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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