Mueller Industries, Inc. Reports Third Quarter 2022 Earnings

COLLIERVILLE, Tenn.--(BUSINESS WIRE)-- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2022. All comparisons are to the prior year quarter (which included a $54.8 million pre-tax gain from divestitures).

• Operating Income of $205.2 million versus $233.4 million. Adjusting for the aforementioned gain, this reflects a 15 percent increase versus the prior year period.
• Net Income of $154.5 million versus $171.0 million
• EPS of $2.74 versus $3.01
• Net Sales of $944.8 million versus $982.2 million

Third Quarter Financial and Operating Highlights:

• The absence of businesses divested in 2021, combined with lower copper prices, reduced volumes due largely to inventory rebalancing, and the impacts of localized recessionary pressures on our international businesses, contributed to a 3.8 percent quarter over quarter decrease in net sales. That decrease was offset by continued strength and growth in our value added businesses. Specifically:
  • Divestitures in 2021 reduced net sales by $20.4 million as compared with the prior year quarter.
  • COMEX copper averaged $3.50 per pound during the quarter, 19 percent lower than the third quarter of 2021.
  • Copper tube and brass rod volumes declined 14 percent.
  • Net Sales from our value added businesses grew 22 percent.
• Cash at quarter end was $483.5 million, an increase of $395.6 million from 2021 year-end.
  • Cash generated from operations during the period was $312.4 million.
  • Net debt remains at zero.
  • The current ratio at quarter end was 3.8 to 1.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “We delivered another strong quarter despite ongoing macroeconomic challenges, and ended the quarter with many of our businesses operating at capacity and with healthy backlogs.

Our business outlook remains positive. Building construction, a key market for many of our businesses, has been exceptionally strong in recent years. Although we anticipate some tempering in the building industry on the horizon, we nonetheless expect overall demand to remain at healthy levels for our Company.

Our financial position is solid, and positions us well for future opportunities.”

Additional information about the Company, including its recently published investor presentation, can be found at www.muellerindustries.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221018005284/en/

Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.

Released October 18, 2022