Mueller Industries, Inc. Reports Fiscal 2021 Fourth Quarter and Full Year Results

COLLIERVILLE, Tenn.--(BUSINESS WIRE)-- Mueller Industries, Inc. (NYSE: MLI) today reported 2021 fourth quarter and full year results.

Fourth Quarter metrics:

• Operating income was $172.1 million, up 165%.
• Net sales were $956.4 million, up 42%.
• Net income was $125.6 million versus $36.4 million.
• Diluted EPS was $2.21 versus $0.64.
• Cash provided by operations was $130.2 million.

Full Year metrics:

• Operating income was $655.8 million, up 167%.
• Net sales were $3.8 billion, up 57%.
• Net income was $468.5 million versus $139.5 million.
• Diluted EPS was $8.25 versus $2.47.
• Cash provided by operations was $311.7 million.

*Comparisons to prior year periods

Quarter Commentary

• The average price of copper was 34.3 percent higher than in the fourth quarter of 2020.
• Net sales growth was driven by volume growth in our US businesses, higher prices primarily attributable to the rise in COMEX copper, and the contributions of our recently acquired H&C Flex business, which is recorded under our Climate segment.
• The Company recorded a loss of $1.8 million on its investment in Tecumseh during the quarter, compared to income of $10.0 million in the previous year quarter, which included a pre-tax gain of $11.6 million from a land sale.
• During the quarter we acquired the majority ownership of the Mueller Middle East copper tube mill in Bahrain. This mill is geographically well positioned to serve markets in the Middle East and Northern Africa.

Full Year Commentary

• The results included $57.8 million of gains from the sale of businesses.
• The average price of copper was 51.6 percent higher than in 2020.
• Net sales growth of $1.4 billion was driven by volume growth in almost every business, higher selling prices primarily resulting from the rise in COMEX copper, and full year reported sales of acquired businesses.
• During the year, $330.7 million of debt was repaid leaving a balance of $1.9 million at year-end. The Company’s $400.0 million credit facility is undrawn and cash and cash equivalents totaled $87.9 million.

Operating Highlights and Outlook:

Greg Christopher, CEO, commented, “Our exceptional results in the fourth quarter capped our second consecutive year of record earnings. The strength our businesses exhibited throughout the year was fueled by solid demand and outstanding operational execution by our team in the face of significant inflationary pressures, supply chain disruptions, and extensive labor shortages.”

With regard to the outlook, he added, “We anticipate continued momentum in the building construction and industrial markets in 2022, both important end markets for our businesses. Mueller is well positioned to build upon its success as we start the new year with healthy order books and our manufacturing facilities operating at highly efficient levels.”

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/20220201005376/en/

Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.

Released February 1, 2022