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 Second Quarter 2024 Earnings By: Mueller Industries, Inc. via Business Wire July 23, 2024 at 07:00 AM EDT Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2024. Comparisons are to the second quarter of 2023. Net Sales of $997.7 million versus $897.0 million Operating Income of $210.0 million versus $210.7 million Earnings Before Taxes of $222.9 million versus $241.0 million Net Income of $160.2 million versus $177.7 million Diluted EPS of $1.41 versus $1.561 Second Quarter Financial and Operating Highlights: COMEX copper averaged $4.55 per pound during the quarter, 18.4% higher than in the second quarter of 2023. The increase in net sales was attributable to higher unit shipments in most of our businesses, price increases tied to higher copper prices, and the inclusion of one month of reported sales for our recently acquired Nehring business. In 2023, we reported an insurance settlement gain of $19.5 million related to the August 2022 fire at our Westermeyer facility. Adjusting for this gain, our quarterly operating income performance improved by 9.8% over the prior year period. Net cash generated from operations was $100.8 million, and our cash balance was $825.7 million at quarter end. Cash deployed during the quarter included $566.6 million for acquisitions and $15.1 million in stock repurchases. Our current ratio remains solid at 4.7 to 1. Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses continue to perform well despite persistent heightened inflation and restrained construction activity. We maintain a positive long-term outlook for our business. Our internal investments are paying off, and we expect they will yield even greater benefits as market conditions improve. Moreover, our acquisition of Nehring Electrical Works, which we completed during the quarter, provides a substantial platform for expansion in the energy infrastructure space.” _____________________________ 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, 2023.1 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 Six Months Ended (In thousands, except per share data) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 997,745 $ 896,984 $ 1,847,399 $ 1,868,176 Cost of goods sold 724,990 639,272 1,333,693 1,318,070 Depreciation and amortization 10,018 10,416 19,187 21,073 Selling, general, and administrative expense 52,731 56,062 101,088 108,693 Gain on insurance settlement — (19,466 ) — (19,466 ) Operating income 210,006 210,700 393,431 439,806 Interest expense (107 ) (135 ) (222 ) (278 ) Interest income 14,383 7,732 31,628 13,967 Realized and unrealized gains on short-term investments — 20,820 365 22,730 Other (expense) income, net (1,356 ) 1,841 (726 ) 2,167 Income before income taxes 222,926 240,958 424,476 478,392 Income tax expense (58,384 ) (62,122 ) (110,218 ) (123,479 ) (Loss) income from unconsolidated affiliates, net of foreign tax (1,095 ) 715 (9,102 ) (269 ) Consolidated net income 163,447 179,551 305,156 354,644 Net income attributable to noncontrolling interests (3,282 ) (1,840 ) (6,628 ) (3,694 ) Net income attributable to Mueller Industries, Inc. $ 160,165 $ 177,711 $ 298,528 $ 350,950 Weighted average shares for basic earnings per share (1) 111,216 111,320 111,316 111,354 Effect of dilutive stock-based awards (1) 2,763 2,680 2,746 2,046 Adjusted weighted average shares for diluted earnings per share (1) 113,979 114,000 114,062 113,400 Basic earnings per share (1) $ 1.44 $ 1.60 $ 2.68 $ 3.15 Diluted earnings per share (1) $ 1.41 $ 1.56 $ 2.62 $ 3.09 Dividends per share (1) $ 0.20 $ 0.15 $ 0.40 $ 0.30 (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 Six Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Summary Segment Data: Net sales: Piping Systems Segment $ 688,469 $ 638,005 $ 1,278,637 $ 1,300,484 Industrial Metals Segment 195,341 146,266 351,408 311,500 Climate Segment 130,532 123,954 247,342 276,908 Elimination of intersegment sales (16,597 ) (11,241 ) (29,988 ) (20,716 ) Net sales $ 997,745 $ 896,984 $ 1,847,399 $ 1,868,176 Operating income: Piping Systems Segment $ 162,258 $ 151,142 $ 304,938 $ 314,996 Industrial Metals Segment 29,693 17,971 53,964 45,186 Climate Segment 38,993 57,067 71,568 111,055 Unallocated income (expenses) (20,938 ) (15,480 ) (37,039 ) (31,431 ) Operating income $ 210,006 $ 210,700 $ 393,431 $ 439,806 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 29, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 825,655 $ 1,170,893 Short-term investments — 98,146 Accounts receivable, net 522,572 351,561 Inventories 406,217 380,248 Other current assets 50,347 39,173 Total current assets 1,804,791 2,040,021 