![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
2.31 | 3.59% | 66.66 | 67.82 | 62.56 | 63.12 | 1,165,705 | 00:03:42 |
Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2024. Comparisons are to the second quarter of 2023.
Second Quarter Financial and Operating Highlights:
Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses continue to perform well despite persistent heightened inflation and restrained construction activity. We maintain a positive long-term outlook for our business. Our internal investments are paying off, and we expect they will yield even greater benefits as market conditions improve. Moreover, our acquisition of Nehring Electrical Works, which we completed during the quarter, provides a substantial platform for expansion in the energy infrastructure space.”
_____________________________
1
Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023.1 Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023.
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 Six Months Ended
(In thousands, except per share data)
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Net sales
$
997,745
$
896,984
$
1,847,399
$
1,868,176
Cost of goods sold
724,990
639,272
1,333,693
1,318,070
Depreciation and amortization
10,018
10,416
19,187
21,073
Selling, general, and administrative expense
52,731
56,062
101,088
108,693
Gain on insurance settlement
—
(19,466
)
—
(19,466
)
Operating income
210,006
210,700
393,431
439,806
Interest expense
(107
)
(135
)
(222
)
(278
)
Interest income
14,383
7,732
31,628
13,967
Realized and unrealized gains on short-term investments
—
20,820
365
22,730
Other (expense) income, net
(1,356
)
1,841
(726
)
2,167
Income before income taxes
222,926
240,958
424,476
478,392
Income tax expense
(58,384
)
(62,122
)
(110,218
)
(123,479
)
(Loss) income from unconsolidated affiliates, net of foreign tax
(1,095
)
715
(9,102
)
(269
)
Consolidated net income
163,447
179,551
305,156
354,644
Net income attributable to noncontrolling interests
(3,282
)
(1,840
)
(6,628
)
(3,694
)
Net income attributable to Mueller Industries, Inc.
$
160,165
$
177,711
$
298,528
$
350,950
Weighted average shares for basic earnings per share (1)
111,216
111,320
111,316
111,354
Effect of dilutive stock-based awards (1)
2,763
2,680
2,746
2,046
Adjusted weighted average shares for diluted earnings per share (1)
113,979
114,000
114,062
113,400
Basic earnings per share (1)
$
1.44
$
1.60
$
2.68
$
3.15
Diluted earnings per share (1)
$
1.41
$
1.56
$
2.62
$
3.09
Dividends per share (1)
$
0.20
$
0.15
$
0.40
$
0.30
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
For the Six Months Ended
(In thousands)
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Summary Segment Data:
Net sales:
Piping Systems Segment
$
688,469
$
638,005
$
1,278,637
$
1,300,484
Industrial Metals Segment
195,341
146,266
351,408
311,500
Climate Segment
130,532
123,954
247,342
276,908
Elimination of intersegment sales
(16,597
)
(11,241
)
(29,988
)
(20,716
)
Net sales
$
997,745
$
896,984
$
1,847,399
$
1,868,176
Operating income:
Piping Systems Segment
$
162,258
$
151,142
$
304,938
$
314,996
Industrial Metals Segment
29,693
17,971
53,964
45,186
Climate Segment
38,993
57,067
71,568
111,055
Unallocated income (expenses)
(20,938
)
(15,480
)
(37,039
)
(31,431
)
Operating income
$
210,006
$
210,700
$
393,431
$
439,806
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 29, 2024
December 30, 2023
ASSETS
Cash and cash equivalents
$
825,655
$
1,170,893
Short-term investments
—
98,146
Accounts receivable, net
522,572
351,561
Inventories
406,217
380,248
Other current assets
50,347
39,173
Total current assets
1,804,791
2,040,021
Property, plant, and equipment, net
471,443
385,165
Operating lease right-of-use assets
34,534
35,170
Other assets
755,417
298,945
Total assets
$
3,066,185
$
2,759,301
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt
$
785
$
796
Accounts payable
198,537
120,485
Current portion of operating lease liabilities
8,000
7,893
Other current liabilities
179,906
187,964
Total current liabilities
387,228
317,138
Long-term debt
74
185
Pension and postretirement liabilities
11,696
12,062
Environmental reserves
14,808
15,030
Deferred income taxes
20,023
19,134
Noncurrent operating lease liabilities
26,330
26,683
Other noncurrent liabilities
33,168
10,353
Total liabilities
493,327
400,585
Total Mueller Industries, Inc. stockholders’ equity
2,546,103
2,337,445
Noncontrolling interests
26,755
21,271
Total equity
2,572,858
2,358,716
Total liabilities and equity
$
3,066,185
$
2,759,301
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
(In thousands)
June 29, 2024
July 1, 2023
Cash flows from operating activities
Consolidated net income
$
305,156
$
354,644
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization
19,349
21,252
Stock-based compensation expense
13,476
12,459
Provision for doubtful accounts receivable
(67
)
(80
)
Loss from unconsolidated affiliates
9,102
269
Dividends from unconsolidated affiliates
3,541
—
Insurance proceeds - noncapital related
15,000
9,854
Gain on disposals of properties
(1,286
)
(141
)
Unrealized gain on short-term investments
—
(20,820
)
Gain on sales of securities
(365
)
—
Gain on insurance settlement
—
(19,466
)
Deferred income tax (benefit) expense
(1,509
)
2,406
Changes in assets and liabilities, net of effects of businesses acquired:
Receivables
(132,012
)
(77,701
)
Inventories
6,706
(12,149
)
Other assets
8,511
(5,571
)
Current liabilities
30,276
(14,460
)
Other liabilities
(2,375
)
(976
)
Other, net
872
1,310
Net cash provided by operating activities
$
274,375
$
250,830
Cash flows from investing activities
Capital expenditures
$
(25,603
)
$
(29,221
)
Acquisition of businesses, net of cash acquired
(566,577
)
—
Investments in unconsolidated affiliates
(8,700
)
—
Insurance proceeds - capital related
—
24,646
Purchase of short-term investments
—
(106,231
)
Purchase of long-term investments
(7,976
)
—
Proceeds from the maturity of short-term investments
—
217,863
Proceeds from the sale of securities
96,465
—
Issuance of notes receivable
(3,800
)
—
Proceeds from sales of properties
3,976
142
Dividends from unconsolidated affiliates
—
797
Net cash (used in) provided by investing activities
$
(512,215
)
$
107,996
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
(In thousands)
June 29, 2024
July 1, 2023
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.
$
(44,488
)
$
(33,402
)
Repurchase of common stock
(42,994
)
(19,303
)
Repayments of debt
(111
)
(130
)
Issuance (repayment) of debt by consolidated joint ventures, net
11
(143
)
Net cash used to settle stock-based awards
(2,002
)
(2,588
)
Net cash used in financing activities
$
(89,584
)
$
(55,566
)
Effect of exchange rate changes on cash
(4,784
)
4,825
(Decrease) increase in cash, cash equivalents, and restricted cash
(332,208
)
308,085
Cash, cash equivalents, and restricted cash at the beginning of the period
1,174,223
465,296
Cash, cash equivalents, and restricted cash at the end of the period
$
842,015
$
773,381
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722255882/en/
Jeffrey A. Martin (901) 753-3226
1 Year Mueller Industries Chart |
1 Month Mueller Industries Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions