Exhibit 99.1

Mueller Industries, Inc. Reports First Quarter 2015 Results
 
MEMPHIS, Tenn., April 21, 2015 -- Mueller Industries, Inc. (NYSE: MLI) announced today that net income for the first quarter of 2015 was $22.0 million, or 39 cents per diluted share, compared with net income of $24.7 million, or 44 cents per diluted share, for the same period of 2014.

Net sales for the first quarter of 2015 were $537.2 million compared with $574.4 million for the same quarter of the prior year.  Despite unit volume increase of 3.6 percent over the same period in 2014, net sales decreased due primarily to lower copper costs that impacted the selling prices of the Company’s core products. Copper prices decreased 18 percent from the prior year averaging $2.66 per pound in the first quarter of 2015 compared with $3.24 per pound in the first quarter of 2014.

 
Financial and Operating Impacts/Highlights:
 
First quarter of 2014 operating income benefited from $4.5 million of unusual items.  There were no such items in the first quarter of 2015.
Our US Copper Tube and Fittings operations as well as our Port Huron Brass Mill were adversely impacted by the severe winter weather that lingered into March.  In addition to lost production days, roughly four days in the Copper operations and two days in the Brass operation, we also incurred higher than normal repair and maintenance costs due to the harsh weather.
On March 30, 2015 we acquired the stock of Turbotec Products, Inc., a company that specializes in heat transfer technologies, for $14.2 million.  This acquisition complements our HVACR growth strategy.
Ending cash for the period was $327 million or $5.74 per share and our current ratio remained strong at 4.2 to 1.


Regarding the outlook for 2015, Greg Christopher, CEO, said, “As we head into the second quarter, demand remains healthy as the economy continues its upward trend.  We expect to fully catch up production and service in the second quarter for the businesses hindered by the aforementioned weather related challenges.”



Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products.  Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China.  Mueller’s business is importantly linked to: (i) the construction of new homes; (ii) the improvement and reconditioning of existing homes and structures; and (iii) the commercial construction market which includes office buildings, factories, hotels, hospitals, etc.


 
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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 “pro forma,” “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” 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.
 
CONTACT: Jeffrey A. Martin, (901) 753-3226

 

 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

   
For the Quarter Ended
 
       
(In thousands, except per share data)
 
March 28, 2015
   
March 29, 2014
 
             
Net sales
 
$
537,242
   
$
574,374
 
                 
Cost of goods sold
   
460,834
     
495,777
 
Depreciation and amortization
   
7,853
     
8,107
 
Selling, general, and administrative expense
   
32,831
     
32,183
 
                 
     Operating income
   
35,724
     
38,307
 
                 
Interest expense
   
(2,076
)
   
(1,026
)
Other income, net
   
105
     
88
 
                 
     Income before income taxes
   
33,753
     
37,369
 
                 
Income tax expense
   
(11,413
)
   
(12,415
)
                 
     Consolidated net income
   
22,340
     
24,954
 
                 
Net income attributable to noncontrolling interest
   
(362
)
   
(248
)
                 
     Net income attributable to Mueller Industries, Inc.
 
$
21,978
   
$
24,706
 
                 
Weighted average shares for basic earnings per share
   
56,193
     
55,918
 
Effect of dilutive stock-based awards
   
731
     
853
 
                 
Adjusted weighted average shares for diluted earnings per share
   
56,924
     
56,771
 
                 
Basic earnings per share
 
$
0.39
   
$
0.44
 
                 
Diluted earnings per share
 
$
0.39
   
$
0.44
 
                 
Dividends per share
 
$
0.075
   
$
0.075
 
                 
Summary Segment Data:
               
Net sales:
               
   Plumbing & Refrigeration Segment
 
$
305,017
   
$
338,027
 
   OEM Segment
   
235,317
     
240,030
 
   Elimination of intersegment sales
   
(3,092
)
   
(3,683
)
                 
Net sales
 
$
537,242
   
$
574,374
 
                 
Operating income:
               
   Plumbing & Refrigeration Segment
 
$
19,491
   
$
23,885
 
   OEM Segment
   
22,548
     
21,286
 
   Unallocated expenses
   
(6,315
)
   