Property, plant, and equipment, net 471,443 385,165 Operating lease right-of-use assets 34,534 35,170 Other assets 755,417 298,945 Total assets $ 3,066,185 $ 2,759,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ 785 $ 796 Accounts payable 198,537 120,485 Current portion of operating lease liabilities 8,000 7,893 Other current liabilities 179,906 187,964 Total current liabilities 387,228 317,138 Long-term debt 74 185 Pension and postretirement liabilities 11,696 12,062 Environmental reserves 14,808 15,030 Deferred income taxes 20,023 19,134 Noncurrent operating lease liabilities 26,330 26,683 Other noncurrent liabilities 33,168 10,353 Total liabilities 493,327 400,585 Total Mueller Industries, Inc. stockholders’ equity 2,546,103 2,337,445 Noncontrolling interests 26,755 21,271 Total equity 2,572,858 2,358,716 Total liabilities and equity $ 3,066,185 $ 2,759,301 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 29, 2024 July 1, 2023 Cash flows from operating activities Consolidated net income $ 305,156 $ 354,644 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 19,349 21,252 Stock-based compensation expense 13,476 12,459 Provision for doubtful accounts receivable (67 ) (80 ) Loss from unconsolidated affiliates 9,102 269 Dividends from unconsolidated affiliates 3,541 — Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (1,286 ) (141 ) Unrealized gain on short-term investments — (20,820 ) Gain on sales of securities (365 ) — Gain on insurance settlement — (19,466 ) Deferred income tax (benefit) expense (1,509 ) 2,406 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (132,012 ) (77,701 ) Inventories 6,706 (12,149 ) Other assets 8,511 (5,571 ) Current liabilities 30,276 (14,460 ) Other liabilities (2,375 ) (976 ) Other, net 872 1,310 Net cash provided by operating activities $ 274,375 $ 250,830 Cash flows from investing activities Capital expenditures $ (25,603 ) $ (29,221 ) Acquisition of businesses, net of cash acquired (566,577 ) — Investments in unconsolidated affiliates (8,700 ) — Insurance proceeds - capital related — 24,646 Purchase of short-term investments — (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 96,465 — Issuance of notes receivable (3,800 ) — Proceeds from sales of properties 3,976 142 Dividends from unconsolidated affiliates — 797 Net cash (used in) provided by investing activities $ (512,215 ) $ 107,996 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 29, 2024 July 1, 2023 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (44,488 ) $ (33,402 ) Repurchase of common stock (42,994 ) (19,303 ) Repayments of debt (111 ) (130 ) Issuance (repayment) of debt by consolidated joint ventures, net 11 (143 ) Net cash used to settle stock-based awards (2,002 ) (2,588 ) Net cash used in financing activities $ (89,584 ) $ (55,566 ) Effect of exchange rate changes on cash (4,784 ) 4,825 (Decrease) increase in cash, cash equivalents, and restricted cash (332,208 ) 308,085 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 $ 842,015 $ 773,381 View source version on businesswire.com: https://www.businesswire.com/news/home/20240722255882/en/Contacts Jeffrey A. Martin (901) 753-3226 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart 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 Second Quarter 2024 Earnings By: Mueller Industries, Inc. via Business Wire July 23, 2024 at 07:00 AM EDT Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2024. Comparisons are to the second quarter of 2023. Net Sales of $997.7 million versus $897.0 million Operating Income of $210.0 million versus $210.7 million Earnings Before Taxes of $222.9 million versus $241.0 million Net Income of $160.2 million versus $177.7 million Diluted EPS of $1.41 versus $1.561 Second Quarter Financial and Operating Highlights: COMEX copper averaged $4.55 per pound during the quarter, 18.4% higher than in the second quarter of 2023. The increase in net sales was attributable to higher unit shipments in most of our businesses, price increases tied to higher copper prices, and the inclusion of one month of reported sales for our recently acquired Nehring business. In 2023, we reported an insurance settlement gain of $19.5 million related to the August 2022 fire at our Westermeyer facility. Adjusting for this gain, our quarterly operating income performance improved by 9.8% over the prior year period. Net cash generated from operations was $100.8 million, and our cash balance was $825.7 million at quarter end. Cash deployed during the quarter included $566.6 million for acquisitions and $15.1 million in stock repurchases. Our current ratio remains solid at 4.7 to 1. Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses continue to perform well despite persistent heightened inflation and restrained construction activity. We maintain a positive long-term outlook for our business. Our internal investments are paying off, and we expect they will yield even greater benefits as market conditions improve. Moreover, our acquisition of Nehring Electrical Works, which we completed during the quarter, provides a substantial platform for expansion in the energy infrastructure space.” _____________________________ 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, 2023.1 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 Six Months Ended (In thousands, except per share data) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 997,745 $ 896,984 $ 1,847,399 $ 1,868,176 Cost of goods sold 724,990 639,272 1,333,693 1,318,070 Depreciation and amortization 10,018 10,416 19,187 21,073 Selling, general, and administrative expense 52,731 56,062 101,088 108,693 Gain on insurance settlement — (19,466 ) — (19,466 ) Operating income 210,006 210,700 393,431 439,806 Interest expense (107 ) (135 ) (222 ) (278 ) Interest income 14,383 7,732 31,628 13,967 Realized and unrealized gains on short-term investments — 20,820 365 22,730 Other (expense) income, net (1,356 ) 1,841 (726 ) 2,167 Income before income taxes 222,926 240,958 424,476 478,392 Income tax expense (58,384 ) (62,122 ) (110,218 ) (123,479 ) (Loss) income from unconsolidated affiliates, net of foreign tax (1,095 ) 715 (9,102 ) (269 ) Consolidated net income 163,447 179,551 305,156 354,644 Net income attributable to noncontrolling interests (3,282 ) (1,840 ) (6,628 ) (3,694 ) Net income attributable to Mueller Industries, Inc. $ 160,165 $ 177,711 $ 298,528 $ 350,950 Weighted average shares for basic earnings per share (1) 111,216 111,320 111,316 111,354 Effect of dilutive stock-based awards (1) 2,763 2,680 2,746 2,046 Adjusted weighted average shares for diluted earnings per share (1) 113,979 114,000 114,062 113,400 Basic earnings per share (1) $ 1.44 $ 1.60 $ 2.68 $ 3.15 Diluted earnings per share (1) $ 1.41 $ 1.56 $ 2.62 $ 3.09 Dividends per share (1) $ 0.20 $ 0.15 $ 0.40 $ 0.30 (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 Six Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Summary Segment Data: Net sales: Piping Systems Segment $ 688,469 $ 638,005 $ 1,278,637 $ 1,300,484 Industrial Metals Segment 195,341 146,266 351,408 311,500 Climate Segment 130,532 123,954 247,342 276,908 Elimination of intersegment sales (16,597 ) (11,241 ) (29,988 ) (20,716 ) Net sales $ 997,745 $ 896,984 $ 1,847,399 $ 1,868,176 Operating income: Piping Systems Segment $ 162,258 $ 151,142 $ 304,938 $ 314,996 Industrial Metals Segment 29,693 17,971 53,964 45,186 Climate Segment 38,993 57,067 71,568 111,055 Unallocated income (expenses) (20,938 ) (15,480 ) (37,039 ) (31,431 ) Operating income $ 210,006 $ 210,700 $ 393,431 $ 439,806 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 29, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 825,655 $ 1,170,893 Short-term investments — 98,146 Accounts receivable, net 522,572 351,561 Inventories 406,217 380,248 Other current assets 50,347 39,173 Total current assets 1,804,791 2,040,021 Property, plant, and equipment, net 471,443 385,165 Operating lease right-of-use assets 34,534 35,170 Other assets 755,417 298,945 Total assets $ 3,066,185 $ 2,759,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ 785 $ 796 Accounts payable 198,537 120,485 Current portion of operating lease liabilities 8,000 7,893 Other current liabilities 179,906 187,964 Total current liabilities 387,228 317,138 Long-term debt 74 185 Pension and postretirement liabilities 11,696 12,062 Environmental reserves 14,808 15,030 Deferred income taxes 20,023 19,134 Noncurrent operating lease liabilities 26,330 26,683 Other noncurrent liabilities 33,168 10,353 Total liabilities 493,327 400,585 Total Mueller Industries, Inc. stockholders’ equity 2,546,103 2,337,445 Noncontrolling interests 26,755 21,271 Total equity 2,572,858 2,358,716 Total liabilities and equity $ 3,066,185 $ 2,759,301 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 29, 2024 July 1, 2023 Cash flows from operating activities Consolidated net income $ 305,156 $ 354,644 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 19,349 21,252 Stock-based compensation expense 13,476 12,459 Provision for doubtful accounts receivable (67 ) (80 ) Loss from unconsolidated affiliates 9,102 269 Dividends from unconsolidated affiliates 3,541 — Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (1,286 ) (141 ) Unrealized gain on short-term investments — (20,820 ) Gain on sales of securities (365 ) — Gain on insurance settlement — (19,466 ) Deferred income tax (benefit) expense (1,509 ) 2,406 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (132,012 ) (77,701 ) Inventories 6,706 (12,149 ) Other assets 8,511 (5,571 ) Current liabilities 30,276 (14,460 ) Other liabilities (2,375 ) (976 ) Other, net 872 1,310 Net cash provided by operating activities $ 274,375 $ 250,830 Cash flows from investing activities Capital expenditures $ (25,603 ) $ (29,221 ) Acquisition of businesses, net of cash acquired (566,577 ) — Investments in unconsolidated affiliates (8,700 ) — Insurance proceeds - capital related — 24,646 Purchase of short-term investments — (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 96,465 — Issuance of notes receivable (3,800 ) — Proceeds from sales of properties 3,976 142 Dividends from unconsolidated affiliates — 797 Net cash (used in) provided by investing activities $ (512,215 ) $ 107,996 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 29, 2024 July 1, 2023 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (44,488 ) $ (33,402 ) Repurchase of common stock (42,994 ) (19,303 ) Repayments of debt (111 ) (130 ) Issuance (repayment) of debt by consolidated joint ventures, net 11 (143 ) Net cash used to settle stock-based awards (2,002 ) (2,588 ) Net cash used in financing activities $ (89,584 ) $ (55,566 ) Effect of exchange rate changes on cash (4,784 ) 4,825 (Decrease) increase in cash, cash equivalents, and restricted cash (332,208 ) 308,085 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 $ 842,015 $ 773,381 View source version on businesswire.com: https://www.businesswire.com/news/home/20240722255882/en/Contacts Jeffrey A. Martin (901) 753-3226
Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2024. Comparisons are to the second quarter of 2023. Net Sales of $997.7 million versus $897.0 million Operating Income of $210.0 million versus $210.7 million Earnings Before Taxes of $222.9 million versus $241.0 million Net Income of $160.2 million versus $177.7 million Diluted EPS of $1.41 versus $1.561 Second Quarter Financial and Operating Highlights: COMEX copper averaged $4.55 per pound during the quarter, 18.4% higher than in the second quarter of 2023. The increase in net sales was attributable to higher unit shipments in most of our businesses, price increases tied to higher copper prices, and the inclusion of one month of reported sales for our recently acquired Nehring business. In 2023, we reported an insurance settlement gain of $19.5 million related to the August 2022 fire at our Westermeyer facility. Adjusting for this gain, our quarterly operating income performance improved by 9.8% over the prior year period. Net cash generated from operations was $100.8 million, and our cash balance was $825.7 million at quarter end. Cash deployed during the quarter included $566.6 million for acquisitions and $15.1 million in stock repurchases. Our current ratio remains solid at 4.7 to 1. Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses continue to perform well despite persistent heightened inflation and restrained construction activity. We maintain a positive long-term outlook for our business. Our internal investments are paying off, and we expect they will yield even greater benefits as market conditions improve. Moreover, our acquisition of Nehring Electrical Works, which we completed during the quarter, provides a substantial platform for expansion in the energy infrastructure space.” _____________________________ 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, 2023.1 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 Six Months Ended (In thousands, except per share data) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 997,745 $ 896,984 $ 1,847,399 $ 1,868,176 Cost of goods sold 724,990 639,272 1,333,693 1,318,070 Depreciation and amortization 10,018 10,416 19,187 21,073 Selling, general, and administrative expense 52,731 56,062 101,088 108,693 Gain on insurance settlement — (19,466 ) — (19,466 ) Operating income 210,006 210,700 393,431 439,806 Interest expense (107 ) (135 ) (222 ) (278 ) Interest income 14,383 7,732 31,628 13,967 Realized and unrealized gains on short-term investments — 20,820 365 22,730 Other (expense) income, net (1,356 ) 1,841 (726 ) 2,167 Income before income taxes 222,926 240,958 424,476 478,392 Income tax expense (58,384 ) (62,122 ) (110,218 ) (123,479 ) (Loss) income from unconsolidated affiliates, net of foreign tax (1,095 ) 715 (9,102 ) (269 ) Consolidated net income 163,447 179,551 305,156 354,644 Net income attributable to noncontrolling interests (3,282 ) (1,840 ) (6,628 ) (3,694 ) Net income attributable