Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Mueller Industries, Inc. Reports Third Quarter 2024 Earnings By: Mueller Industries, Inc. via Business Wire October 22, 2024 at 07:00 AM EDT Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2024. Comparisons are to the third quarter of 2023. Net Sales of $997.8 million versus $819.8 million Operating Income of $206.7 million versus $181.0 million Earnings Before Taxes of $217.8 million versus $189.0 million Net Income of $168.7 million versus $132.7 million Diluted EPS of $1.48 versus $1.171 Third Quarter Financial and Operating Highlights: COMEX copper averaged $4.23 per pound during the quarter, 12.0% higher than in the third quarter of 2023. The increase in net sales was attributable to the inclusion of $102.4 million of sales from recently acquired businesses, as well as the higher copper prices. Selling, general, and administrative expenses increased primarily due to the inclusion of $3.9 million of operating costs from recently acquired businesses, as well as $2.7 million in transaction related expenses. Investments in unconsolidated affiliates contributed $3.2 million of income, as compared with a $2.4 million loss in the prior year period. Net cash generated from operations was $231.4 million. Our cash and short-term investments balance was $969.6 million at quarter end, and our current ratio remains strong at 4.9 to 1. Regarding the quarter performance, Greg Christopher, Mueller’s CEO said, “We continued to deliver very good results, and generated significant cash despite generally restrained business conditions during the quarter. We also made substantial progress toward integrating our two recently acquired businesses, which both contributed positively to our results.” He continued, “We anticipate that declining interest rates and moderating inflation, combined with the resolution of election related uncertainty, will create a more stable and favorable environment for us. We have an excellent portfolio of businesses serving essential markets; our operations are well capitalized; our balance sheet is strong; and we have proven capable of quickly adjusting and adapting as conditions require. As such, we remain well positioned to take advantage when conditions improve, and will continue to actively pursue new opportunities to expand and grow.” _____________________________ 1 Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023. Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East. ********************* 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. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Quarter Ended For the Nine Months Ended (In thousands, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Cost of goods sold 722,469 579,058 2,056,162 1,897,128 Depreciation and amortization 11,710 9,631 30,897 30,704 Selling, general, and administrative expense 59,619 48,295 161,993 156,988 Gain on sale of assets (2,667 ) — (3,953 ) — Gain on sale of business — (4,137 ) — (4,137 ) Asset impairments — 5,934 — 5,934 Gain on insurance settlement — — — (19,466 ) Operating income 206,700 181,011 600,131 620,817 Interest expense (113 ) (230 ) (335 ) (508 ) Interest income 11,145 10,599 42,773 24,566 Realized and unrealized gains (losses) on short-term investments 164 (2,368 ) 529 20,362 Other (expense) income, net (122 ) (47 ) (848 ) 2,120 Income before income taxes 217,774 188,965 642,250 667,357 Income tax expense (49,188 ) (50,843 ) (159,406 ) (174,322 ) Income (loss) from unconsolidated affiliates, net of foreign tax 3,197 (2,413 ) (5,905 ) (2,682 ) Consolidated net income 171,783 135,709 476,939 490,353 Net income attributable to noncontrolling interests (3,084 ) (3,000 ) (9,712 ) (6,694 ) Net income attributable to Mueller Industries, Inc. $ 168,699 $ 132,709 $ 467,227 $ 483,659 Weighted average shares for basic earnings per share (1) 111,363 111,416 111,332 111,374 Effect of dilutive stock-based awards (1) 2,412 2,452 2,635 2,182 Adjusted weighted average shares for diluted earnings per share (1) 113,775 113,868 113,967 113,556 Basic earnings per share (1) $ 1.51 $ 1.19 $ 4.20 $ 4.34 Diluted earnings per share (1) $ 1.48 $ 1.17 $ 4.10 $ 4.26 Dividends per share (1) $ 0.20 $ 0.15 $ 0.60 $ 0.45 (1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED (Unaudited) For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Summary Segment Data: Net sales: Piping Systems Segment $ 653,884 $ 568,151 $ 1,932,521 $ 1,868,635 Industrial Metals Segment 238,014 141,012 589,422 452,512 Climate Segment 128,482 119,949 375,824 396,857 Elimination of intersegment sales (22,549 ) (9,320 ) (52,537 ) (30,036 ) Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Operating income: Piping Systems Segment $ 163,601 $ 140,609 $ 468,539 $ 455,605 Industrial Metals Segment 24,197 16,221 78,161 61,407 Climate Segment 40,768 34,846 112,336 145,901 Unallocated income (expenses) (21,866 ) (10,665 ) (58,905 ) (42,096 ) Operating income $ 206,700 $ 181,011 $ 600,131 $ 620,817 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 28, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 965,116 $ 1,170,893 Short-term investments 4,449 98,146 Accounts receivable, net 500,617 351,561 Inventories 400,252 380,248 Other current assets 45,144 39,173 Total current assets 1,915,578 2,040,021 Property, plant, and equipment, net 506,234 385,165 Operating lease right-of-use assets 32,202 35,170 Other assets 752,118 298,945 Total assets $ 3,206,132 $ 2,759,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ 927 $ 796 Accounts payable 183,511 120,485 Current portion of operating lease liabilities 7,681 7,893 Other current liabilities 201,874 187,964 Total current liabilities 393,993 317,138 Long-term debt 19 185 Pension and postretirement liabilities 12,082 12,062 Environmental reserves 14,696 15,030 Deferred income taxes 24,663 19,134 Noncurrent operating lease liabilities 24,504 26,683 Other noncurrent liabilities 27,539 10,353 Total liabilities 497,496 400,585 Total Mueller Industries, Inc. stockholders’ equity 2,678,382 2,337,445 Noncontrolling interests 30,254 21,271 Total equity 2,708,636 2,358,716 Total liabilities and equity $ 3,206,132 $ 2,759,301 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 Cash flows from operating activities Consolidated net income $ 476,939 $ 490,353 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 31,140 31,053 Stock-based compensation expense 19,956 17,268 Provision for doubtful accounts receivable (262 ) (63 ) Loss from unconsolidated affiliates 5,905 2,682 Dividends from unconsolidated affiliates 4,130 — Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (3,953 ) (106 ) Gain on sale of business — (4,137 ) Unrealized gain on short-term investments (164 ) (18,449 ) Gain on sales of securities (365 ) — Impairment charges — 5,934 Gain on insurance settlement — (19,466 ) Deferred income tax expense 1,837 3,803 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (99,281 ) (36,855 ) Inventories 34,027 53,372 Other assets (3,175 ) (12,897 ) Current liabilities 25,303 (25,503 ) Other liabilities (2,467 ) (1,828 ) Other, net 1,217 3,475 Net cash provided by operating activities $ 505,787 $ 498,490 Cash flows from investing activities Capital expenditures $ (51,288 ) $ (39,469 ) Acquisition of businesses, net of cash acquired (602,692 ) — Investments in unconsolidated affiliates (8,700 ) (3,999 ) Insurance proceeds - capital related — 24,646 Purchase of short-term investments (4,285 ) (106,231 ) Purchase of long-term investments (7,976 ) — Proceeds from the maturity of short-term investments — 217,863 Proceeds from the sale of securities 98,465 — Issuance of notes receivable (3,800 ) — Proceeds from sales of properties 9,026 214 Dividends from unconsolidated affiliates — 1,093 Net cash (used in) provided by investing activities $ (571,250 ) $ 94,117 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (66,796 ) $ (50,133 ) Repurchase of common stock (48,681 ) (19,303 ) Repayments of debt (167 ) (185 ) Issuance (repayment) of debt by consolidated joint ventures, net 144 (265 ) Net cash used to settle stock-based awards (22,946 ) (9,113 ) Net cash used in financing activities $ (138,446 ) $ (78,999 ) Effect of exchange rate changes on cash (4,709 ) 2,312 (Decrease) increase in cash, cash equivalents, and restricted cash (208,618 ) 515,920 Cash, cash equivalents, and restricted cash at the beginning of the period 1,174,223 465,296 Cash, cash equivalents, and restricted cash at the end of the period $ 965,605 $ 981,216 View source version on businesswire.com: https://www.businesswire.com/news/home/20241021216721/en/Contacts Jeffrey