********************* | ||
| For the Quarter Ended | For the Year Ended | ||||||||||||||||||||||
| (In thousands, except per share data) | December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | |||||||||||||||||||
| Net sales | $ | 923,536 | $ | 732,377 | $ | 3,768,766 | $ | 3,420,345 | |||||||||||||||
| Cost of goods sold | 668,166 | 536,383 | 2,724,328 | 2,433,511 | |||||||||||||||||||
| Depreciation and amortization | 22,236 | 9,250 | 53,133 | 39,954 | |||||||||||||||||||
| Selling, general, and administrative expense | 64,703 | 51,184 | 226,696 | 208,172 | |||||||||||||||||||
| Gain on sale of businesses | — | — | — | (4,137) | |||||||||||||||||||
| Gain on sale of assets, net | (1,827) | — | (5,780) | — | |||||||||||||||||||
| Impairment charges | — | 324 | — | 6,258 | |||||||||||||||||||
| Gain on insurance settlement | — | — | — | (19,466) | |||||||||||||||||||
| Operating income | 170,258 | 135,236 | 770,389 | 756,053 | |||||||||||||||||||
| Interest expense | (75) | (713) | (410) | (1,221) | |||||||||||||||||||
| Interest income | 10,695 | 13,642 | 53,468 | 38,208 | |||||||||||||||||||
| Realized and unrealized gains on short-term investments | 385 | 21,503 | 914 | 41,865 | |||||||||||||||||||
| Gain on extinguishment of NMTC liability | 1,265 | 7,534 | 1,265 | 7,534 | |||||||||||||||||||
| Environmental (expense) income | (542) | 202 | (2,218) | (825) | |||||||||||||||||||
| Other (expense) income, net | (3,774) | 471 | (2,946) | 3,618 | |||||||||||||||||||
| Income before income taxes | 178,212 | 177,875 | 820,462 | 845,232 | |||||||||||||||||||
| Income tax expense | (45,670) | (46,440) | (205,076) | (220,762) | |||||||||||||||||||
| Income (loss) from unconsolidated affiliates, net of foreign tax | 8,061 | (12,139) | 2,156 | (14,821) | |||||||||||||||||||
| Consolidated net income | 140,603 | 119,296 | 617,542 | 609,649 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (2,951) | (58) | (12,663) | (6,752) | |||||||||||||||||||
| Net income attributable to Mueller Industries, Inc. | $ | 137,652 | $ | 119,238 | $ | 604,879 | $ | 602,897 | |||||||||||||||
| Weighted average shares for basic earnings per share | 111,545 | 111,556 | 111,385 | 111,420 | |||||||||||||||||||
| Effect of dilutive stock-based awards | 2,415 | 2,425 | 2,580 | 2,242 | |||||||||||||||||||
| Adjusted weighted average shares for diluted earnings per share | 113,960 | 113,981 | 113,965 | 113,662 | |||||||||||||||||||
| Basic earnings per share | $ | 1.23 | $ | 1.07 | $ | 5.43 | $ | 5.41 | |||||||||||||||
| Diluted earnings per share | $ | 1.21 | $ | 1.05 | $ | 5.31 | $ | 5.30 | |||||||||||||||
| Dividends per share | $ | 0.20 | $ | 0.15 | $ | 0.80 | $ | 0.60 | |||||||||||||||
| For the Quarter Ended | For the Year Ended | ||||||||||||||||||||||
| (In thousands) | December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | |||||||||||||||||||
| Summary Segment Data: | |||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| Piping Systems Segment | $ | 592,834 | $ | 513,938 | $ | 2,514,096 | $ | 2,382,573 | |||||||||||||||
| Industrial Metals Segment | 229,017 | 125,363 | 818,439 | 577,875 | |||||||||||||||||||
| Climate Segment | 112,622 | 103,933 | 488,446 | 500,790 | |||||||||||||||||||
| Elimination of intersegment sales | (10,937) | (10,857) | (52,215) | (40,893) | |||||||||||||||||||
| Net sales | $ | 923,536 | $ | 732,377 | $ | 3,768,766 | $ | 3,420,345 | |||||||||||||||
| Operating income: | |||||||||||||||||||||||
| Piping Systems Segment | $ | 148,912 | $ | 113,634 | $ | 617,451 | $ | 569,239 | |||||||||||||||
| Industrial Metals Segment | 14,399 | 14,972 | 92,560 | 76,379 | |||||||||||||||||||
| Climate Segment | 33,718 | 25,963 | 146,054 | 171,864 | |||||||||||||||||||
| Unallocated expenses | (26,771) | (19,333) | (85,676) | (61,429) | |||||||||||||||||||
| Operating income | $ | 170,258 | $ | 135,236 | $ | 770,389 | $ | 756,053 | |||||||||||||||
(In thousands) | December 28, 2024 | December 30, 2023 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 1,037,229 | $ | 1,170,893 | |||||||
| Short-term investments | 21,874 | 98,146 | |||||||||
Accounts receivable, net | 450,113 | 351,561 | |||||||||
| Inventories | 462,279 | 380,248 | |||||||||
Other current assets | 40,734 | 39,173 | |||||||||
| Total current assets | 2,012,229 | 2,040,021 | |||||||||
| Property, plant, and equipment, net | 515,131 | 385,165 | |||||||||
Operating lease right-of-use assets | 32,702 | 35,170 | |||||||||
Other assets | 730,844 | 298,945 | |||||||||
