Mueller Industries, Inc. Reports First Quarter 2021 Earnings

Mueller Industries, Inc. (NYSE: MLI) announces 2021 first quarter results. (All comparisons are to the prior year quarter.)

• Operating income of $92.5 million versus $59.3 million
• Net income of $63.1 million versus $32.4 million
• Net sales of $818.1 million versus $602.9 million
• EPS of $1.11 versus $0.57 per share

Financial and Operating Highlights:

• Average COMEX copper for the first quarter was $3.86 per pound, a 50 percent increase over the first quarter of last year.
• The increase in net sales was attributable to unit sales growth across most of our businesses, recent acquisitions and the influence of the higher copper prices. The price of copper is largely passed through and as such, impacts selling prices in many of our businesses.
• Selling, general, and administrative expense was $45.4 million for the quarter, which included $2.7 million of incremental expense from recently acquired businesses, compared to $42.8 million in the prior year quarter.
• We recorded a $1.6 million loss on our investment in Tecumseh Products Company for the quarter, compared to a $6.3 million loss recorded during the prior year period.
• During the quarter, we closed on our previously announced acquisition of the Hart & Cooley Flexible Duct business.
• At quarter-end, cash on hand was $129.9 million, our debt to total capitalization was 31 percent, and the current ratio was 2.2 to 1.

Regarding the state of the Company and outlook, Greg Christopher, Mueller's CEO said:

“Our performance in the first quarter falls in line with our 2020 year-end expectations. Most economies in which we operate continue to improve, as restrictions imposed in response to the pandemic are being lifted. The increased availability of vaccines, the significant flow of money into global economies, and the potential of a U.S. infrastructure bill, strengthen this positive outlook.”

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.

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