to Mueller Industries, Inc. $ 160,165 $ 177,711 $ 298,528 $ 350,950 Weighted average shares for basic earnings per share (1) 111,216 111,320 111,316 111,354 Effect of dilutive stock-based awards (1) 2,763 2,680 2,746 2,046 Adjusted weighted average shares for diluted earnings per share (1) 113,979 114,000 114,062 113,400 Basic earnings per share (1) $ 1.44 $ 1.60 $ 2.68 $ 3.15 Diluted earnings per share (1) $ 1.41 $ 1.56 $ 2.62 $ 3.09 Dividends per share (1) $ 0.20 $ 0.15 $ 0.40 $ 0.30 (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 Six Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Summary Segment Data: Net sales: Piping Systems Segment $ 688,469 $ 638,005 $ 1,278,637 $ 1,300,484 Industrial Metals Segment 195,341 146,266 351,408 311,500 Climate Segment 130,532 123,954 247,342 276,908 Elimination of intersegment sales (16,597 ) (11,241 ) (29,988 ) (20,716 ) Net sales $ 997,745 $ 896,984 $ 1,847,399 $ 1,868,176 Operating income: Piping Systems Segment $ 162,258 $ 151,142 $ 304,938 $ 314,996 Industrial Metals Segment 29,693 17,971 53,964 45,186 Climate Segment 38,993 57,067 71,568 111,055 Unallocated income (expenses) (20,938 ) (15,480 ) (37,039 ) (31,431 ) Operating income $ 210,006 $ 210,700 $ 393,431 $ 439,806 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 29, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 825,655 $ 1,170,893 Short-term investments — 98,146 Accounts receivable, net 522,572 351,561 Inventories 406,217 380,248 Other current assets 50,347 39,173 Total current assets 1,804,791 2,040,021 Property, plant, and equipment, net 471,443 385,165 Operating lease right-of-use assets 34,534 35,170 Other assets 755,417 298,945 Total assets $ 3,066,185 $ 2,759,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ 785 $ 796 Accounts payable 198,537 120,485 Current portion of operating lease liabilities 8,000 7,893 Other current liabilities 179,906 187,964 Total current liabilities 387,228 317,138 Long-term debt 74 185 Pension and postretirement liabilities 11,696 12,062 Environmental reserves 14,808 15,030 Deferred income taxes 20,023 19,134 Noncurrent operating lease liabilities 26,330 26,683 Other noncurrent liabilities 33,168 10,353 Total liabilities 493,327 400,585 Total Mueller Industries, Inc. stockholders’ equity 2,546,103 2,337,445 Noncontrolling interests 26,755 21,271 Total equity 2,572,858 2,358,716 Total liabilities and equity $ 3,066,185 $ 2,759,301 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 29, 2024 July 1, 2023 Cash flows from operating activities Consolidated net income $ 305,156 $ 354,644 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 19,349 21,252 Stock-based compensation expense 13,476 12,459 Provision for doubtful accounts receivable (67 ) (80 ) Loss from unconsolidated affiliates 9,102 269 Dividends from unconsolidated affiliates 3,541 — Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (1,286 ) (141 ) Unrealized gain on short-term investments — (20,820 ) Gain on sales of securities (365 ) — Gain on insurance settlement — (19,466 ) Deferred income tax (benefit) expense (1,509 ) 2,406 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (132,012 ) (77,701 ) Inventories 6,706 (12,149 ) Other assets 8,511 (5,571 ) Current liabilities 30,276 (14,460 ) Other liabilities (2,375 ) (976 ) Other, net 872 1,310 Net cash provided by operating activities $ 274,375 $ 250,830 Cash flows from investing activities Capital expenditures $ (25,603 ) $ (29,221 ) Acquisition of businesses, net of cash acquired (566,577 ) — Investments in unconsolidated affiliates (8,700 ) — Insurance proceeds - capital related — 24,646 Purchase of short-term investments — (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 96,465 — Issuance of notes receivable (3,800 ) — Proceeds from sales of properties 3,976 142 Dividends from unconsolidated affiliates — 797 Net cash (used in) provided by investing activities $ (512,215 ) $ 107,996 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 29, 2024 July 1, 2023 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (44,488 ) $ (33,402 ) Repurchase of common stock (42,994 ) (19,303 ) Repayments of debt (111 ) (130 ) Issuance (repayment) of debt by consolidated joint ventures, net 11 (143 ) Net cash used to settle stock-based awards (2,002 ) (2,588 ) Net cash used in financing activities $ (89,584 ) $ (55,566 ) Effect of exchange rate changes on cash (4,784 ) 4,825 (Decrease) increase in cash, cash equivalents, and restricted cash (332,208 ) 308,085 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 $ 842,015 $ 773,381 View source version on businesswire.com: https://www.businesswire.com/news/home/20240722255882/en/
