Miller Industries (MLR) 10-Q7 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity Registrant Name	MILLER INDUSTRIES, INC.
Entity File Number	001-14124
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1566286
Entity Address, Address Line One	8503 Hilltop Drive
Entity Address, City or Town	Ooltewah
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37363
City Area Code	423
Local Phone Number	238-4171
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MLR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		11,453,792
Entity Central Index Key	0000924822
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and temporary investments	$ 23,816	$ 29,909
Accounts receivable, net of allowance for credit losses of $1,633 and $1,527 at June 30, 2024 and December 31, 2023, respectively	391,797	286,138
Inventories, net	187,286	189,807
Prepaid expenses	8,099	4,617
Total current assets	610,998	510,471
Noncurrent assets:
Property, plant and equipment, net	115,768	115,072
Right-of-use assets - operating leases	659	826
Goodwill	19,998	20,022
Other assets	744	819
TOTAL ASSETS	748,167	647,210
Current liabilities:
Accounts payable	243,146	191,782
Accrued liabilities	49,546	40,793
Income taxes payable	771	1,819
Current portion of operating lease obligation	306	320
Total current liabilities	293,768	234,714
Noncurrent liabilities:
Long-term obligations	70,000	60,000
Non-current portion of operating lease obligation	352	506
Deferred income tax liabilities	4,159	4,070
TOTAL LIABILITIES	368,279	299,290
COMMITMENTS AND CONTINGENCIES (Note 8)
Shareholders' equity:
Common shares, $0.01 par value per share: Authorized - 100,000,000 shares, Issued and outstanding 11,469,960 and 11,453,792 outstanding at June 30, 2024 and December 31, 2023, respectively	115	114
Additional paid-in capital	153,014	153,574
Retained earnings	233,330	200,165
Accumulated other comprehensive loss	(6,571)	(5,933)
TOTAL SHAREHOLDERS' EQUITY	379,888	347,920
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 748,167	$ 647,210

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts (in dollars)	$ 1,633	$ 1,527
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common Stock Shares, Issued	11,453,792	11,445,640
Common stock, shares outstanding	11,453,792	11,445,640

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 371,451	$ 300,264	$ 721,322	$ 582,539
COST OF OPERATIONS	320,373	260,335	626,001	512,194
GROSS PROFIT	51,078	39,929	95,321	70,345
Operating expenses:
Selling, general and administrative expenses	22,773	19,480	44,316	37,403
Non-operating (income) expenses:
Interest expense, net	2,048	1,700	3,293	2,713
Other (income) expense, net	13	(229)	(20)	(548)
Total expense, net	24,834	20,951	47,589	39,568
INCOME BEFORE INCOME TAXES	26,244	18,978	47,732	30,777
INCOME TAX PROVISION	5,730	4,063	10,195	6,642
NET INCOME	$ 20,514	$ 14,915	$ 37,537	$ 24,135
Basic income per common share (in dollars per share)	$ 1.79	$ 1.30	$ 3.28	$ 2.11
Diluted income per common share (in dollars per share)	1.78	1.29	3.26	2.10
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.19	$ 0.18	$ 0.38	$ 0.36
Weighted average shares outstanding:
Basic (in shares)	11,461,141	11,466,000	11,456,597	11,424,552
Diluted (in shares)	11,549,885	11,526,000	11,531,091	11,477,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 20,514	$ 14,915	$ 37,537	$ 24,135
Other comprehensive (loss) income:
Foreign currency translation adjustment	(63)	911	(638)	1,890
Total other comprehensive (loss) income	(63)	911	(638)	1,890
TOTAL COMPREHENSIVE INCOME	$ 20,451	$ 15,826	$ 36,899	$ 26,025

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Gain (Loss)	Total
BALANCE at Dec. 31, 2022	$ 114,000	$ 152,392,000	$ 150,124,000	$ (9,173,000)	$ 293,457,000
BALANCE (shares) at Dec. 31, 2022	11,416,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for employee taxes		(214,000)			(214,000)
Issuance of common stock, net of shares withheld for employee taxes (shares)	24,320
Stock-based compensation		284,000			284,000
Dividends paid			(2,059,000)		(2,059,000)
Foreign currency translation gain (loss)				979,000	979,000
Net income			9,220,000		9,220,000
BALANCE at Mar. 31, 2023	$ 114,000	152,462,000	157,285,000	(8,194,000)	301,667,000
BALANCE (shares) at Mar. 31, 2023	11,441,036
BALANCE at Dec. 31, 2022	$ 114,000	152,392,000	150,124,000	(9,173,000)	293,457,000
BALANCE (shares) at Dec. 31, 2022	11,416,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation gain (loss)					1,890,000
Net income					24,135,000
BALANCE at Jun. 30, 2023	$ 114,000	152,746,000	170,141,000	(7,283,000)	315,718,000
BALANCE (shares) at Jun. 30, 2023	11,445,640
BALANCE at Mar. 31, 2023	$ 114,000	152,462,000	157,285,000	(8,194,000)	301,667,000
BALANCE (shares) at Mar. 31, 2023	11,441,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for employee taxes	$ 4,604
Stock-based compensation		284,000			284,000
Dividends paid			(2,059,000)		(2,059,000)
Foreign currency translation gain (loss)				911,000	911,000
Net income			14,915,000		14,915,000
BALANCE at Jun. 30, 2023	$ 114,000	152,746,000	170,141,000	(7,283,000)	315,718,000
BALANCE (shares) at Jun. 30, 2023	11,445,640
BALANCE at Dec. 31, 2023	$ 114,000	153,574,000	200,165,000	(5,933,000)	347,920,000
BALANCE (shares) at Dec. 31, 2023	11,445,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for employee taxes	$ 1,000	(214,000)			(213,000)
Issuance of common stock, net of shares withheld for employee taxes (shares)	24,320
Stock-based compensation		383,000			383,000
Dividends paid			(2,179,000)		(2,179,000)
Foreign currency translation gain (loss)				(575,000)	(575,000)
Net income			17,023,000		17,023,000
BALANCE at Mar. 31, 2024	$ 115,000	153,743,000	215,009,000	(6,508,000)	362,359,000
BALANCE (shares) at Mar. 31, 2024	11,469,960
BALANCE at Dec. 31, 2023	$ 114,000	153,574,000	200,165,000	(5,933,000)	347,920,000
BALANCE (shares) at Dec. 31, 2023	11,445,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock					$ (2,000,000)
Repurchase of common stock (in shares)					(35,000)
Foreign currency translation gain (loss)					$ (638,000)
Net income					37,537,000
BALANCE at Jun. 30, 2024	$ 115,000	153,014,000	233,330,000	(6,571,000)	379,888,000
BALANCE (shares) at Jun. 30, 2024	11,453,792
BALANCE at Mar. 31, 2024	$ 115,000	153,743,000	215,009,000	(6,508,000)	362,359,000
BALANCE (shares) at Mar. 31, 2024	11,469,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for employee taxes		16,000			16,000
Issuance of common stock, net of shares withheld for employee taxes (shares)	18,832
Stock-based compensation		1,302,000			1,302,000
Repurchases of common stock		(2,047,000)			(2,047,000)
Repurchase of common stock (in shares)	(35,000)
Dividends paid			(2,193,000)		(2,193,000)
Foreign currency translation gain (loss)				(63,000)	(63,000)
Net income			20,514,000		20,514,000
BALANCE at Jun. 30, 2024	$ 115,000	$ 153,014,000	$ 233,330,000	$ (6,571,000)	$ 379,888,000
BALANCE (shares) at Jun. 30, 2024	11,453,792