| $ | 3,290,906 | $ | 2,759,301 | ||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current portion of debt | $ | 1,094 | $ | 796 | |||||||
| Accounts payable | 173,743 | 120,485 | |||||||||
Current portion of operating lease liabilities | 8,117 | 7,893 | |||||||||
Other current liabilities | 215,033 | 187,964 | |||||||||
| Total current liabilities | 397,987 | 317,138 | |||||||||
| Long-term debt | — | 185 | |||||||||
| Pension and postretirement liabilities | 11,199 | 12,062 | |||||||||
| Environmental reserves | 15,423 | 15,030 | |||||||||
| Deferred income taxes | 25,742 | 19,134 | |||||||||
Noncurrent operating lease liabilities | 24,547 | 26,683 | |||||||||
Other noncurrent liabilities | 11,600 | 10,353 | |||||||||
Total liabilities | 486,498 | 400,585 | |||||||||
| Total Mueller Industries, Inc. stockholders’ equity | 2,773,165 | 2,337,445 | |||||||||
Noncontrolling interests | 31,243 | 21,271 | |||||||||
Total equity | 2,804,408 | 2,358,716 | |||||||||
| $ | 3,290,906 | $ | 2,759,301 | ||||||||
| For the Year Ended | |||||||||||
(In thousands) | December 28, 2024 | December 30, 2023 | |||||||||
| Cash flows from operating activities | |||||||||||
| Consolidated net income | $ | 617,542 | $ | 609,649 | |||||||
| Reconciliation of consolidated net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 53,376 | 40,824 | |||||||||
| Stock-based compensation expense | 26,787 | 23,131 | |||||||||
| Provision for doubtful accounts receivable | 1,147 | (84) | |||||||||
| (Income) loss from unconsolidated affiliates | (2,156) | 14,821 | |||||||||
| Dividends from unconsolidated affiliates | 4,769 | — | |||||||||
| Gain on sale of businesses | — | (4,137) | |||||||||
| Unrealized gain on short-term investments | (549) | (24,765) | |||||||||
| Gain on disposals of assets | (5,780) | (1) | |||||||||
| Insurance proceeds - noncapital related | 18,900 | 9,854 | |||||||||
| Gain on sale of securities | (365) | (17,100) | |||||||||
| Gain on insurance settlement | — | (19,466) | |||||||||
| Impairment charges | — | 6,258 | |||||||||
| Gain on extinguishment of NMTC liability | (1,265) | (7,534) | |||||||||
| Deferred income tax (benefit) expense | (867) | 4,790 | |||||||||
| Changes in assets and liabilities, net of effects of businesses acquired: | |||||||||||
| Receivables | (56,565) | 30,915 | |||||||||
| Inventories | (32,768) | 67,903 | |||||||||
| Other assets | (1,046) | (20,700) | |||||||||
| Current liabilities | 24,360 | (40,606) | |||||||||
| Other liabilities | (1,145) | (3,497) | |||||||||
| Other, net | 1,533 | 2,511 | |||||||||
| Net cash provided by operating activities | 645,908 | 672,766 | |||||||||
| Cash flows from investing activities | |||||||||||
| Proceeds from sale of assets, net of cash transferred | 12,005 | 279 | |||||||||
| Purchase of short-term investments | (21,325) | (106,231) | |||||||||
| Purchase of long-term investments | (6,785) | — | |||||||||
| Proceeds from the sale of securities | 98,465 | 55,454 | |||||||||
| Proceeds from the maturity of short-term investments | — | 217,863 | |||||||||
| Acquisition of businesses, net of cash acquired | (602,692) | — | |||||||||
| Capital expenditures | (80,203) | (54,025) | |||||||||
| Insurance proceeds - capital related | 6,100 | 24,646 | |||||||||
| Dividends from unconsolidated affiliates | — | 1,093 | |||||||||
| Issuance of notes receivable | (3,800) | — | |||||||||
| Investments in unconsolidated affiliates | (8,700) | (3,999) | |||||||||
| Net cash (used in) provided by investing activities | (606,935) | 135,080 | |||||||||
| For the Year Ended | |||||||||||
| (In thousands) | December 28, 2024 | December 30, 2023 | |||||||||
| Cash flows from financing activities | |||||||||||
| Dividends paid to stockholders of Mueller Industries, Inc. | (89,107) | (66,868) | |||||||||
| Dividends paid to noncontrolling interests | — | (9,312) | |||||||||
| Repayments of long-term debt | (222) | (241) | |||||||||
| Issuance (repayment) of debt by consolidated joint ventures, net | 397 | (30) | |||||||||
| Repurchase of common stock | (48,681) | (19,303) | |||||||||
| Net cash used to settle stock-based awards | (22,865) | (8,755) | |||||||||
| Net cash used in financing activities | (160,478) | (104,509) | |||||||||
| Effect of exchange rate changes on cash | (13,823) | 5,590 | |||||||||
| (Decrease) increase in cash, cash equivalents, and restricted cash | (135,328) | 708,927 | |||||||||
| Cash, cash equivalents, and restricted cash at the beginning of the year | 1,174,223 | 465,296 | |||||||||
| Cash, cash equivalents, and restricted cash at the end of the year | $ | 1,038,895 | $ | 1,174,223 | |||||||