How did Miller Industries' revenue and expenses trend in Q4 2024?

**Miller Industries' revenue increased in Q4 2024, but profitability was impacted by higher expenses.**

1. **Revenue Trend**: Miller Industries saw a notable rise in revenue, with net sales for Q4 2024 amounting to $314.3 million. This represents a 14.5% increase compared to the same period in the previous year, primarily driven by improved OEM chassis deliveries. The company's international and military sectors showed strong demand, indicating potential for future growth.
2. **Expense Trend**: Despite the revenue growth, Miller Industries faced challenges in maintaining profitability. Gross profit for the quarter was $42.0 million, which is a decrease of 2.0% compared to the previous year's $42.9 million. This decline in gross margin was due to a shift in product mix, with increased sales of chassis that typically have lower margins. Additionally, selling, general, and administrative (SG&A) expenses increased to 7.1% of net sales, up from 7.0% in the prior year, primarily due to higher compliance and regulatory costs.
3. **Net Income**: The net income for Q4 2024 was $15.4 million, reflecting an 11.7% decrease from the $17.5 million recorded in the same quarter of the previous year. This decline in net income was a result of the decreased gross profit and increased SG&A expenses.
4. **Dividend and Financial Health**: Despite the challenges in profitability, Miller Industries maintained its dividend payout, marking the 56th consecutive quarter of dividend distribution. The company also continued its share repurchase program and successfully reduced interest expenses by 86.2% year-over-year, enhancing financial flexibility.

In conclusion, while Miller Industries experienced revenue growth in Q4 2024, this was partially offset by increased expenses, leading to a decrease in gross profit and net income compared to the previous year.