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividends paid (in dollars per share)	$ 0.19	$ 0.19	$ 0.18	$ 0.18

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 37,537	$ 24,135
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	6,971	6,361
(Gain) Loss on disposal of property, plant and equipment	(7)	1
Provision for credit losses	106	90
Issuance of common stock, net of shares withheld for employee taxes	(198)	123
Stock-based compensation	1,685	231
Deferred tax provision	85	(44)
Changes in operating assets and liabilities:
Accounts receivable	(105,873)	(84,227)
Inventories	2,022	(9,407)
Prepaid expenses	(3,482)	(1,714)
Other assets	237	198
Accounts payable	51,533	62,508
Accrued liabilities	8,726	4,655
Income taxes payable	(1,049)
Net cash flows provided by (used in) operating activities	(1,707)	2,910
Cash flows from investing activities:
Purchases of property, plant and equipment	(7,794)	(6,610)
Proceeds from sale of property, plant and equipment	77	239
Acquisition of business	24
Acquisition of business		(17,802)
Net cash flows provided by (used in) investing activities	(7,693)	(24,173)
Cash flows from financing activities:
Repurchase of common stock	(2,047)
Net borrowings under credit facility	10,000	15,000
Payments of cash dividends	(4,372)	(4,119)
Net cash flows provided by (used in) financing activities	3,581	10,881
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS	(274)	731
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS	(6,093)	(9,651)
CASH AND TEMPORARY INVESTMENTS, beginning of period	29,909	40,153
CASH AND TEMPORARY INVESTMENTS, end of period	23,816	30,502
Supplemental information:
Cash payments for interest	4,890	3,473
Cash payments for income taxes, net of refunds	$ 11,212	$ 8,268

