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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mueller Industries Inc | NYSE:MLI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.7199 | 1.21% | 59.9899 | 472 | 13:44:31 |
Mueller Industries, Inc. (NYSE: MLI) today reported 2023 fourth quarter and full year results.
For the Fourth Quarter 2023 versus Fourth Quarter 2022:
• Net income:
$119.2 million vs $138.9 million, down 14.2%.
• Earnings before taxes:
$177.9 million vs $185.9 million, down 4.3%.
• Net sales:
$732.4 million vs $877.6 million, down 16.5%.
• Diluted EPS:
$1.05 vs $1.23, down 14.6%.
For the Full Year 2023 versus the Full Year 2022:
• Net income:
$602.9 million vs $658.3 million, down 8.4%.
• Earnings before taxes:
$845.2 million vs $876.0 million, down 3.5%.
• Net sales:
$3.4 billion vs $4.0 billion, down 14.1%.
• Diluted EPS:
$5.30 vs $5.82, down 8.9%.
Fourth Quarter*/Year-End Financial and Operating Commentary:
* For context, the Company’s current fourth quarter includes 13 weeks of results, as compared to the 14 weeks reported for the fourth quarter of 2022, the business’ most profitable fourth quarter on record.
Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our team performed exceptionally well on all fronts and delivered another quarter of excellent earnings and cash generation, despite reduced demand. Importantly, the structural changes we have made to improve gross margins are showing durability, and our manufacturing platform is well balanced for both current demand levels, as well as higher levels of demand when conditions improve.
Our business outlook is positive. There continues to be pent up demand for residential housing and needed investment in U.S. infrastructure. As rising interest rates and inflation begin to recede, demand will return as building construction activity is reignited.
Our strong cash flows and tremendous cash balance provide us the resources to execute on our strategic plans. Our top priorities are ensuring our operations are well capitalized to remain a low-cost producer, and pursuing acquisitions that strengthen our core and create greater growth avenues.
We are well positioned for long-term growth and to deliver superior returns to our shareholders.”
Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.
*********************
Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,” “appear,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Quarter Ended
For the Year Ended
(In thousands, except per share data)
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Net sales
$
732,377
$
877,581
$
3,420,345
$
3,982,455
Cost of goods sold
536,383
620,800
2,433,511
2,864,862
Depreciation and amortization
9,250
10,738
39,954
43,731
Selling, general, and administrative expense
51,184
55,630
208,172
196,713
Gain on sale of businesses
—
—
(4,137
)
—
Impairment charges
324
—
6,258
—
Gain on insurance settlement
—
—
(19,466
)
—
Operating income
135,236
190,413
756,053
877,149
Interest expense
(713
)
(144
)
(1,221
)
(810
)
Interest income
13,642
4,838
38,208
6,457
Realized and unrealized gains on short-term investments
21,503
—
41,865
2,918
Gain on extinguishment of NMTC liability
7,534
—
7,534
—
Environmental income (expense)
202
349
(825
)
(1,298
)
Pension plan termination expense
—
(13,100
)
—
(13,100
)
Other income, net
471
3,592
3,618
4,715
Income before income taxes
177,875
185,948
845,232
876,031
Income tax expense
(46,440
)
(49,798
)
(220,762
)
(223,322
)
(Loss) income from unconsolidated affiliates, net of foreign tax
(12,139
)
4,085
(14,821
)
10,111
Consolidated net income
119,296
140,235
609,649
662,820
Net income attributable to noncontrolling interests
(58
)
(1,329
)
(6,752
)
(4,504
)
Net income attributable to Mueller Industries, Inc.
