0000089439FALSE00000894392021-04-202021-04-20


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):July 23, 2024
mlilogo.jpg

MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)  
Delaware1-677025-0790410
(State or other jurisdiction(Commission File(IRS Employer
of incorporation)Number)Identification No.)
  
150 Schilling BoulevardSuite 100
ColliervilleTennessee38017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(901)753-3200
Registrant’s Former Name or Address, if changed since last report:N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockMLINYSE
 
 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new of revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.

On July 23, 2024, the Registrant issued a press release announcing earnings for the quarter ended June 29, 2024. A copy of the press release announcing the second quarter 2024 earnings is attached as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits.
 
(d) Exhibits
 
 99.1Press release, dated July 23, 2024 reporting second quarter 2024 earnings.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















2



 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 MUELLER INDUSTRIES, INC.
  
 By:
/s/ ANTHONY J. STEINRIEDE
 
 Name:Anthony J. Steinriede
 Title:Vice President - Corporate Controller
   
July 23, 2024  

 


 




















3



Exhibit Index
 
Exhibit No.Description 
  
99.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















4

muellerlogoa07.jpg

Mueller Industries, Inc. Reports Second Quarter 2024 Earnings

COLLIERVILLE, Tenn., July 23, 2024 -- 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

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.

CONTACT
Jeffrey A. Martin
(901) 753-3226
2

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter EndedFor the Six Months Ended
(In thousands, except per share data)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Net sales$997,745 $896,984 $1,847,399 $1,868,176 
Cost of goods sold724,990639,2721,333,6931,318,070
Depreciation and amortization10,01810,41619,18721,073
Selling, general, and administrative expense52,73156,062101,088108,693
Gain on insurance settlement— (19,466)— (19,466)
Operating income210,006210,700393,431439,806
Interest expense(107)(135)(222)(278)
Interest income14,383 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 taxes222,926240,958 424,476478,392 
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 income163,447 179,551 305,156 354,644 
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)
111,216111,320111,316111,354
Effect of dilutive stock-based awards (1)
2,7632,6802,7462,046
Adjusted weighted average shares for diluted earnings per share (1)
113,979114,000114,062113,400
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.
3

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter EndedFor the Six Months Ended
(In thousands)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Summary Segment Data:
Net sales:
    Piping Systems Segment$688,469 $638,005 $1,278,637 $1,300,484 
    Industrial Metals Segment195,341146,266351,408311,500
    Climate Segment130,532123,954247,342276,908
    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 Segment29,69317,97153,96445,186
    Climate Segment38,99357,06771,568111,055
    Unallocated income (expenses)(20,938)(15,480)(37,039)(31,431)
Operating income$210,006 $210,700 $393,431 $439,806 


4

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
522,572351,561
Inventories406,217380,248
Other current assets
50,34739,173
    Total current assets1,804,7912,040,021
Property, plant, and equipment, net471,443385,165
Operating lease right-of-use assets
34,53435,170 
Other assets
755,417298,945
Total assets$3,066,185 $2,759,301 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt$785 $796 
Accounts payable198,537120,485
Current portion of operating lease liabilities
8,000 7,893 
Other current liabilities
179,906187,964
    Total current liabilities387,228317,138
Long-term debt74185
Pension and postretirement liabilities11,69612,062
Environmental reserves14,80815,030
Deferred income taxes20,02319,134
Noncurrent operating lease liabilities26,33026,683 
Other noncurrent liabilities
33,16810,353
    Total liabilities
493,327400,585
Total Mueller Industries, Inc. stockholders’ equity2,546,103 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 







5

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

For the Six Months Ended
 (In thousands)
June 29, 2024July 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 amortization19,349 21,252 
Stock-based compensation expense13,476 12,459 
Provision for doubtful accounts receivable(67)(80)
Loss from unconsolidated affiliates9,102 269 
Dividends from unconsolidated affiliates3,541 — 
Insurance proceeds - noncapital related15,000 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)
Inventories6,706 (12,149)
Other assets8,511 (5,571)
Current liabilities30,276 (14,460)
Other liabilities(2,375)(976)
Other, net872 1,310 
Net cash provided by operating activities$274,375 $250,830 
Cash flows from investing activities
Capital expenditures$(25,603)$(29,221)
Acquisition of businesses, net of cash acquired(566,577)— 
Investments in unconsolidated affiliates(8,700)— 
Insurance proceeds - capital related— 24,646 
Purchase of short-term investments— (106,231)
Purchase of long-term investments(7,976)— 
Proceeds from the maturity of short-term investments— 217,863 
Proceeds from the sale of securities96,465 — 
Issuance of notes receivable(3,800)— 
Proceeds from sales of properties3,976 142 
Dividends from unconsolidated affiliates— 797 
Net cash (used in) provided by investing activities$(512,215)$107,996 
6

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
 (In thousands)June 29, 2024July 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, net11 (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 period1,174,223 465,296 
Cash, cash equivalents, and restricted cash at the end of the period$842,015 $773,381 
7
v3.24.2
Cover
Apr. 20, 2021
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 23, 2024
Entity Registrant Name MUELLER INDUSTRIES INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-6770
Entity Tax Identification Number 25-0790410
Entity Address, Address Line One 150 Schilling Boulevard
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Collierville
Entity Address, State or Province TN
Entity Address, Postal Zip Code 38017
City Area Code (901)
Local Phone Number 753-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol MLI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000089439
Amendment Flag false
Mueller Industries (NYSE:MLI)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024 Haga Click aquí para más Gráficas Mueller Industries.
Mueller Industries (NYSE:MLI)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024 Haga Click aquí para más Gráficas Mueller Industries.