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements of Miller Industries, Inc. include the accounts of all consolidated subsidiaries (the “Company”). All significant intercompany transactions and amounts have been eliminated. The results of businesses acquired or disposed of are included in the condensed consolidated financial statements from the date of the acquisition or up to the date of disposal, respectively. References to "we", "our", and similar pronouns in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (this "Form 10-Q") are to Miller Industries, Inc. and its consolidated subsidiaries unless the context requires otherwise. Our condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission ("SEC") instructions to Quarterly Reports on Form 10-Q and include the information and disclosures required by accounting principles generally accepted in the United States ("GAAP") for interim financial reporting. The preparation of financial statements in conformity with GAAP requires us to make estimates, judgments, and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Except as disclosed elsewhere in this Form 10-Q, all such adjustments are of a normal and recurring nature. Financial results presented for this fiscal 2024 interim period are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2024. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from the applicable period end (December 31 st or June 30 th ) by 31 days (or less) to facilitate timely reporting. Significant Accounting Policies A description of the Company’s significant accounting policies is included in the notes to the audited consolidated financial statements within its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2024. Reclassifications Certain prior period amounts have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results . Specifically , we reclassified $61.0 thousand and $223.0 thousand for the three months ended March 31, 2024 from the provision for common stock to non-employee directors and stock-based compensation on non-vested restricted stock units to stock-based compensation, respectively, and changed the vesting of executive restricted stock units line item to issuance of common stock, net of shares withheld for employee taxes on the Condensed Consolidated Statements of Shareholders’ Equity. Recently Adopted Accounting Standards There were no new material accounting standards adopted in the six months ended June 30, 2024. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require an entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU also requires entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under this ASU. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact this standard will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU improve transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not been issued or made available for issuance. We are currently evaluating the impact this standard will have on our disclosures.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
BUSINESS COMBINATIONS	Jun. 30, 2024
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	2. BUSINESS COM BINATIONS On May 31, 2023, the Company acquired substantially all of the assets and assumed certain liabilities of Southern Hydraulic Cylinder, Inc. through an acquisition subsidiary formed as a Tennessee corporation, which then changed its name to SHC, Inc. (“SHC”). SHC manufactures, sells, and services hydraulic cylinders and related components. The operations of SHC align with those of the Company, which management believes will strengthen the efforts to enhance the stability of the Company’s supply chain. The purchase price totaling approximately $17.4 million was comprised of cash on hand and by drawing on the existing revolving credit facility. The allocation of the consideration for the net assets acquired by SHC from Southern Hydraulic Cylinder, Inc. were as follows: (in thousands) Sources of financing Cash $ 17,352 Fair value of consideration transferred 17,352 Fair value of assets and liabilities Accounts receivable 2,245 Fixed assets 3,735 Inventory 3,467 Prepaid insurance 71 Intangibles 193 Total identifiable assets acquired 9,711 Assumed liabilities 738 Goodwill $ 8,379 Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and is deductible for tax purposes. The acquisition by SHC resulted in the recognition of $8.4 million of goodwill. The Company believes goodwill is attributable to the investment for its ability to stabilize supply chain through vertical integration and introducing automation and improving production efficiency, as well as the workforce of the acquired business. For fixed assets, the real property fair value of $3.0 million was comprised of land and buildings of $2.8 million and cranes of $0.2 million. The fair value was determined by a third-party appraisal performed using a sales comparison approach and income approach. The net book value of $0.7 million was determined to approximate fair market value for the remaining fixed assets. Identifiable intangible assets consisted of a restrictive covenant agreement of $25.0 thousand and order backlog of $168.0 thousand. The fair value of intangible assets was determined by a third-party valuation. The restrictive covenant agreement and order backlog were valued using the income approach, specifically the with-or-without method and multi-period excess earnings method, respectively. The fair value of the assets acquired includes trade receivables of $2.2 million that are not purchased financial assets with credit deterioration. The Company does not anticipate any markdowns of trade receivables or corresponding credit losses. The results of operations of SHC are included in the accompanying condensed consolidated statements of income since the acquisition date. Transaction costs associated with the acquisition were not significant. Pro Forma Consolidated Financial Information (Unaudited) The results of operations for SHC, and the estimated fair values of the assets acquired and liabilities assumed, have been included in the Company’s condensed consolidated financial statements since the date of acquisition. For the three months ended June 30, 2024, SHC contributed approximately $2.3 million to the Company’s revenues and increased pretax income by approximately $0.3 million. For the six months ended June 30, 2024, SHC contributed approximately $4.2 million to the Company’s revenues and increased pretax income by approximately $0.4 million. Revenue and income before taxes for the period include adjustments made for the elimination of intercompany sales and profits. The unaudited pro forma financial information in the table below summarizes the combined results of the Company’s operations and those of SHC for the periods as shown as if the acquisition by SHC had occurred on January 1, 2023. The pro forma financial information presented below is for informational purposes only, and is subject to a number of estimates, assumptions, and other uncertainties. Six Months Ended June 30 (in thousands) 2024 2023 Revenue $ 721,322 $ 588,469 Income before income taxes $ 47,732 $ 25,742

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2024
INVENTORIES
INVENTORY	3. INVENTORIES Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or net realizable value, primarily determined on a moving average unit cost basis. Appropriate consideration is given to obsolescence, valuation, and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments. Inventories, net of reserves, consisted of the following: June 30, December 31, (in thousands) 2024 2023 Raw materials $ 82,082 $ 89,048 Work in process 45,154 47,934 Finished goods 23,206 23,077 Chassis 36,844 29,748 Total inventory $ 187,286 $ 189,807 For the three months ended June 30, 2024 and 2023 and six months ended June 30, 2024 and 2023, the Company did no t recognize impairment of inventory. For the six months ended June 30, 2024 and fiscal year ended December 31, 2023, the Company’s balances are presented net of inventory reserves of $8.3 million and $5.6 million, respectively.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Jun. 30, 2024
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: June 30, December 31, (in thousands) 2024 2023 Land and improvements $ 22,159 $ 19,596 Buildings and improvements 86,567 86,346 Machinery and equipment 88,367 86,250 Furniture and fixtures 13,785 13,560 Software costs 14,407 11,806 Total property, plant and equipment, gross 225,285 217,558 Less accumulated depreciation (109,517) (102,486) Total property, plant and equipment, net $ 115,768 $ 115,072 For the three months ended June 30, 2024 and 2023, depreciation expense related to property, plant and equipment was $3.5 million and $3.2 million, respectively. For the six months ended June 30, 2024 and 2023, depreciation expense related to property, plant and equipment was $7.0 million and $6.4 million, respectively.

