Miller Industries, a leading manufacturer of towing and recovery equipment, experienced a significant after-hours plunge of 8.47% in its stock price on Wednesday evening. This sharp decline followed the company's release of disappointing fourth-quarter results for the fiscal year 2024.
The primary factor contributing to the stock's downward trajectory was Miller Industries' reported revenue of $221.9 million for the fourth quarter, which fell significantly short of the $296.2 million recorded in the same period last year. The company attributed this year-over-year decrease predominantly to a decline in chassis shipments.
Furthermore, Miller Industries reported a diluted earnings per share of $0.91 for the fourth quarter, missing analysts' expectations of $1.09. This earnings miss, coupled with the lower-than-expected revenue, raised concerns among investors, leading to the substantial sell-off in the after-hours trading session.
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