Exhibit 99.1



Mueller Industries, Inc. Reports First Quarter 2016 Results

MEMPHIS, Tenn., April 26, 2016 -- Mueller Industries, Inc. (NYSE: MLI) announced that net income for the first quarter of 2016 was $28.6 million, or 50 cents per diluted share, compared with net income of $22.0 million, or 39 cents per diluted share, for the same period of 2015.

Revenues for the first quarter of 2016 were $532.8 million compared with $537.2 million for the same quarter last year.  Revenue related to higher unit volume was muted by a decline of approximately $75.2 million in overall selling prices.


Financial and Operating Highlights for the first quarter of 2016:

·
Copper prices were down approximately 21% in the first quarter versus the same period last year, resulting in the lower selling prices.
·
The first quarter of 2016 comprised four more work days than the first quarter of 2015.
·
Included in the results is $2.9 million of net income from Tecumseh Products Co., an unconsolidated affiliate, which includes effects from purchase accounting.
·
Ending cash for the period was $270 million or $4.73 per share and our current ratio remains strong at 4.1 to 1.


Greg Christopher, CEO, said "Business conditions remain consistent with what we saw at the end of 2015 and our view of the future remains steady."

In addition, he commented, "Today, we expect to close on our announced agreement to acquire a 60 percent equity interest in Jungwoo Metal Ind. Co., Ltd, a manufacturer of copper-based joining products. We are pleased to bring this transaction to close, and excited to begin working together."



Mueller Industries, Inc. is an industrial manufacturer that specializes in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics.  It is headquartered in Memphis, Tennessee and comprises a network of operations in the United States, Canada, Mexico, Great Britain, and China.  Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR related piping systems, as well as rod, forgings, extrusions, and various components for OEM applications.  Products are distributed into sectors such as building construction, appliance, defense, energy, and automotive.
 
 
 

 
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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 "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.

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)
 
April 2, 2016
   
March 28, 2015
 
             
Net sales
 
$
532,809
   
$
537,242
 
 
               
Cost of goods sold
   
446,642
     
460,834
 
Depreciation and amortization
   
8,920
     
7,853
 
Selling, general, and administrative expense
   
35,780
     
32,831
 
 
               
     Operating income
   
41,467
     
35,724
 
 
               
Interest expense
   
(1,848
)
   
(2,076
)
Other income, net
   
245
     
105
 
 
               
     Income before income taxes
   
39,864
     
33,753
 
 
               
Income tax expense
   
(14,121
)
   
(11,413
)
Income from unconsolidated affiliate, net of tax
   
2,922
     
 
 
               
     Consolidated net income
   
28,665
     
22,340
 
 
               
Net income attributable to noncontrolling interest
   
(35
)
   
(362
)
 
               
     Net income attributable to Mueller Industries, Inc.
 
$
28,630
   
$
21,978
 
                 
Weighted average shares for basic earnings per share
   
56,467
     
56,193
 
Effect of dilutive stock-based awards
   
495
     
731
 
 
               
Adjusted weighted average shares for diluted earnings per share
   
56,962
     
56,924
 
 
               
Basic earnings per share
 
$
0.51
   
$
0.39
 
 
               
Diluted earnings per share
 
$
0.50
   
$
0.39
 
 
               
Dividends per share
 
$
0.075
   
$
0.075
 
 
               
Summary Segment Data:
               
Net sales:
               
   Piping Systems Segment
 
$
368,890
   
$
361,482
 
   Industrial Metals Segment
   
134,521
     
151,036
 
   Climate Segment
   
30,706
     
25,811
 
   Elimination of intersegment sales
   
(1,308
)
   
(1,087
)
 
               
Net sales
 
$
532,809
   
$
537,242
 
 
               
Operating income:
               
   Piping Systems Segment
 
$
31,159
   
$
26,259
 
   Industrial Metals Segment
   
19,912
     
18,959
 
   Climate Segment
   
3,879
     
2,265
 
   Unallocated expenses
   
(13,483
)
   
(11,759
)
 