LONG-TERM OBLIGATIONS

LONG-TERM OBLIGATIONS	6 Months Ended
LONG-TERM OBLIGATIONS	Jun. 30, 2024
LONG-TERM OBLIGATIONS
LONG-TERM OBLIGATIONS	5. LONG-TERM OBLIGATIONS Credit Facility The Company’s loan agreement with First Horizon Bank, which governs its $100.0 million amended unsecured revolving credit facility with a maturity date of May 31, 2027, contains customary representations and warranties, events of default, and financial, affirmative, and negative covenants for loan agreements of this kind. T he credit facility restricts the payment of cash dividends if the payment would cause the Company to be in violation of the minimum tangible net worth test or the leverage ratio test in the loan agreement, among various other customary covenants. In the absence of default, all borrowings under the credit facility bear interest at the one-month Term SOFR Rate plus 1.00% or 1.25% per annum. We were in compliance with all covenants under the credit facility throughout 2023 and the first half of 2024. T he Company pays a quarterly non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the credit facility. For the three months ended June 30, 2024 and 2023, interest expense on the credit facility was $1.1 million and $0.8 million, respectively. For the six months ended June 30, 2024 and 2023, interest expense on the credit facility was $2.1 million and $1.4 million, respectively. The Company had outstanding borrowings of $70.0 million and $60.0 million under the credit facility at June 30, 2024 and December 31, 2023, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
INCOME TAXES
INCOME TAXES	6. INCOME TAXES As of June 30, 2024, the Company had no federal net operating loss carryforwards. State net operating loss carryforwards were $3.7 million as of December 31, 2023.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2024
Leases
Leases	7. LEASES We have lease agreements for equipment and facilities under long-term, non-cancelable leases. We determine if an arrangement is a lease at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether we obtain substantially all of the economic benefits from and have the ability to direct the use of the asset. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities, and long-term operating lease liabilities in our condensed consolidated balance sheet. Operating lease right-of-use assets and corresponding operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, plus payments made prior to lease commencement and any initial direct costs . Operating lease expense for operating lease assets is recognized on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We also have elected to apply a practical expedient for short-term leases whereby we do not recognize a lease liability or a right-of-use asset for leases with a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related right-of-use asset or lease obligation for such contracts. Our leases have remaining lease terms that expire at various dates through 2029. Some of our lease terms may include options to extend or terminate the lease, and the Company includes those leases when it is reasonably certain we will exercise that option. The following table summarizes the components of lease cost: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2024 2023 2024 2023 Lease Cost Finance lease cost: Amortization of right-of-use assets $ — $ 6 $ — $ 15 Interest on lease obligation — 2 — 3 Total finance lease cost — 8 — 18 Total long-term operating lease cost 91 92 186 180 Total short-term operating lease cost 190 83 383 169 Total lease cost $ 281 $ 183 $ 569 $ 367 The following table summarizes supplemental cash flow information related to leases: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2024 2023 2024 2023 Other Information Cash paid for amounts included in the measurement of lease obligation: Operating cash flows from operating leases $ 91 $ 92 $ 186 $ 180 Right-of-use assets obtained in exchange for new operating lease obligations — — — — The following table presents other lease information related to the Company’s leases: June 30, December 31, 2024 2023 Weighted average remaining lease term (years) Operating leases 2.3 2.7 Finance leases — — Weighted average discount rate Operating leases 3.5 % 3.5 % Finance leases — % — % Future lease payments under non-cancelable leases as of June 30, 2024 were as follows: (in thousands) Operating Lease Obligations Remaining fiscal 2024 $ 180 2025 312 2026 140 2027 30 2028 24 Thereafter 11 Total lease payments 697 Less imputed interest (38) Lease obligation at June 30, 2024 $ 659 Related Party Leases The Company’s subsidiary in the United Kingdom leased facilities used for manufacturing and office space from a related party with related lease costs during the three months ended June 30, 2024 and 2023 of $52.0 thousand and $51.0 thousand, respectively, and related lease costs during the six months ended June 30, 2024 and 2023 of $104.3 thousand and $101.0 thousand, respectively. The Company’s French subsidiary leased a fleet of vehicles from a related party with related lease costs of $63.5 thousand and $54.0 thousand during the three months ended June 30, 2024 and 2023, respectively, and related lease costs of $117.5 thousand and $111.0 thousand during the six months ended June 30, 2024 and 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Commitments At June 30, 2024 and December 31, 2023, the Company had commitments of approximately $17.0 million and $8.6 million, respectively, for construction and acquisition of property, plant and equipment. The Company migrated its enterprise resource planning (ERP) system to a multi-tenant cloud environment in 2021 and is continuing to implement additional modules such as enterprise performance management, human capital management, cybersecurity, data analytics, and the use of closed-loop artificial intelligence. At June 30, 2024 and December 31, 2023, the Company had commitments related to the continuing implementation project of approximately $0.5 million and $1.4 million in software license fees, respectively, payable in installments through 2025. Contingencies The Company has entered into arrangements with third-party lenders where it has agreed to repurchase products that are repossessed from the independent distributor customer in the event of default. These arrangements are typically subject to a maximum repurchase amount. For the six months ended June 30, 2024 and year ended December 31, 2023, the maximum amount of collateral the Company could be required to purchase was $168.4 million and $128.7 million, respectively. The Company’s financial exposure under these arrangements is limited to the difference between the amount paid to third-party lenders for repurchases of inventory and the amount received upon subsequent resale of the repossessed product. The Company had no repurchases of inventory during the six months ended June 30, 2024 and year ended December 31, 2023 and concluded the liability associated with potential repurchase obligations was neither probable, nor material. Litigation We are subject to a variety of claims and lawsuits that arise from time to time in the ordinary course of business. The Company has established accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Although management believes that any pending claims and lawsuits will not have a significant impact on the Company’s consolidated financial position or results of operations, the adjudication of such matters is subject to inherent uncertainties and management’s assessment may change depending on future events.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2024
SHAREHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. SHAREHOLDERS’ EQUITY 2016 Stock Incentive Plan In August, 2016, the Company’s Board of Directors adopted the 2016 Stock Incentive Plan (the “2016 Plan”), subject to shareholder approval. The 2016 Plan was subsequently approved by the shareholders of the Company at its annual meeting of shareholders on May 26, 2017. Pursuant to the 2016 Plan, the Company may grant up to 800,000 shares of common stock under share-based awards to officers, directors, and employees, as well as consultants or advisors who provide services to the Company or a subsidiary. The 2016 Plan provides for the issuance of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, performance shares, performance units, and other stock-based awards or any combination thereof. The 2016 Plan will terminate on August 1, 2026. Restricted Stock Units Restricted stock units, once granted, are subject only to time-based service conditions. Executive officer awards vest ratably over three to five years (depending on award granted) and non-employee director awards cliff-vest after one year . The following table summarizes all transactions related to restricted stock units granted under the 2016 Plan for the six months ended June 30, 2024: Number of Shares of Common Stock/Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2023 146,832 $ 33.98 Granted 118,493 45.99 Vested (1) (50,832) 31.44 Forfeited — — Non-vested at June 30, 2024 214,493 $ 37.14 (1) Vested shares include 7,680 shares of common stock that vested and were withheld for employee taxes. The following table provides additional data related to restricted stock unit grants under the 2016 plan: (in thousands, except weighted average period in years) 2024 Total compensation cost, net of estimated forfeitures, related to non-vested restricted stock unit awards not yet recognized, pre-tax $ 5,579 Weighted average period in years over which restricted stock unit cost is expected to be recognized (in years) 2.1 Total fair value of shares of common stock vested during the year $ 1,598 Stock-based compensation expense is included as a component of selling, general and administrative expenses in the condensed consolidated statement of income. Stock Repurchase Program On April 2, 2024, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to purchase up to $25.0 million of the Company’s common stock with no expiration date (the “Repurchase Program”). Repurchases under the Repurchase Program may be made on the open market, in privately negotiated transactions, block purchases, or otherwise as permitted by the federal securities laws and other legal and contractual requirements and are expected to comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The number of shares to be repurchased and the timing of any repurchases will depend on a number of factors, including share price, economic and market conditions, and corporate requirements, among others. The Company may choose to suspend or discontinue the Repurchase Program at any time. The cost of the shares repurchased will be funded from our available cash and temporary investments and borrowings under our credit facility. For accounting purposes, common stock repurchased under the Repurchase Program is recorded based upon the settlement date of the applicable trade. During the six months ended June 30, 2024 the Company repurchased 35,000 shares of common stock pursuant to the Repurchase Program. These shares constitute authorized but unissued shares. The total cost of the shares repurchased was $2.0 million with an average share price of $58.49 .

