Exhibit 99.1
 
Mueller Industries, Inc. Reports Second Quarter 2016 Earnings

MEMPHIS, Tenn., July 26, 2016 -- Mueller Industries, Inc. (NYSE: MLI) announced today net income of $27.8 million, or 49 cents per diluted share, for the second quarter of 2016.  In the second quarter of 2015, the Company reported net income of $33.7 million, or 59 cents per diluted share which included $6.7 million, or 12 cents per diluted share, in unusual gains.

Net sales for the second quarter of 2016 were $544.1 million compared with $555.6 million for the same quarter of the prior year.  Overall unit volume rose over the same period in 2015, but lower selling prices as a result of lower copper prices reduced overall net sales.  The average price of copper was $2.13 per pound in the second quarter of 2016 compared with $2.77 per pound in the second quarter of 2015.
Acquired businesses have performed well in 2016 and contributed favorably to the second quarter 2016 earnings.  The earnings benefit from acquired businesses was muted by margin compression at the U.S. copper tube, copper fittings and brass rod businesses.  These businesses were impacted by elevated premiums to secure copper cathode and by contracted discounts and availability of copper and brass scrap.

Financial and Related Highlights:
-
The second quarter of 2015 included a pre-tax gain on the sale of assets of $15.4 million, offset by severance charges of $3.4 million, before tax, related to the rationalization of the U.K. copper tube business.
-
The second quarter of 2016 results included a $995 thousand net loss from Tecumseh Products Co., an unconsolidated affiliate.
-
Cash ended the period at $283.2 million, debt to total capitalization ratio was 20.0 percent and the current ratio was 4.0 to 1.

Regarding the outlook Greg Christopher, Mueller CEO, said, "In the U.S., construction activity continues at a steady pace in both the residential and non-residential sectors. Orders for our construction related products in North America are solid and we look forward to moving beyond production constraints related to our ongoing piping products plant modernization programs."

He adds, "Activity in the U.S. industrial sector remains soft and China continues to be challenging. These factors have impacted our respective businesses and we look forward to their eventual rebound."

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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, South Korea, 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.

*********************

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
    
For the Six Months Ended
  
(In thousands, except per share data)
  
July 2,
2016
    
June 27,
2015
    
July 2,
2016
    
June 27,
2015
  
 
                        
Net sales
  
$
544,071
    
$
555,593
    
$
1,076,880
    
$
1,092,835
  
 
                                
Cost of goods sold
    
456,060
      
470,365
      
902,702
      
931,199
  
Depreciation and amortization
    
9,061
      
8,188
      
17,981
      
16,041
  
Selling, general, and administrative expense
    
34,514
      
33,420
      
70,294
      
66,251
  
Gain on sale of assets
    
—
      
(15,376
)
    
—
      
(15,376
)
Severance
    
—
      
3,442
      
—
      
3,442
  
 
                                
Operating income
    
44,436
      
55,554
      
85,903
      
91,278
  
Interest expense
    
(1,692
)
    
(2,219
)
    
(3,540
)
    
(4,295
)
Other income, net
    
515
      
265
      
760
      
370
  
 
                                
Income before income taxes
    
43,259
      
53,600
      
83,123
      
87,353
  
Income tax expense
    
(14,005
)
    
(19,738
)
    
(28,126
)
    
(31,151
)
Income (loss) from unconsolidated affiliates, net of tax
    
(995
)
    
—
      
1,927
      
—
  
 
                                
Consolidated net income
    
28,259
      
33,862
      
56,924
      
56,202
  
Net income attributable to noncontrolling interests
    
(462
)
    
(211
)
    
(497
)
    
(573
)
 
                                
Net income attributable to Mueller Industries, Inc.
  
$
27,797
    
$
33,651
    
$
56,427
    
$
55,629
  
 
                                
Weighted average shares for basic earnings per share
    
56,511
      
56,247
      
56,489
      
56,220
  
Effect of dilutive stock-based awards
    
418
      
743
      
456
      
737
  
 
                                
Adjusted weighted average shares for diluted earnings per share
    
56,929
      
56,990
      
56,945
      
56,957
  
 
                                
Basic earnings per share
  
$
0.49
    
$
0.60
    
$
1.00
    
$
0.99
  
 
                                
Diluted earnings per share
  
$
0.49
    
$
0.59
    
$
0.99
    
$
0.98
  
 
                                
Dividends per share
  
$
0.100
    
$
0.075
    
$
0.175
    
$
0.150
  
 
                                
Summary Segment Data:
                                
 
                                
Net sales:
                                
Piping Systems Segment
  
$
388,662
    
$
379,750
    
$
757,552
    
$
741,232
  
Industrial Metals Segment
    
127,737
      
145,228
      
262,258
      
296,264
  
Climate Segment
    
31,359
      
31,498
      
62,065
      
57,309
  
Elimination of intersegment sales
    
(3,687
)
    
(883
)
    
(4,995
)
    
(1,970
)
 
                                
Net sales
  
$
544,071
    
$
555,593
    
$
1,076,880
    
$
1,092,835
  
 
                                
Operating income:
                                
Piping Systems Segment
  
$
32,959
    
$
43,235
    
$
64,118
    
$
69,494
  
Industrial Metals Segment
    
17,124
      
20,475
      
37,036
      
39,434
  
Climate Segment
    
5,837
      
4,250
      
9,716
      
6,515
  
Unallocated expenses
    
(11,484
)
    
(12,406
)
    
(24,967
)
    
(24,165
)
 
                                
Operating income
  
$
44,436
    
$
55,554
    
$
85,903
    
$
91,278
  
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
(In thousands)
  