(6,864
)
                 
                 
Operating income
 
$
35,724
   
$
38,307
 
 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)


(In thousands)
 
March 28, 2015
   
December 27,  2014
 
             
ASSETS
           
Cash and cash equivalents
 
$
326,894
   
$
352,134
 
Accounts receivable, net
   
307,984
     
275,065
 
Inventories
   
246,395
     
256,585
 
Other current assets
   
59,858
     
57,429
 
                 
                 
     Total current assets
   
941,131
     
941,213
 
                 
Property, plant, and equipment, net
   
244,909
     
245,910
 
Other assets
   
138,790
     
140,973
 
                 
                 
   
$
1,324,830
   
$
1,328,096
 
                 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
           
Current portion of debt
 
$
31,676
   
$
36,194
 
Accounts payable
   
100,813
     
100,735
 
Other current liabilities
   
91,671
     
101,140
 
                 
                 
     Total current liabilities
   
224,160
     
238,069
 
                 
Long-term debt
   
205,000
     
205,250
 
Pension and postretirement liabilities
   
39,829
     
41,556
 
Environmental reserves
   
21,832
     
21,842
 
Deferred income taxes
   
23,100
     
24,556
 
Other noncurrent liabilities
   
3,107
     
1,389
 
                 
                 
     Total liabilities
   
517,028
     
532,662
 
                 
                 
Total Mueller Industries, Inc. stockholders’ equity
   
774,863
     
762,150
 
Noncontrolling interest
   
32,939
     
33,284
 
                 
                 
     Total equity
   
807,802
     
795,434
 
                 
                 
   
$
1,324,830
   
$
1,328,096
 


 

 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

   
For the Quarter Ended
 
       
 (In thousands)
 
March 28, 2015
   
March 29, 2014
 
             
         
Cash flows from operating activities
               
Consolidated net income
 
$
22,340
   
$
24,954
 
Reconciliation of consolidated net income to net cash provided by (used in) operating activities:
               
     Depreciation and amortization
   
8,015
     
8,165
 
     Stock-based compensation expense
   
1,349
     
1,194
 
     Loss (gain) on disposal of properties
   
1
     
(1,413
)
     Deferred income taxes
   
(570
)
   
(1,484
)
     Income tax benefit from exercise of stock options
   
(69
)
   
(156
)
     Changes in assets and liabilities, net of business acquired:
               
          Receivables
   
(36,692
)
   
(49,482
)
          Inventories
   
7,534
     
(10,055
)
          Other assets
   
9,257
     
(14,467
)
          Current liabilities
   
(7,389
)
   
(1,337
)
          Other liabilities
   
(131
)
   
(989
)
          Other, net
   
245
     
398
 
                 
                 
Net cash provided by (used in) operating activities
   
3,890
     
(44,672
)
                 
                 
Cash flows from investing activities
               
Business acquired
   
     
(30,137
)
Capital expenditures
   
(7,392
)
   
(9,199
)
Net (deposits into) withdrawals from restricted cash balances
   
(12,593
)
   
1,771
 
Proceeds from sale of assets
   
492
     
4,833
 
                 
                 
Net cash used in investing activities
   
(19,493
)
   
(32,732
)
                 
                 
Cash flows from financing activities
               
Dividends paid to stockholders of Mueller Industries, Inc.
   
(4,216
)
   
(4,196
)
Repayment of debt by joint venture, net
   
(3,817
)
   
(1,407
)
Repayment of long-term debt
   
(250
)
   
(250
)
Issuance of debt
   
     
4,373
 
Net cash received to settle stock-based awards
   
93
     
224
 
Income tax benefit from exercise of stock options
   
69
     
156
 
                 
                 
Net cash used in financing activities
   
(8,121
)
   
(1,100
)
                 
                 
Effect of exchange rate changes on cash
   
(1,516
)
   
179
 
                 
                 
Decrease in cash and cash equivalents
   
(25,240
)
   
(78,325
)
Cash and cash equivalents at the beginning of the period
   
352,134
     
311,800
 
                 
                 
Cash and cash equivalents at the end of the period
 
$
326,894
   
$
233,475
 
 
 
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