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2024
REVENUE
REVENUE	10. REVENUE All of our operating revenue is generated from contracts with customers. Our primary source of revenue is generated from sales of towing and recovery equipment. Because our product lines have substantially similar characteristics, the Company has identified one operating segment regularly reviewed to assess performance and allocate resources. Alternatively, the Company uses a geographic approach to track revenues by geographic regions. Net revenues by geographic region are as follows: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2024 2023 Change 2024 2023 Change Geographic regions: North America $ 340,699 $ 272,320 25.1% $ 659,236 $ 530,487 24.3% Foreign $ 30,752 $ 27,944 10.0% $ 62,086 $ 52,052 19.3% TOTAL NET REVENUE $ 371,451 $ 300,264 23.7% $ 721,322 $ 582,539 23.8% Concentrations of Credit Risk Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and temporary investments and trade accounts receivable. At June 30, 2024 and December 31, 2023, the Company had cash deposited net of outstanding checks of $23.8 million and $29.9 million, respectively, held in multiple high-credit quality financial institutions. We attempt to limit our credit risk associated with accounts receivable by performing ongoing credit evaluations of our customers and maintaining adequate allowances for potential credit losses. No single customer accounted for more than 10% of total revenues for the three months or six months ended June 30, 2024 or the comparable periods in 2023. No single customer accounted for more than 10% of total accounts receivable at June 30, 2024 and December 31, 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	11. EARNINGS PER SHARE The following table reconciles the number of shares of common stock used to compute basic and diluted earnings per share of common stock: Three Months Ended Six Months Ended June 30 June 30 (in thousands, except per share amounts) 2024 2023 2024 2023 BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK: Net income (loss) - basic $ 20,514 $ 14,915 $ 37,537 $ 24,135 Weighted shares outstanding 11,461,141 11,466,000 11,456,597 11,424,552 Basic earnings (loss) per share of common stock $ 1.79 $ 1.30 $ 3.28 $ 2.11 DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK: Net income (loss) - basic $ 20,514 $ 14,915 $ 37,537 $ 24,135 Weighted shares outstanding - basic 11,461,141 11,466,000 11,456,597 11,424,552 Effect of dilutive securities 88,744 60,000 74,494 52,448 Weighted shares outstanding - diluted 11,549,885 11,526,000 11,531,091 11,477,000 Diluted earnings (loss) per share of common stock $ 1.78 $ 1.29 $ 3.26 $ 2.10

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS Dividends On August 5, 2024 , the Board of Directors of the Company declared a quarterly cash dividend of $0.19 per share. The dividend is payable September 16, 2024, to shareholders of record as of September 9, 2024 .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,514	$ 17,023	$ 14,915	$ 9,220	$ 37,537	$ 24,135

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false	false
Non-Rule 10b5-1 Arrangement Adopted	false	false
Rule 10b5-1 Arrangement Terminated	false	false
Non-Rule 10b5-1 Arrangement Terminated	false	false
Non-Rule 10b5-1 Arrangement Modified Flag	false	false
Rule 10b5-1 Arrangement Modified Flag	false	false