               
Operating income
 
$
41,467
   
$
35,724
 
 
 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)
April 2, 2016
 
December 26,
2015
 
ASSETS
       
Cash and cash equivalents
 
$
270,149
   
$
274,844
 
Accounts receivable, net
   
275,881
     
251,571
 
Inventories
   
240,608
     
239,378
 
Other current assets
   
34,123
     
34,608
 
 
               
     Total current assets
   
820,761
     
800,401
 
 
               
Property, plant, and equipment, net
   
278,481
     
280,224
 
Other assets
   
261,778
     
258,176
 
 
               
     Total assets
 
$
1,361,020
   
$
1,338,801
 
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
           
Current portion of debt
 
$
4,583
   
$
11,760
 
Accounts payable
   
98,324
     
88,051
 
Other current liabilities
   
99,701
     
109,618
 
 
               
     Total current liabilities
   
202,608
     
209,429
 
 
               
Long-term debt
   
206,000
     
204,250
 
Pension and postretirement liabilities
   
33,715
     
34,876
 
Environmental reserves
   
20,932
     
20,943
 
Deferred income taxes
   
8,310
     
7,161
 
Other noncurrent liabilities
   
2,973
     
2,440
 
 
               
     Total liabilities
   
474,538
     
479,099
 
 
               
Total Mueller Industries, Inc. stockholders' equity
   
854,804
     
827,285
 
Noncontrolling interest
   
31,678
     
32,417
 
 
               
     Total equity
   
886,482
     
859,702
 
 
               
 
 
$
1,361,020
   
$
1,338,801
 
 
               
   

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

 
 
For the Quarter Ended
 
 (In thousands)
 
April 2, 2016
   
March 28, 2015
 
 
     
Cash flows from operating activities
           
Consolidated net income
 
$
28,665
   
$
22,340
 
Reconciliation of consolidated net income to net cash provided by operating activities:
               
     Depreciation and amortization
   
9,011
     
8,015
 
     Equity in earnings of unconsolidated affiliate
   
(2,922
)
   
 
     Stock-based compensation expense
   
1,236
     
1,349
 
     (Gain) loss on disposal of properties
   
(23
)
   
1
 
     Deferred income taxes
   
1,895
     
(570
)
     Income tax benefit from exercise of stock options
   
(96
)
   
(69
)
     Changes in assets and liabilities, net of business acquired:
               
          Receivables
   
(25,089
)
   
(36,692
)
          Inventories
   
(1,631
)
   
7,534
 
          Other assets
   
(370
)
   
9,257
 
          Current liabilities
   
655
     
(7,389
)
          Other liabilities
   
(704
)
   
(131
)
          Other, net
   
(291
)
   
245
 
 
               
Net cash provided by operating activities
   
10,336
     
3,890
 
 
               
Cash flows from investing activities
               
Capital expenditures
   
(5,892
)
   
(7,392
)
Net withdrawals from (deposits into) restricted cash balances
   
84
     
(12,593
)
Proceeds from sale of assets
   
1
     
492
 
 
               
Net cash used in investing activities
   
(5,807
)
   
(19,493
)
 
               
Cash flows from financing activities
               
Dividends paid to stockholders of Mueller Industries, Inc.
   
(4,236
)
   
(4,216
)
Repayment of debt by joint venture, net
   
(7,024
)
   
(3,817
)
Repayment of long-term debt
   
(250
)
   
(250
)
Issuance of long-term debt
   
2,000
     
 
Net cash received to settle stock-based awards
   
361
     
93
 
Income tax benefit from exercise of stock options
   
96
     
69
 
 
               
Net cash used in financing activities
   
(9,053
)
   
(8,121
)
 
               
Effect of exchange rate changes on cash
   
(171
)
   
(1,516
)
 
               
Decrease in cash and cash equivalents
   
(4,695
)
   
(25,240
)
Cash and cash equivalents at the beginning of the period
   
274,844
     
352,134
 
 
               
Cash and cash equivalents at the end of the period
 
$
270,149
   
$
326,894
 

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