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    Mueller Industries, Inc. Reports Third Quarter 2024 Earnings

    10/22/24 7:00:00 AM ET
    $MLI
    Metal Fabrications
    Industrials
    Get the next $MLI alert in real time by email

    Mueller Industries, Inc. (NYSE:MLI) announces results for the third quarter of 2024. Comparisons are to the third quarter of 2023.

    • Net Sales of $997.8 million versus $819.8 million
    • Operating Income of $206.7 million versus $181.0 million
    • Earnings Before Taxes of $217.8 million versus $189.0 million
    • Net Income of $168.7 million versus $132.7 million
    • Diluted EPS of $1.48 versus $1.171

    Third Quarter Financial and Operating Highlights:

    • COMEX copper averaged $4.23 per pound during the quarter, 12.0% higher than in the third quarter of 2023.
    • The increase in net sales was attributable to the inclusion of $102.4 million of sales from recently acquired businesses, as well as the higher copper prices.
    • Selling, general, and administrative expenses increased primarily due to the inclusion of $3.9 million of operating costs from recently acquired businesses, as well as $2.7 million in transaction related expenses.
    • Investments in unconsolidated affiliates contributed $3.2 million of income, as compared with a $2.4 million loss in the prior year period.
    • Net cash generated from operations was $231.4 million. Our cash and short-term investments balance was $969.6 million at quarter end, and our current ratio remains strong at 4.9 to 1.

    Regarding the quarter performance, Greg Christopher, Mueller's CEO said, "We continued to deliver very good results, and generated significant cash despite generally restrained business conditions during the quarter. We also made substantial progress toward integrating our two recently acquired businesses, which both contributed positively to our results."

    He continued, "We anticipate that declining interest rates and moderating inflation, combined with the resolution of election related uncertainty, will create a more stable and favorable environment for us. We have an excellent portfolio of businesses serving essential markets; our operations are well capitalized; our balance sheet is strong; and we have proven capable of quickly adjusting and adapting as conditions require. As such, we remain well positioned to take advantage when conditions improve, and will continue to actively pursue new opportunities to expand and grow."

    _____________________________

    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 Nine Months Ended

    (In thousands, except per share data)

     

    September 28, 2024

     

    September 30, 2023

     

    September 28, 2024

     

    September 30, 2023

     

     

     

     

     

     

     

     

     

    Net sales

     

    $

    997,831

     

     

    $

    819,792

     

     

    $

    2,845,230

     

     

    $

    2,687,968

     

     

     

     

     

     

     

     

     

     

    Cost of goods sold

     

     

    722,469

     

     

     

    579,058

     

     

     

    2,056,162

     

     

     

    1,897,128

     

    Depreciation and amortization

     

     

    11,710

     

     

     

    9,631

     

     

     

    30,897

     

     

     

    30,704

     

    Selling, general, and administrative expense

     

     

    59,619

     

     

     

    48,295

     

     

     

    161,993

     

     

     

    156,988

     

    Gain on sale of assets

     

     

    (2,667

    )

     

     

    —

     

     

     

    (3,953

    )

     

     

    —

     

    Gain on sale of business

     

     

    —

     

     

     

    (4,137

    )

     

     

    —

     

     

     

    (4,137

    )

    Asset impairments

     

     

    —

     

     

     

    5,934

     

     

     

    —

     

     

     

    5,934

     

    Gain on insurance settlement

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (19,466

    )

     

     

     

     

     

     

     

     

     

    Operating income

     

     

    206,700

     

     

     

    181,011

     

     

     

    600,131

     

     

     

    620,817

     

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    (113

    )

     

     

    (230

    )

     

     

    (335

    )

     

     

    (508

    )

    Interest income

     

     

    11,145

     

     

     

    10,599

     

     

     

    42,773

     

     

     

    24,566

     

    Realized and unrealized gains (losses) on short-term investments

     

     

    164

     

     

     

    (2,368

    )

     

     

    529

     

     

     

    20,362

     

    Other (expense) income, net

     

     

    (122

    )

     

     

    (47

    )

     

     

    (848

    )

     

     

    2,120

     

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

     

    217,774

     

     

     

    188,965

     

     

     

    642,250

     

     

     

    667,357

     

     

     

     

     

     

     

     

     

     

    Income tax expense

     

     

    (49,188

    )

     

     

    (50,843

    )

     

     

    (159,406

    )

     

     

    (174,322

    )

    Income (loss) from unconsolidated affiliates, net of foreign tax

     

     

    3,197

     

     

     

    (2,413

    )

     

     

    (5,905

    )

     

     

    (2,682

    )

     

     

     

     

     

     

     

     

     

    Consolidated net income

     

     

    171,783

     

     

     

    135,709

     

     

     

    476,939

     

     

     

    490,353

     

     

     

     

     

     

     

     

     

     

    Net income attributable to noncontrolling interests

     

     

    (3,084

    )

     

     

    (3,000

    )

     

     

    (9,712

    )

     

     

    (6,694

    )

     

     

     

     

     

     

     

     

     

    Net income attributable to Mueller Industries, Inc.