July 2,
2016
    
December 26,
 2015
  
ASSETS
            
Cash and cash equivalents
  
$
283,161
    
$
274,844
  
Accounts receivable, net
    
305,332
      
251,571
  
Inventories
    
249,954
      
239,378
  
Other current assets
    
27,276
      
34,608
  
 
                
Total current assets
    
865,723
      
800,401
  
 
                
Property, plant, and equipment, net
    
297,939
      
280,224
  
Other assets
    
256,813
      
258,176
  
 
                
 
  
$
1,420,475
    
$
1,338,801
  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
                
Current portion of debt
  
$
16,226
    
$
11,760
  
Accounts payable
    
105,138
      
88,051
  
Other current liabilities
    
96,586
      
109,618
  
 
                
Total current liabilities
    
217,950
      
209,429
  
 
                
Long-term debt
    
213,646
      
204,250
  
Pension and postretirement liabilities
    
32,703
      
34,876
  
Environmental reserves
    
20,830
      
20,943
  
Deferred income taxes
    
13,644
      
7,161
  
Other noncurrent liabilities
    
2,930
      
2,440
  
 
                
Total liabilities
    
501,703
      
479,099
  
 
                
Total Mueller Industries, Inc. stockholders' equity
    
872,655
      
827,285
  
Noncontrolling interests
    
46,117
      
32,417
  
 
                
Total equity
    
918,772
      
859,702
  
 
                
 
  
$
1,420,475
    
$
1,338,801
  
 
                
 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
  
For the Six Months Ended
  
 (In thousands)
  
July 2,
2016
    
June 27,
2015
  
 
      
Cash flows from operating activities
            
Consolidated net income
  
$
56,924
    
$
56,202
  
Reconciliation of consolidated net income to net cash provided by operating activities:
                
Depreciation and amortization
    
18,162
      
16,293
  
Equity in earnings of unconsolidated affiliates
    
(1,927
)
    
—
  
Stock-based compensation expense
    
2,874
      
2,966
  
Gain on disposal of assets
    
(555
)
    
(15,392
)
Impairment charges
    
—
      
570
  
Deferred income taxes
    
3,548
      
(1,445
)
Income tax benefit from exercise of stock options
    
(186
)
    
(146
)
Changes in assets and liabilities, net of businesses acquired
                
Receivables
    
(52,334
)
    
(24,304
)
Inventories
    
1,176
      
(5,252
)
Other assets
    
17,009
      
6,963
  
Current liabilities
    
(1,314
)
    
(19,629
)
Other liabilities
    
(1,440
)
    
(415
)
Other, net
    
(72
)
    
739
  
 
                
Net cash provided by operating activities
    
41,865
      
17,150
  
 
                
Cash flows from investing activities
                
Capital expenditures
    
(10,248
)
    
(15,969
)
Businesses acquired, net of cash acquired
    
(20,533
)
    
(35,978
)
Net withdrawals from restricted cash balances
    
1,508
      
3,486
  
Proceeds from the sale of assets
    
1,482
      
5,518
  
 
                
Net cash used in investing activities
    
(27,791
)
    
(42,943
)
 
                
Cash flows from financing activities
                
Repayments of long-term debt
    
(500
)
    
(500
)
Dividends paid to stockholders of Mueller Industries, Inc.
    
(9,887
)
    
(8,435
)
Issuance of debt
    
2,000
      
—
  
Issuance (repayment) of debt by joint ventures, net
    
4,426
      
(17,750
)
Net cash received to settle stock-based awards
    
326
      
125
  
Income tax benefit from exercise of stock options
    
186
      
146
  
 
                
Net cash used in financing activities
    
(3,449
)
    
(26,414
)
 
                
Effect of exchange rate changes on cash
    
(2,308
)
    
(780
)
 
                
Increase (decrease) in cash and cash equivalents
    
8,317
      
(52,987
)
Cash and cash equivalents at the beginning of the period
    
274,844
      
352,134
  
 
                
Cash and cash equivalents at the end of the period
  
$
283,161
    
$
299,147
  
 
                
 
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MUELLER INDUSTRIES, INC.
Reconciliation of Net Income as Reported to Pro forma without Unusual Items
(Unaudited)

Earnings attributable to normal operations without the gain on sale of assets and severance is a measurement not derived in accordance with generally accepted accounting principles (GAAP).  Excluding these items is useful as it measures the operating results that are the outcome of daily operating decisions made in the normal course of business.  Reconciliation of earnings attributable to normal operations without these items to net income as reported is as follows:

 
  
For the Quarter Ended June 27, 2015
  
 
        
Impact of
        
(In thousands, except per share data)
  
As Reported
    
Yorkshire Copper Tube
Severance
    
Gain on
Sale of Assets
    
Pro forma
  
Operating income
  
$
55,554
    
$
3,442
    
$
(15,376
)
  
$
43,620
  
 
                                
Interest expense
    
(2,219
)
    
—
      
—
      
(2,219
)
Other income, net
    
265
      
—
      
—
      
265
  
 
                                
Income before income taxes
    
53,600
      
3,442
      
(15,376
)
    
41,666
  
Income tax expense
    
(19,738
)
    
(697
)
    
5,905
      
(14,530
)
 
                                
Consolidated net income
    
33,862
      
2,745
      
(9,471
)
    
27,136
  
Net income attributable to non-controlling interest
    
(211
)
    
—
      
—
      
(211
)
 
                                
Net income attributable to Mueller Industries, Inc.
  
$
33,651
    
$
2,745
    
$
(9,471
)
  
$
26,925
  
 
                                
Diluted earnings per share
  
$
0.59
    
$
0.05
    
$
(0.17
)
  
$
0.47
  




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