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Zacks #1 Stocks on the Move 05/22/2013
| Company Name | Symbol | %Change |
|---|---|---|
| ALLIANCE FIB | AFOP | 9.31% |
| SONIC FOUNDR | SOFO | 7.77% |
| TRI TECH HOL | TRIT | 6.62% |
| A M R CP | AAMRQ | 4.52% |
| FLOWERS FOOD | FLO | 4.31% |
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Company Description
Miller Industries, Inc. manufactures and sells vehicle towing and recovery equipment in North America and internationally. The company was founded in 1994 and has a market cap of $234 million.
MLR was under pressure in late July and early August as the market fell on fresh growth concerns. But after reporting strong Q2 results on August 9 that came in well ahead of expectations, shares reversed course and jumped into a new 52-week high.
Second-Quarter Results
Revenue for the period was up 20% from last year to $98 million.Earnings also looked great, coming in at 47 cents, 62% ahead of the Zacks Consensus Estimate, where the company has an average earnings surprise of 51% over the last four quarters.
Earnings growth was fueled by both the top line and operational efficiencies, with gross margin increasing to 17.9% from 14.8% last year. The company also noted that it saw solid growth across its domestic and international markets.
Financial Profile
Moving forward, MLR will continues to benefit from its strong balance sheet, with cash and short-term investments up $16 million from last year to $55 million against no long-term debt.
Estimates
We saw some pretty solid movement in estimates off the good quarter, with the current year adding 31 cents to $1.83, a 91% growth projection from last year.
Valuation
With a forward P/E of 11X, MLR still looks reasonably valued relative to its peers and industry.
12-Month Chart
On the chart, shares rallied into a new 52-week high off the good quarter. Look for support from the long-term trend on any weakness, take a look below.
Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the Zacks Momentum Trader Service.
Read the full Snapshot Report on MLR