The logo of Miller Industries is seen on a component.Miller profits up 35 percent
Miller Industries, Inc. earned $3.5 million, or 31 cents per share, on sales of $118.4 million in the third quarter of 2014. Sales were up 12.6 percent over a year ago and profits were ahead by 35 percent from the same period a year ago.
Company CEO Jeff Badgley said Wednesday he expects sales and profits to continue to improve over the next year.
"Our continued focus on controlling costs and improving our operating efficiency helped generate strong results across the enterprise, including a year-over-year increase in sales, growth in our backlog, and improving profitability," he said in a quarterly report released after the stock market closed Wednesday. "Our outlook is very positive, as we continue to bid on new contracts, grow our backlog, and further build on our innovation and product introduction successes."
Badgley said he is encouraged by increasing order flow and overall level of quoting activity in the industry.
"Domestically, activity continues to trend higher, and during the third quarter, we increased our production and remained operationally flexible in order to stay ahead of demand and meet our customers' needs," he said. "Internationally, we continued to broaden our footprint, as we made further progress on our French military order as well as solidified incremental orders that we anticipate will benefit our top-line in the long term."
VW, Chrysler merger pushed
An auto industry expert said Wednesday that a merger of Volkswagen and Fiat Chrysler Automobiles NV would create a well-balanced global automaker that would be highly profitable, according to Bloomberg.
John Krafcik, president of auto-buying website TrueCar Inc., said a potential union between VW, which has an assembly plant in Chattanooga, and FCA would be "an absolutely brilliant combination."
Krafcik, former CEO of Hyundai Motor America, made the remark during an address to the Automotive Press Association in Detroit.
The two automakers denied they were in merger talks in July after a German magazine reported such discussions were under way.
Krafcik's assertion is based on an analysis of revenue and model mix of the companies' U.S. businesses. Fiat Chrysler does well in SUV sales with its Jeep brand and has a strong Ram pickup business. VW does well in the premium car segment with Audi and has a good model line of mainstream cars, he said.
Co.Lab's 'Will this float?' competition set for Nov. 18
The Company Lab is accepting applications for start-up business concepts to be pitched during its Nov. 18 competition titled Will This Float? The deadline to submit is Sunday.
The event gives 10 finalists three minutes each to pitch their ideas and compete for prizes that would help their concept or fledgling business grow. Co.Lab is particularly looking for concepts focused on outdoor recreation and sustainability, but other themes are acceptable as well. Previous winners include Granola, RootsRated, SupplyHog and Variable. Judges include local startup leaders, and the audience gets a say too.
Winners are announced the same night as the event. The categories are best overall, best business track and best outdoor/sustainability track.