A. Martin (901) 753-3226 Stock Quote API & Stock News API supplied by www.cloudquote.io Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Mueller Industries, Inc. Reports Third Quarter 2024 Earnings By: Mueller Industries, Inc. via Business Wire October 22, 2024 at 07:00 AM EDT Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2024. Comparisons are to the third quarter of 2023. Net Sales of $997.8 million versus $819.8 million Operating Income of $206.7 million versus $181.0 million Earnings Before Taxes of $217.8 million versus $189.0 million Net Income of $168.7 million versus $132.7 million Diluted EPS of $1.48 versus $1.171 Third Quarter Financial and Operating Highlights: COMEX copper averaged $4.23 per pound during the quarter, 12.0% higher than in the third quarter of 2023. The increase in net sales was attributable to the inclusion of $102.4 million of sales from recently acquired businesses, as well as the higher copper prices. Selling, general, and administrative expenses increased primarily due to the inclusion of $3.9 million of operating costs from recently acquired businesses, as well as $2.7 million in transaction related expenses. Investments in unconsolidated affiliates contributed $3.2 million of income, as compared with a $2.4 million loss in the prior year period. Net cash generated from operations was $231.4 million. Our cash and short-term investments balance was $969.6 million at quarter end, and our current ratio remains strong at 4.9 to 1. Regarding the quarter performance, Greg Christopher, Mueller’s CEO said, “We continued to deliver very good results, and generated significant cash despite generally restrained business conditions during the quarter. We also made substantial progress toward integrating our two recently acquired businesses, which both contributed positively to our results.” He continued, “We anticipate that declining interest rates and moderating inflation, combined with the resolution of election related uncertainty, will create a more stable and favorable environment for us. We have an excellent portfolio of businesses serving essential markets; our operations are well capitalized; our balance sheet is strong; and we have proven capable of quickly adjusting and adapting as conditions require. As such, we remain well positioned to take advantage when conditions improve, and will continue to actively pursue new opportunities to expand and grow.” _____________________________ 1 Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023. Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East. ********************* 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. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Quarter Ended For the Nine Months Ended (In thousands, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Cost of goods sold 722,469 579,058 2,056,162 1,897,128 Depreciation and amortization 11,710 9,631 30,897 30,704 Selling, general, and administrative expense 59,619 48,295 161,993 156,988 Gain on sale of assets (2,667 ) — (3,953 ) — Gain on sale of business — (4,137 ) — (4,137 ) Asset impairments — 5,934 — 5,934 Gain on insurance settlement — — — (19,466 ) Operating income 206,700 181,011 600,131 620,817 Interest expense (113 ) (230 ) (335 ) (508 ) Interest income 11,145 10,599 42,773 24,566 Realized and unrealized gains (losses) on short-term investments 164 (2,368 ) 529 20,362 Other (expense) income, net (122 ) (47 ) (848 ) 2,120 Income before income taxes 217,774 188,965 642,250 667,357 Income tax expense (49,188 ) (50,843 ) (159,406 ) (174,322 ) Income (loss) from unconsolidated affiliates, net of foreign tax 3,197 (2,413 ) (5,905 ) (2,682 ) Consolidated net income 171,783 135,709 476,939 490,353 Net income attributable to noncontrolling interests (3,084 ) (3,000 ) (9,712 ) (6,694 ) Net income attributable to Mueller Industries, Inc. $ 168,699 $ 132,709 $ 467,227 $ 483,659 Weighted average shares for basic earnings per share (1) 111,363 111,416 111,332 111,374 Effect of dilutive stock-based awards (1) 2,412 2,452 2,635 2,182 Adjusted weighted average shares for diluted earnings per share (1) 113,775 113,868 113,967 113,556 Basic earnings per share (1) $ 1.51 $ 1.19 $ 4.20 $ 4.34 Diluted earnings per share (1) $ 1.48 $ 1.17 $ 4.10 $ 4.26 Dividends per share (1) $ 0.20 $ 0.15 $ 0.60 $ 0.45 (1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED (Unaudited) For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Summary Segment Data: Net sales: Piping Systems Segment $ 653,884 $ 568,151 $ 1,932,521 $ 1,868,635 Industrial Metals Segment 238,014 141,012 589,422 452,512 Climate Segment 128,482 119,949 375,824 396,857 Elimination of intersegment sales (22,549 ) (9,320 ) (52,537 ) (30,036 ) Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Operating income: Piping Systems Segment $ 163,601 $ 140,609 $ 468,539 $ 455,605 Industrial Metals Segment 24,197 16,221 78,161 61,407 Climate Segment 40,768 34,846 112,336 145,901 Unallocated income (expenses) (21,866 ) (10,665 ) (58,905 ) (42,096 ) Operating income $ 206,700 $ 181,011 $ 600,131 $ 620,817 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 28, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 965,116 $ 1,170,893 Short-term investments 4,449 98,146 Accounts receivable, net 500,617 351,561 Inventories 400,252 380,248 Other current assets 45,144 39,173 Total current assets 1,915,578 2,040,021 Property, plant, and equipment, net 506,234 385,165 Operating lease right-of-use assets 32,202 35,170 Other assets 752,118 298,945 Total assets $ 3,206,132 $ 2,759,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ 927 $ 796 Accounts payable 183,511 120,485 Current portion of operating lease liabilities 7,681 7,893 Other current liabilities 201,874 187,964 Total current liabilities 393,993 317,138 Long-term debt 19 185 Pension and postretirement liabilities 12,082 12,062 Environmental reserves 14,696 15,030 Deferred income taxes 24,663 19,134 Noncurrent operating lease liabilities 24,504 26,683 Other noncurrent liabilities 27,539 10,353 Total liabilities 497,496 400,585 Total Mueller Industries, Inc. stockholders’ equity 2,678,382 2,337,445 Noncontrolling interests 30,254 21,271 Total equity 2,708,636 2,358,716 Total liabilities and equity $ 3,206,132 $ 2,759,301 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 Cash flows from operating activities Consolidated net income $ 476,939 $ 490,353 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 31,140 31,053 Stock-based compensation expense 19,956 17,268 Provision for doubtful accounts receivable (262 ) (63 ) Loss from unconsolidated affiliates 5,905 2,682 Dividends from unconsolidated affiliates 4,130 — Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (3,953 ) (106 ) Gain on sale of business — (4,137 ) Unrealized gain on short-term investments (164 ) (18,449 ) Gain on sales of securities (365 ) — Impairment charges — 5,934 Gain on insurance settlement — (19,466 ) Deferred income tax expense 1,837 3,803 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (99,281 ) (36,855 ) Inventories 34,027 53,372 Other assets (3,175 ) (12,897 ) Current liabilities 25,303 (25,503 ) Other liabilities (2,467 ) (1,828 ) Other, net 1,217 3,475 Net cash provided by operating activities $ 505,787 $ 498,490 Cash flows from investing activities Capital expenditures $ (51,288 ) $ (39,469 ) Acquisition of businesses, net of cash acquired (602,692 ) — Investments in unconsolidated affiliates (8,700 ) (3,999 ) Insurance proceeds - capital related — 24,646 Purchase of short-term investments (4,285 ) (106,231 ) Purchase of long-term investments (7,976 ) — Proceeds from the maturity of short-term investments — 217,863 Proceeds from the sale of securities 98,465 — Issuance of notes receivable (3,800 ) — Proceeds from sales of properties 9,026 214 Dividends from unconsolidated affiliates — 1,093 Net cash (used in) provided by investing activities $ (571,250 ) $ 94,117 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (66,796 ) $ (50,133 ) Repurchase of common stock (48,681 ) (19,303 ) Repayments of debt (167 ) (185 ) Issuance (repayment) of debt by consolidated joint ventures, net 144 (265 ) Net cash used to settle stock-based awards (22,946 ) (9,113 ) Net cash used in financing activities $ (138,446 ) $ (78,999 ) Effect of exchange rate changes on cash (4,709 ) 2,312 (Decrease) increase in cash, cash equivalents, and restricted cash (208,618 ) 515,920 Cash, cash equivalents, and restricted cash at the beginning of the period 1,174,223 465,296 Cash, cash equivalents, and restricted cash at the end of the period $ 965,605 $ 981,216 View source version on businesswire.com: https://www.businesswire.com/news/home/20241021216721/en/Contacts Jeffrey A. Martin (901) 753-3226
Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2024. Comparisons are to the third quarter of 2023. Net Sales of $997.8 million versus $819.8 million Operating Income of $206.7 million versus $181.0 million Earnings Before Taxes of $217.8 million versus $189.0 million Net Income of $168.7 million versus $132.7 million Diluted EPS of $1.48 versus $1.171 Third Quarter Financial and Operating Highlights: COMEX copper averaged $4.23 per pound during the quarter, 12.0% higher than in the third quarter of 2023. The increase in net sales was attributable to the inclusion of $102.4 million of sales from recently acquired businesses, as well as the higher copper prices. Selling, general, and administrative expenses increased primarily due to the inclusion of $3.9 million of operating costs from recently acquired businesses, as well as $2.7 million in transaction related expenses. Investments in unconsolidated affiliates contributed $3.2 million of income, as compared with a $2.4 million loss in the prior year period. Net cash generated from operations was $231.4 million. Our cash and short-term investments balance was $969.6 million at quarter end, and our current ratio remains strong at 4.9 to 1. Regarding the quarter performance, Greg Christopher, Mueller’s CEO said, “We continued to deliver very good results, and generated significant cash despite generally restrained business conditions during the quarter. We also made substantial progress toward integrating our two recently acquired businesses, which both contributed positively to our results.” He continued, “We anticipate that declining interest rates and moderating inflation, combined with the resolution of election related uncertainty, will create a more stable and favorable environment for us. We have an excellent portfolio of businesses serving essential markets; our operations are well capitalized; our balance sheet is strong; and we have proven capable of quickly adjusting and adapting as conditions require. As such, we remain well positioned to take advantage when conditions improve, and will continue to actively pursue new opportunities to expand and grow.” _____________________________ 1 Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023. Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East. ********************* 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. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Quarter Ended For the Nine Months Ended (In thousands, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Cost of goods sold 722,469 579,058 2,056,162 1,897,128 Depreciation and amortization 11,710 9,631 30,897 30,704 Selling, general, and administrative expense 59,619 48,295 161,993 156,988 Gain on sale of assets (2,667 ) — (3,953 ) — Gain on sale of business — (4,137 ) — (4,137 ) Asset impairments — 5,934 — 5,934 Gain on insurance settlement — — — (19,466 ) Operating income 206,700 181,011 600,131 620,817 Interest expense (113 ) (230 ) (335 ) (508 ) Interest income 11,145 10,599 42,773 24,566 Realized and unrealized gains (losses) on short-term investments 164 (2,368 ) 529 20,362 Other (expense) income, net (122 ) (47 ) (848 ) 2,120 Income before income taxes 217,774 188,965 642,250 667,357 Income tax expense (49,188 ) (50,843 ) (159,406 ) (174,322 ) Income (loss) from unconsolidated affiliates, net of foreign tax 3,197 (2,413 ) (5,905 ) (2,682 ) Consolidated net income 171,783 135,709 476,939 490,353 Net income attributable to noncontrolling interests (3,084 ) (3,000 ) (9,712 ) (6,694 ) Net income attributable to Mueller Industries, Inc. $ 168,699 $ 132,709 $ 467,227 $ 483,659 Weighted average shares for basic earnings per share (1) 111,363 111,416 111,332 111,374 Effect of dilutive stock-based awards (1) 2,412 2,452 2,635 2,182 Adjusted weighted average shares for diluted earnings per share (1) 113,775 113,868 113,967 113,556 Basic earnings per share (1) $ 1.51 $ 1.19 $ 4.20 $ 4.34 Diluted earnings per share (1) $ 1.48 $ 1.17 $ 4.10 $ 4.26 Dividends per share (1) $ 0.20 $ 0.15 $ 0.60 $ 0.45 (1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED (Unaudited) For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Summary Segment Data: Net sales: Piping Systems