     

    $

    168,699

     

     

    $

    132,709

     

     

    $

    467,227

     

     

    $

    483,659

     

     

     

     

     

     

     

     

     

     

    Weighted average shares for basic earnings per share (1)

     

     

    111,363

     

     

     

    111,416

     

     

     

    111,332

     

     

     

    111,374

     

    Effect of dilutive stock-based awards (1)

     

     

    2,412

     

     

     

    2,452

     

     

     

    2,635

     

     

     

    2,182

     

     

     

     

     

     

     

     

     

     

    Adjusted weighted average shares for diluted earnings per share (1)

     

     

    113,775

     

     

     

    113,868

     

     

     

    113,967

     

     

     

    113,556

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share (1)

     

    $

    1.51

     

     

    $

    1.19

     

     

    $

    4.20

     

     

    $

    4.34

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share (1)

     

    $

    1.48

     

     

    $

    1.17

     

     

    $

    4.10

     

     

    $

    4.26

     

     

     

     

     

     

     

     

     

     

    Dividends per share (1)

     

    $

    0.20

     

     

    $

    0.15

     

     

    $

    0.60

     

     

    $

    0.45

     

     

     

     

     

     

     

     

     

     

    (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 Nine Months Ended

    (In thousands)

     

    September 28, 2024

     

    September 30, 2023

     

    September 28, 2024

     

    September 30, 2023

     

     

     

     

     

     

     

     

     

    Summary Segment Data:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales:

     

     

     

     

     

     

     

     

    Piping Systems Segment

     

    $

    653,884

     

     

    $

    568,151

     

     

    $

    1,932,521

     

     

    $

    1,868,635

     

    Industrial Metals Segment

     

     

    238,014

     

     

     

    141,012

     

     

     

    589,422

     

     

     

    452,512

     

    Climate Segment

     

     

    128,482

     

     

     

    119,949

     

     

     

    375,824

     

     

     

    396,857

     

    Elimination of intersegment sales

     

     

    (22,549

    )

     

     

    (9,320

    )

     

     

    (52,537

    )

     

     

    (30,036

    )

     

     

     

     

     

     

     

     

     

    Net sales

     

    $

    997,831

     

     

    $

    819,792

     

     

    $

    2,845,230

     

     

    $

    2,687,968

     

     

     

     

     

     

     

     

     

     

    Operating income:

     

     

     

     

     

     

     

     

    Piping Systems Segment

     

    $

    163,601

     

     

    $

    140,609

     

     

    $

    468,539

     

     

    $

    455,605

     

    Industrial Metals Segment

     

     

    24,197

     

     

     

    16,221

     

     

     

    78,161

     

     

     

    61,407

     

    Climate Segment

     

     

    40,768

     

     

     

    34,846

     

     

     

    112,336

     

     

     

    145,901

     

    Unallocated income (expenses)

     

     

    (21,866

    )

     

     

    (10,665

    )

     

     

    (58,905

    )

     

     

    (42,096

    )

     

     

     

     

     

     

     

     

     

    Operating income

     

    $

    206,700

     

     

    $

    181,011

     

     

    $

    600,131

     

     

    $

    620,817

     

    MUELLER INDUSTRIES, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

     

     

    (Unaudited)

     

     

    (In thousands)

     

    September 28, 2024

     

    December 30, 2023

    ASSETS

     

     

     

     

    Cash and cash equivalents

     

    $

    965,116

     

    $

    1,170,893

    Short-term investments

     

     

    4,449

     

     

    98,146

    Accounts receivable, net

     

     

    500,617

     

     

    351,561

    Inventories

     

     

    400,252

     

     

    380,248

    Other current assets

     

     

    45,144

     

     

    39,173

     

     

     

     

     

    Total current assets

     

     

    1,915,578

     

     

    2,040,021

     

     

     

     

     

    Property, plant, and equipment, net

     

     

    506,234

     

     

    385,165

    Operating lease right-of-use assets

     

     

    32,202

     

     

    35,170

    Other assets

     

     

    752,118

     

     

    298,945

     

     

     

     

     

    Total assets

     

    $

    3,206,132

     

    $

    2,759,301

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current portion of debt

     

    $

    927

     

    $

    796

    Accounts payable

     

     

    183,511

     

     

    120,485

    Current portion of operating lease liabilities

     

     

    7,681

     

     

    7,893

    Other current liabilities

     

     

    201,874

     

     

    187,964

     

     

     

     

     

    Total current liabilities

     

     

    393,993

     

     

    317,138

     

     

     

     

     

    Long-term debt

     

     

    19

     

     

    185

    Pension and postretirement liabilities

     

     

    12,082

     

     

    12,062

    Environmental reserves

     

     

    14,696

     

     

    15,030

    Deferred income taxes

     

     

    24,663

     

     

    19,134

    Noncurrent operating lease liabilities

     

     

    24,504

     

     