$
119,238
$
138,906
$
602,897
$
658,316
Weighted average shares for basic earnings per share
111,556
111,284
111,420
111,558
Effect of dilutive stock-based awards
2,425
1,434
2,242
1,552
Adjusted weighted average shares for diluted earnings per share
113,981
112,718
113,662
113,110
Basic earnings per share
$
1.07
$
1.25
$
5.41
$
5.90
Diluted earnings per share
$
1.05
$
1.23
$
5.30
$
5.82
Dividends per share
$
0.150
$
0.125
$
0.600
$
0.500
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
For the Year Ended
(In thousands)
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Summary Segment Data:
Net sales:
Piping Systems Segment
$
513,938
$
567,039
$
2,382,573
$
2,730,084
Industrial Metals Segment
125,363
146,322
577,875
644,689
Climate Segment
103,933
170,551
500,790
650,307
Elimination of intersegment sales
(10,857
)
(6,331
)
(40,893
)
(42,625
)
Net sales
$
732,377
$
877,581
$
3,420,345
$
3,982,455
Operating income:
Piping Systems Segment
$
113,634
$
131,056
$
569,239
$
671,062
Industrial Metals Segment
14,972
22,960
76,379
82,464
Climate Segment
25,963
53,158
171,864
188,067
Unallocated expenses
(19,333
)
(16,761
)
(61,429
)
(64,444
)
Operating income
$
135,236
$
190,413
$
756,053
$
877,149
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 30, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
1,170,893
$
461,018
Short-term investments
98,146
217,863
Accounts receivable, net
351,561
380,352
Inventories
380,248
448,919
Other current assets
39,173
26,501
Total current assets
2,040,021
1,534,653
Property, plant, and equipment, net
385,165
379,950
Operating lease right-of-use assets
35,170
22,892
Other assets
298,945
304,904
$
2,759,301
$
2,242,399
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt
$
796
$
811
Accounts payable
120,485
128,000
Current portion of operating lease liabilities
7,893
4,942
Other current liabilities
187,964
214,542
Total current liabilities
317,138
348,295
Long-term debt
185
1,218
Pension and postretirement liabilities
12,062
13,055
Environmental reserves
15,030
16,380
Deferred income taxes
19,134
16,258
Noncurrent operating lease liabilities
26,683
16,880
Other noncurrent liabilities
10,353
16,349
Total liabilities
400,585
428,435
Total Mueller Industries, Inc. stockholders’ equity
2,337,445
1,790,914
Noncontrolling interests
21,271
23,050
Total equity
2,358,716
1,813,964
$
2,759,301
$
2,242,399
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Year Ended
(In thousands)
December 30, 2023
December 31, 2022
Cash flows from operating activities
Consolidated net income
$
609,649
$
662,820
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization
40,824
44,088
Stock-based compensation expense
23,131
17,801
Provision for doubtful accounts receivable
(84
)
323
Loss (income) from unconsolidated affiliates
14,821
(10,111
)
Gain on sale of businesses
(4,137
)
—
Unrealized gain on short-term investments
(24,765
)
—
Gain on disposals of assets
(1
)
(6,373
)
Insurance proceeds - noncapital related
9,854
1,646
Gain on sale of securities
(17,100
)
—
Gain on insurance settlement
(19,466
)
—
Impairment charges
6,258
—
Gain on extinguishment of NMTC liability
(7,534
)
—
Deferred income tax expense (benefit)
4,790
(3,880
)
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables
30,915
82,713
Inventories
67,903
(24,189
)
Other assets
(20,700
)
(8,971
)
Current liabilities
(40,606
)
(26,633
)
Other liabilities
(3,497
)
(7,564
)
Other, net
2,511
2,273
Net cash provided by operating activities
672,766
723,943
Cash flows from investing activities
Proceeds from sale of assets, net of cash transferred
279
7,850
Purchase of short-term investments
(106,231
)
(217,863
)
Proceeds from the sale of securities
55,454
—
Proceeds from the maturity of short-term investments
217,863
—
Capital expenditures
(54,025
)
(37,639
)
Insurance proceeds - capital related
24,646
3,354
Dividends from unconsolidated affiliates
1,093
2,295
Investments in unconsolidated affiliates
(3,999
)
—
Net cash provided by (used in) investing activities
135,080
(242,003
)
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
(Unaudited)
For the Year Ended
(In thousands)
December 30, 2023
December 31, 2022
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.
(66,868
)
(55,787
)
Dividends paid to noncontrolling interests
(9,312
)
(7,248
)
Repayments of long-term debt
(241
)
(204
)
(Repayment) issuance of debt by consolidated joint ventures, net
(30
)
67
Repurchase of common stock
(19,303
)
(38,054
)
Net cash (used) received to settle stock-based awards
(8,755
)
(1,429
)
Net cash used in financing activities
(104,509
)
(102,655
)
Effect of exchange rate changes on cash
5,590
(4,365
)
Increase in cash, cash equivalents, and restricted cash
708,927
374,920
Cash, cash equivalents, and restricted cash at the beginning of the year
465,296
90,376
Cash, cash equivalents, and restricted cash at the end of the year
$
1,174,223
$
465,296
View source version on businesswire.com: https://www.businesswire.com/news/home/20240205683564/en/
Jeffrey A. Martin (901) 753-3226
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