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of Miller Industries, Inc. include the accounts of all consolidated subsidiaries (the “Company”). All significant intercompany transactions and amounts have been eliminated. The results of businesses acquired or disposed of are included in the condensed consolidated financial statements from the date of the acquisition or up to the date of disposal, respectively. References to "we", "our", and similar pronouns in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (this "Form 10-Q") are to Miller Industries, Inc. and its consolidated subsidiaries unless the context requires otherwise. Our condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission ("SEC") instructions to Quarterly Reports on Form 10-Q and include the information and disclosures required by accounting principles generally accepted in the United States ("GAAP") for interim financial reporting. The preparation of financial statements in conformity with GAAP requires us to make estimates, judgments, and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Except as disclosed elsewhere in this Form 10-Q, all such adjustments are of a normal and recurring nature. Financial results presented for this fiscal 2024 interim period are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2024. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from the applicable period end (December 31 st or June 30 th ) by 31 days (or less) to facilitate timely reporting.
Significant Accounting Policies	Significant Accounting Policies A description of the Company’s significant accounting policies is included in the notes to the audited consolidated financial statements within its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2024.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results . Specifically , we reclassified $61.0 thousand and $223.0 thousand for the three months ended March 31, 2024 from the provision for common stock to non-employee directors and stock-based compensation on non-vested restricted stock units to stock-based compensation, respectively, and changed the vesting of executive restricted stock units line item to issuance of common stock, net of shares withheld for employee taxes on the Condensed Consolidated Statements of Shareholders’ Equity.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements	Recently Adopted Accounting Standards There were no new material accounting standards adopted in the six months ended June 30, 2024. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require an entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU also requires entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under this ASU. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact this standard will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU improve transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not been issued or made available for issuance. We are currently evaluating the impact this standard will have on our disclosures.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
BUSINESS COMBINATIONS (Tables)	Jun. 30, 2024
BUSINESS COMBINATIONS
Schedule of allocation of the consideration for net assets acquired	The allocation of the consideration for the net assets acquired by SHC from Southern Hydraulic Cylinder, Inc. were as follows: (in thousands) Sources of financing Cash $ 17,352 Fair value of consideration transferred 17,352 Fair value of assets and liabilities Accounts receivable 2,245 Fixed assets 3,735 Inventory 3,467 Prepaid insurance 71 Intangibles 193 Total identifiable assets acquired 9,711 Assumed liabilities 738 Goodwill $ 8,379
Schedule of pro forma summary of the Company	Six Months Ended June 30 (in thousands) 2024 2023 Revenue $ 721,322 $ 588,469 Income before income taxes $ 47,732 $ 25,742

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2024
INVENTORIES
Schedule of inventories, net of reserves	Inventories, net of reserves, consisted of the following: June 30, December 31, (in thousands) 2024 2023 Raw materials $ 82,082 $ 89,048 Work in process 45,154 47,934 Finished goods 23,206 23,077 Chassis 36,844 29,748 Total inventory $ 187,286 $ 189,807

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Jun. 30, 2024
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Property, plant and equipment consisted of the following: June 30, December 31, (in thousands) 2024 2023 Land and improvements $ 22,159 $ 19,596 Buildings and improvements 86,567 86,346 Machinery and equipment 88,367 86,250 Furniture and fixtures 13,785 13,560 Software costs 14,407 11,806 Total property, plant and equipment, gross 225,285 217,558 Less accumulated depreciation (109,517) (102,486) Total property, plant and equipment, net $ 115,768 $ 115,072

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2024
Leases
Summary of components of our lease cost	The following table summarizes the components of lease cost: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2024 2023 2024 2023 Lease Cost Finance lease cost: Amortization of right-of-use assets $ — $ 6 $ — $ 15 Interest on lease obligation — 2 — 3 Total finance lease cost — 8 — 18 Total long-term operating lease cost 91 92 186 180 Total short-term operating lease cost 190 83 383 169 Total lease cost $ 281 $ 183 $ 569 $ 367
Schedule of supplemental cash flow information related to leases	The following table summarizes supplemental cash flow information related to leases: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2024 2023 2024 2023 Other Information Cash paid for amounts included in the measurement of lease obligation: Operating cash flows from operating leases $ 91 $ 92 $ 186 $ 180 Right-of-use assets obtained in exchange for new operating lease obligations — — — —
Schedule of weighted average lease term and weighted average discount rate of leases	The following table presents other lease information related to the Company’s leases: June 30, December 31, 2024 2023 Weighted average remaining lease term (years) Operating leases 2.3 2.7 Finance leases — — Weighted average discount rate Operating leases 3.5 % 3.5 % Finance leases — % — %
Summary of maturities of operating lease liabilities	Future lease payments under non-cancelable leases as of June 30, 2024 were as follows: (in thousands) Operating Lease Obligations Remaining fiscal 2024 $ 180 2025 312 2026 140 2027 30 2028 24 Thereafter 11 Total lease payments 697 Less imputed interest (38) Lease obligation at June 30, 2024 $ 659

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
SHAREHOLDERS' EQUITY (Tables)	Jun. 30, 2024
SHAREHOLDERS' EQUITY
Schedule of transactions related to restricted stock units under 2016 plan	The following table summarizes all transactions related to restricted stock units granted under the 2016 Plan for the six months ended June 30, 2024: Number of Shares of Common Stock/Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2023 146,832 $ 33.98 Granted 118,493 45.99 Vested (1) (50,832) 31.44 Forfeited — — Non-vested at June 30, 2024 214,493 $ 37.14 (1) Vested shares include 7,680 shares of common stock that vested and were withheld for employee taxes.
Schedule of additional data related to restricted share unit activity	The following table provides additional data related to restricted stock unit grants under the 2016 plan: (in thousands, except weighted average period in years) 2024 Total compensation cost, net of estimated forfeitures, related to non-vested restricted stock unit awards not yet recognized, pre-tax $ 5,579 Weighted average period in years over which restricted stock unit cost is expected to be recognized (in years) 2.1 Total fair value of shares of common stock vested during the year $ 1,598

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2024
REVENUE
Schedule of disaggregation of revenue by the geographic region for customers	Net revenues by geographic region are as follows: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2024 2023 Change 2024 2023 Change Geographic regions: North America $ 340,699 $ 272,320 25.1% $ 659,236 $ 530,487 24.3% Foreign $ 30,752 $ 27,944 10.0% $ 62,086 $ 52,052 19.3% TOTAL NET REVENUE $ 371,451 $ 300,264 23.7% $ 721,322 $ 582,539 23.8%

