuel costs and economic uncertainties and we expect market conditions in the U.S. to remain very soft for the second half of 2008."
MLR ended Wednesday's trade at $8.63, up 0.47%, on an average volume of 60,861 shares on the New York Stock Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.