    26,683

    Other noncurrent liabilities

     

     

    27,539

     

     

    10,353

     

     

     

     

     

    Total liabilities

     

     

    497,496

     

     

    400,585

     

     

     

     

     

    Total Mueller Industries, Inc. stockholders' equity

     

     

    2,678,382

     

     

    2,337,445

    Noncontrolling interests

     

     

    30,254

     

     

    21,271

     

     

     

     

     

    Total equity

     

     

    2,708,636

     

     

    2,358,716

     

     

     

     

     

    Total liabilities and equity

     

    $

    3,206,132

     

    $

    2,759,301

    MUELLER INDUSTRIES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

     

    For the Nine Months Ended

    (In thousands)

     

    September 28, 2024

     

    September 30, 2023

     

     

     

     

     

    Cash flows from operating activities

     

     

     

     

    Consolidated net income

     

    $

    476,939

     

     

    $

    490,353

     

    Reconciliation of consolidated net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    31,140

     

     

     

    31,053

     

    Stock-based compensation expense

     

     

    19,956

     

     

     

    17,268

     

    Provision for doubtful accounts receivable

     

     

    (262

    )

     

     

    (63

    )

    Loss from unconsolidated affiliates

     

     

    5,905

     

     

     

    2,682

     

    Dividends from unconsolidated affiliates

     

     

    4,130

     

     

     

    —

     

    Insurance proceeds - noncapital related

     

     

    15,000

     

     

     

    9,854

     

    Gain on disposals of properties

     

     

    (3,953

    )

     

     

    (106

    )

    Gain on sale of business

     

     

    —

     

     

     

    (4,137

    )

    Unrealized gain on short-term investments

     

     

    (164

    )

     

     

    (18,449

    )

    Gain on sales of securities

     

     

    (365

    )

     

     

    —

     

    Impairment charges

     

     

    —

     

     

     

    5,934

     

    Gain on insurance settlement

     

     

    —

     

     

     

    (19,466

    )

    Deferred income tax expense

     

     

    1,837

     

     

     

    3,803

     

    Changes in assets and liabilities, net of effects of businesses acquired:

     

     

     

     

    Receivables

     

     

    (99,281

    )

     

     

    (36,855

    )

    Inventories

     

     

    34,027

     

     

     

    53,372

     

    Other assets

     

     

    (3,175

    )

     

     

    (12,897

    )

    Current liabilities

     

     

    25,303

     

     

     

    (25,503

    )

    Other liabilities

     

     

    (2,467

    )

     

     

    (1,828

    )

    Other, net

     

     

    1,217

     

     

     

    3,475

     

     

     

     

     

     

    Net cash provided by operating activities

     

    $

    505,787

     

     

    $

    498,490

     

     

     

     

     

     

    Cash flows from investing activities

     

     

     

     

    Capital expenditures

     

    $

    (51,288

    )

     

    $

    (39,469

    )

    Acquisition of businesses, net of cash acquired

     

     

    (602,692

    )

     

     

    —

     

    Investments in unconsolidated affiliates

     

     

    (8,700

    )

     

     

    (3,999

    )

    Insurance proceeds - capital related

     

     

    —

     

     

     

    24,646

     

    Purchase of short-term investments

     

     

    (4,285

    )

     

     

    (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

     

     

    98,465

     

     

     

    —

     

    Issuance of notes receivable

     

     

    (3,800

    )

     

     

    —

     

    Proceeds from sales of properties

     

     

    9,026

     

     

     

    214

     

    Dividends from unconsolidated affiliates

     

     

    —

     

     

     

    1,093

     

     

     

     

     

     

    Net cash (used in) provided by investing activities

     

    $

    (571,250

    )

     

    $

    94,117

     

     

     

     

     

     

     

     

     

     

     

    MUELLER INDUSTRIES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

     

     

     

     

     

    For the Nine Months Ended

    (In thousands)

     

    September 28, 2024

     

    September 30, 2023

     

     

     

     

     

    Cash flows from financing activities

     

     

     

     

    Dividends paid to stockholders of Mueller Industries, Inc.

     

    $

    (66,796

    )

     

    $

    (50,133

    )

    Repurchase of common stock

     

     

    (48,681

    )

     

     

    (19,303

    )

    Repayments of debt

     

     

    (167

    )

     

     

    (185

    )

    Issuance (repayment) of debt by consolidated joint ventures, net

     

     

    144

     

     

     

    (265

    )

    Net cash used to settle stock-based awards

     

     

    (22,946

    )

     

     

    (9,113

    )

     

     

     

     

     

    Net cash used in financing activities

     

    $

    (138,446

    )

     

    $

    (78,999

    )

     

     

     

     

     

    Effect of exchange rate changes on cash

     

     

    (4,709

    )

     

     

    2,312

     

     

     

     

     

     

    (Decrease) increase in cash, cash equivalents, and restricted cash

     

     

    (208,618

    )

     

     

    515,920

     

    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

     

    $

    965,605

     

     

    $

    981,216

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241021216721/en/

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