v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Statement [Abstract]        
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 0 3,953 0
Gain on sale of business 0 (4,137) 0 (4,137)
Asset impairments 0 5,934 0 5,934
Gain on insurance settlement 0 0 0 (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 (in shares) [1] 111,363 111,416 111,332 111,374
Effect of dilutive stock-based awards (in shares) [1] 2,412 2,452 2,635 2,182
Adjusted weighted average shares for diluted earnings per share (in shares) [1] 113,775 113,868 113,967 113,556
Basic earnings per share (in dollars per share) [1] $ 1.51 $ 1.19 $ 4.20 $ 4.34
Diluted earnings per share (in dollars per share) [1] 1.48 1.17 4.10 4.26
Dividends per share (in dollars 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. Refer to Note 2 - Earnings per Common Share for additional information.

Source