Segment $ 653,884 $ 568,151 $ 1,932,521 $ 1,868,635 Industrial Metals Segment 238,014 141,012 589,422 452,512 Climate Segment 128,482 119,949 375,824 396,857 Elimination of intersegment sales (22,549 ) (9,320 ) (52,537 ) (30,036 ) Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Operating income: Piping Systems Segment $ 163,601 $ 140,609 $ 468,539 $ 455,605 Industrial Metals Segment 24,197 16,221 78,161 61,407 Climate Segment 40,768 34,846 112,336 145,901 Unallocated income (expenses) (21,866 ) (10,665 ) (58,905 ) (42,096 ) Operating income $ 206,700 $ 181,011 $ 600,131 $ 620,817 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 28, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 965,116 $ 1,170,893 Short-term investments 4,449 98,146 Accounts receivable, net 500,617 351,561 Inventories 400,252 380,248 Other current assets 45,144 39,173 Total current assets 1,915,578 2,040,021 Property, plant, and equipment, net 506,234 385,165 Operating lease right-of-use assets 32,202 35,170 Other assets 752,118 298,945 Total assets $ 3,206,132 $ 2,759,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ 927 $ 796 Accounts payable 183,511 120,485 Current portion of operating lease liabilities 7,681 7,893 Other current liabilities 201,874 187,964 Total current liabilities 393,993 317,138 Long-term debt 19 185 Pension and postretirement liabilities 12,082 12,062 Environmental reserves 14,696 15,030 Deferred income taxes 24,663 19,134 Noncurrent operating lease liabilities 24,504 26,683 Other noncurrent liabilities 27,539 10,353 Total liabilities 497,496 400,585 Total Mueller Industries, Inc. stockholders’ equity 2,678,382 2,337,445 Noncontrolling interests 30,254 21,271 Total equity 2,708,636 2,358,716 Total liabilities and equity $ 3,206,132 $ 2,759,301 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 Cash flows from operating activities Consolidated net income $ 476,939 $ 490,353 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 31,140 31,053 Stock-based compensation expense 19,956 17,268 Provision for doubtful accounts receivable (262 ) (63 ) Loss from unconsolidated affiliates 5,905 2,682 Dividends from unconsolidated affiliates 4,130 — Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (3,953 ) (106 ) Gain on sale of business — (4,137 ) Unrealized gain on short-term investments (164 ) (18,449 ) Gain on sales of securities (365 ) — Impairment charges — 5,934 Gain on insurance settlement — (19,466 ) Deferred income tax expense 1,837 3,803 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (99,281 ) (36,855 ) Inventories 34,027 53,372 Other assets (3,175 ) (12,897 ) Current liabilities 25,303 (25,503 ) Other liabilities (2,467 ) (1,828 ) Other, net 1,217 3,475 Net cash provided by operating activities $ 505,787 $ 498,490 Cash flows from investing activities Capital expenditures $ (51,288 ) $ (39,469 ) Acquisition of businesses, net of cash acquired (602,692 ) — Investments in unconsolidated affiliates (8,700 ) (3,999 ) Insurance proceeds - capital related — 24,646 Purchase of short-term investments (4,285 ) (106,231 ) Purchase of long-term investments (7,976 ) — Proceeds from the maturity of short-term investments — 217,863 Proceeds from the sale of securities 98,465 — Issuance of notes receivable (3,800 ) — Proceeds from sales of properties 9,026 214 Dividends from unconsolidated affiliates — 1,093 Net cash (used in) provided by investing activities $ (571,250 ) $ 94,117 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended (In thousands) September 28, 2024 September 30, 2023 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (66,796 ) $ (50,133 ) Repurchase of common stock (48,681 ) (19,303 ) Repayments of debt (167 ) (185 ) Issuance (repayment) of debt by consolidated joint ventures, net 144 (265 ) Net cash used to settle stock-based awards (22,946 ) (9,113 ) Net cash used in financing activities $ (138,446 ) $ (78,999 ) Effect of exchange rate changes on cash (4,709 ) 2,312 (Decrease) increase in cash, cash equivalents, and restricted cash (208,618 ) 515,920 Cash, cash equivalents, and restricted cash at the beginning of the period 1,174,223 465,296 Cash, cash equivalents, and restricted cash at the end of the period $ 965,605 $ 981,216 View source version on businesswire.com: https://www.businesswire.com/news/home/20241021216721/en/