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2024
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	The following table reconciles the number of shares of common stock used to compute basic and diluted earnings per share of common stock: Three Months Ended Six Months Ended June 30 June 30 (in thousands, except per share amounts) 2024 2023 2024 2023 BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK: Net income (loss) - basic $ 20,514 $ 14,915 $ 37,537 $ 24,135 Weighted shares outstanding 11,461,141 11,466,000 11,456,597 11,424,552 Basic earnings (loss) per share of common stock $ 1.79 $ 1.30 $ 3.28 $ 2.11 DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK: Net income (loss) - basic $ 20,514 $ 14,915 $ 37,537 $ 24,135 Weighted shares outstanding - basic 11,461,141 11,466,000 11,456,597 11,424,552 Effect of dilutive securities 88,744 60,000 74,494 52,448 Weighted shares outstanding - diluted 11,549,885 11,526,000 11,531,091 11,477,000 Diluted earnings (loss) per share of common stock $ 1.78 $ 1.29 $ 3.26 $ 2.10

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - Reclassification adjustment $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Reclassification [Line Items]
Stock-based compensation on nonvested common stock to non-employee directors	$ 61
Nonvested restricted stock units to stock-based compensation	$ 223

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($)		3 Months Ended	6 Months Ended
BUSINESS COMBINATIONS - Narrative (Details) - USD ($)	May 31, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Purchase price				$ 17,802,000
Goodwill		$ 19,998,000	$ 19,998,000		$ 20,022,000
Southern Hydraulic Cylinder, Inc.
Business Acquisition [Line Items]
Purchase price	$ 17,352,000
Accounts receivable	2,245,000
Goodwill	8,379,000
Property fair value	3,000,000
Intangibles	193,000
Acquired business contributed revenues		2,300,000	4,200,000
Acquired business contributed earnings		$ 300,000	$ 400,000
Southern Hydraulic Cylinder, Inc. \| Land and Building
Business Acquisition [Line Items]
Property fair value	2,800,000
Southern Hydraulic Cylinder, Inc. \| Transportation Equipment
Business Acquisition [Line Items]
Property fair value	200,000
Southern Hydraulic Cylinder, Inc. \| Property plant and equipment, other than land and buildings and transportation equipment
Business Acquisition [Line Items]
Property fair value	700,000
Southern Hydraulic Cylinder, Inc. \| Noncompete Agreements
Business Acquisition [Line Items]
Intangibles	25,000
Southern Hydraulic Cylinder, Inc. \| Order or Production Backlog
Business Acquisition [Line Items]
Intangibles	$ 168,000

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of allocations for net assets acquired (Details) - USD ($) $ in Thousands		6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Sources of financing
Cash		$ 17,802
Fair value of assets and liabilities
Goodwill			$ 19,998	$ 20,022
Southern Hydraulic Cylinder, Inc.
Sources of financing
Cash	$ 17,352
Fair value of consideration transferred	17,352
Fair value of assets and liabilities
Accounts receivable	2,245
Fixed assets	3,735
Inventory	3,467
Prepaid insurance	71
Intangibles	193
Total identifiable assets acquired	9,711
Assumed liabilities	738
Goodwill	$ 8,379

BUSINESS COMBINATIONS - Pro for

BUSINESS COMBINATIONS - Pro forma summary (Details) - Southern Hydraulic Cylinder, Inc. - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 721,322	$ 588,469
Income before income taxes	$ 47,732	$ 25,742

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories, Net of Reserves (Details) - USD ($) $ in Thousands	18 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
Raw materials	$ 82,082	$ 89,048
Work in process	45,154	47,934
Finished goods	23,206	23,077
Chassis	36,844	29,748
Total inventory	187,286	189,807
Impairment of inventory	0
Net of inventory reserves	$ 8,300	$ 5,600

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment
Total property, plant and equipment, gross	$ 225,285		$ 225,285		$ 217,558
Less accumulated depreciation	(109,517)		(109,517)		(102,486)
Total property, plant and equipment, net	115,768		115,768		115,072
Depreciation and amortization	3,500	$ 3,200	6,971	$ 6,361
Depreciation expense			7,000	$ 6,400
Land and improvements
Property, Plant and Equipment
Total property, plant and equipment, gross	22,159		22,159		19,596
Buildings and improvements
Property, Plant and Equipment
Total property, plant and equipment, gross	86,567		86,567		86,346
Machinery and equipment
Property, Plant and Equipment
Total property, plant and equipment, gross	88,367		88,367		86,250
Furniture and fixtures
Property, Plant and Equipment
Total property, plant and equipment, gross	13,785		13,785		13,560
Software costs
Property, Plant and Equipment
Total property, plant and equipment, gross	$ 14,407		$ 14,407		$ 11,806

LONG-TERM OBLIGATIONS (Details)

LONG-TERM OBLIGATIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LONG-TERM OBLIGATIONS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Interest expense on credit facility	$ 1.1	$ 0.8	$ 2.1	$ 1.4
Line of credit outstanding borrowings	70		$ 70		$ 60
Minimum
Line of Credit Facility [Line Items]
Non-usage fee for current loan agreement in annual amount percentage			0.15%
Maximum
Line of Credit Facility [Line Items]
Non-usage fee for current loan agreement in annual amount percentage			0.35%
First Horizon Bank \| Credit facility
Line of Credit Facility [Line Items]
Revolving credit facility	$ 100		$ 100
First Horizon Bank \| Credit facility \| Minimum
Line of Credit Facility [Line Items]
Variable interest rate in addition to reference rate			1%
First Horizon Bank \| Credit facility \| Maximum
Line of Credit Facility [Line Items]
Variable interest rate in addition to reference rate			1.25%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
INCOME TAXES
Federal net operating loss carryforward	$ 0
State net operating loss carryforward		$ 3.7

LEASES - Lease cost (Details)

LEASES - Lease cost (Details) - USD ($)	3 Months Ended		6 Months Ended
LEASES - Lease cost (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost
Amortization of right-of-use assets		$ 6,000		$ 15,000
Interest on lease obligation		2,000		3,000
Total finance lease cost		8,000		18,000
Total long-term operating lease cost	$ 91,000	92,000	$ 186,000	180,000
Total short-term operating lease cost	190,000	83,000	383,000	169,000
Total lease cost	281,000	183,000	569,000	367,000
Cash paid for amounts included in the measurement of lease obligation:
Operating cash flows from operating leases	91,000	92,000	186,000	180,000
Boniface Engineering, Ltd.
Lease Cost
Total lease cost	52,000	51,000	104,300	101,000
Jige International S.A
Lease Cost
Total lease cost	$ 63,500	$ 54,000	$ 117,500	$ 111,000

LEASES - Schedule of Weighted-a

LEASES - Schedule of Weighted-average lease term and weighted-average discount rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases
Weighted average remaining lease term for operating leases	2 years 3 months 18 days	2 years 8 months 12 days
Weighted average remaining lease term for finance leases	0 years	0 years
Weighted average discount rate for operating leases	3.50%	3.50%

LEASES - Maturity of Undiscount

LEASES - Maturity of Undiscounted Cash flows of operating lease obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Lease Obligation
Remaining fiscal 2024	$ 180
2025	312
2026	140
2027	30
2028	24
Thereafter	11
Total lease payments	697
Less imputed interest	(38)
Lease obligation at June 30, 2024	$ 659

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Repurchase collateral amount	$ 168.4	$ 128.7
Capital Addition Purchase Commitments
Long-term Purchase Commitment [Line Items]
Commitment amount	17	8.6
Software License Fee Arrangement
Long-term Purchase Commitment [Line Items]
Commitment amount	$ 0.5	$ 1.4

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Apr. 02, 2024
Restricted Stock Unit Transactions - Shares
Nonvested, beginning balance (in shares)		146,832
Granted (in shares)		118,493
Vested (in shares)		(50,832)
Nonvested, ending balance (in shares)	214,493	214,493
Restricted Stock Unit Transactions - Weighted average grant date fair value
Nonvested, beginning balance (in dollar per share)		$ 33.98
Granted (in dollar per share)		45.99
Vested (in dollar per share)		31.44
Nonvested, ending balance (in dollar per share)	$ 37.14	$ 37.14
Vested shares include shares vested	7,680	7,680
Restricted share unit activity activity - Additional data
Total compensation cost, net of estimated forfeitures, related to nonvested restricted share unit awards not yet recognized, pre tax	$ 5,579	$ 5,579
Weighted average period in years over which restricted share and share unit cost is expected to be recognized (in years)		2 years 1 month 6 days
Total fair value of shares vested during the year		$ 1,598
Stock Repurchase Program
Amount authorized for purchase of share			$ 25,000
Repurchase of common stock (shares)		35,000
Repurchase of common stock	$ 2,047	$ 2,000
Director
Restricted Stock Unit Transactions - Shares
Vesting period of options		1 year
Minimum \| Executive Officer
Restricted Stock Unit Transactions - Shares
Vesting period of options		3 years
Maximum \| Executive Officer
Restricted Stock Unit Transactions - Shares
Vesting period of options		5 years
Average
Stock Repurchase Program
Repurchase price per share	$ 58.49	$ 58.49
Equity Incentive Plan 2016
Restricted Stock Unit Transactions - Shares
Number of shares of common stock are available for issuance	800,000	800,000

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue by Geographic Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 371,451	$ 300,264	$ 721,322	$ 582,539
Total net revenue, Change (in percent)	23.70%		23.80%
North America
Disaggregation of Revenue [Line Items]
Total net revenue	$ 340,699	272,320	$ 659,236	530,487
Total net revenue, Change (in percent)	25.10%		24.30%
Foreign
Disaggregation of Revenue [Line Items]
Total net revenue	$ 30,752	$ 27,944	$ 62,086	$ 52,052
Total net revenue, Change (in percent)	10%		19.30%

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	6 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
REVENUE
Number of operating segments \| segment	1
Cash and temporary investments \| $	$ 23,816	$ 29,909	$ 30,502	$ 40,153

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings (loss) per common share:
Net Income (Loss)	$ 20,514	$ 17,023	$ 14,915	$ 9,220	$ 37,537	$ 24,135
Weighted shares outstanding - basic (in shares)	11,461,141		11,466,000		11,456,597	11,424,552
Basic earnings (loss) per common share (in dollars per share)	$ 1.79		$ 1.30		$ 3.28	$ 2.11
Diluted earnings (loss) per common share:
Effect of dilutive securities (in shares)	88,744		60,000		74,494	52,448
Weighted shares outstanding - diluted (in shares)	11,549,885		11,526,000		11,531,091	11,477,000
Diluted earnings (loss) per common share (in dollars per share)	$ 1.78		$ 1.29		$ 3.26	$ 2.10

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - O 2024 Q3 Dividends - $ / shares	Sep. 09, 2024	Aug. 05, 2024
Subsequent Event [Line Items]
Dividends payable, declared date		Aug. 05, 2024
Dividends payable, amount per share		$ 0.19
Dividends payable, record date	Sep. 09, 2024