株探米国株
日本語 英語
エドガーで原本を確認する
0000089439FALSE00000894392022-07-192022-07-19


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): October 18, 2022
mli-20221018_g1.jpg

MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)  
Delaware 1-6770 25-0790410
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
  
150 Schilling Boulevard Suite 100
Collierville Tennessee 38017
(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 class Trading Symbol Name of exchange on which registered
Common Stock MLI NYSE
 
 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 October 18, 2022, the Registrant issued a press release announcing earnings for the quarter ended September 24, 2022. A copy of the press release announcing the third quarter 2022 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
  99.1 Press release, dated October 18, 2022 reporting third quarter 2022 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
     
October 18, 2022    

 


 




















3



Exhibit Index
 
Exhibit No. Description 
   
99.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















4
EX-99.1 2 exhibit991q32022earningsre.htm EX-99.1 Document

muellerlogoa07.jpg

Mueller Industries, Inc. Reports Third Quarter 2022 Earnings

COLLIERVILLE, Tenn., October 18, 2022 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2022. All comparisons are to the prior year quarter (which included a $54.8 million pre-tax gain from divestitures).
•Operating Income of $205.2 million versus $233.4 million. Adjusting for the aforementioned gain, this reflects a 15 percent increase versus the prior year period.
•Net Income of $154.5 million versus $171.0 million
•EPS of $2.74 versus $3.01
•Net Sales of $944.8 million versus $982.2 million

Third Quarter Financial and Operating Highlights:
•The absence of businesses divested in 2021, combined with lower copper prices, reduced volumes due largely to inventory rebalancing, and the impacts of localized recessionary pressures on our international businesses, contributed to a 3.8 percent quarter over quarter decrease in net sales. That decrease was offset by continued strength and growth in our value added businesses. Specifically:
◦Divestitures in 2021 reduced net sales by $20.4 million as compared with the prior year quarter.
◦COMEX copper averaged $3.50 per pound during the quarter, 19 percent lower than the third quarter of 2021.
◦Copper tube and brass rod volumes declined 14 percent.
◦Net Sales from our value added businesses grew 22 percent.
•Cash at quarter end was $483.5 million, an increase of $395.6 million from 2021 year-end.
◦Cash generated from operations during the period was $312.4 million.
◦Net debt remains at zero.
◦The current ratio at quarter end was 3.8 to 1.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “We delivered another strong quarter despite ongoing macroeconomic challenges, and ended the quarter with many of our businesses operating at capacity and with healthy backlogs.

Our business outlook remains positive. Building construction, a key market for many of our businesses, has been exceptionally strong in recent years. Although we anticipate some tempering in the building industry on the horizon, we nonetheless expect overall demand to remain at healthy levels for our Company.
1


Our financial position is solid, and positions us well for future opportunities.”


Additional information about the Company, including its recently published investor presentation, can be found at www.muellerindustries.com.


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 Ended For the Nine Months Ended
(In thousands, except per share data) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021
Net sales $ 944,830  $ 982,248  $ 3,104,874  $ 2,812,988 
Cost of goods sold 678,637 744,265 2,244,062 2,212,395
Depreciation and amortization 10,850 10,868 32,993 33,757
Selling, general, and administrative expense 50,178 48,524 146,590 137,891
Gain on sale of assets —  —  (5,507) — 
Gain on sale of businesses —  (54,759) —  (54,759)
Operating income 205,165 233,350 686,736 483,704
Interest expense (361) (1,116) (666) (7,451)
Redemption premium —  —  —  (5,674)
Other income (expense), net 1,030  (2,548) 4,013  (1,288)
Income before income taxes 205,834 229,686  690,083 469,291 
Income tax expense (51,035) (60,229) (173,524) (120,996)
Income from unconsolidated affiliates, net of foreign tax 1,014  2,799  6,026  131 
Consolidated net income 155,813  172,256  522,585  348,426 
Net income attributable to noncontrolling interests (1,271) (1,276) (3,175) (5,507)
Net income attributable to Mueller Industries, Inc. $ 154,542  $ 170,980  $ 519,410  $ 342,919 
Weighted average shares for basic earnings per share 55,589 56,077 55,825 55,979
Effect of dilutive stock-based awards 835 731 796 784
Adjusted weighted average shares for diluted earnings per share
 56,424 56,808 56,621 56,763
Basic earnings per share $ 2.78  $ 3.05  $ 9.30  $ 6.13 
Diluted earnings per share $ 2.74  $ 3.01  $ 9.17  $ 6.04 
Dividends per share $ 0.25  $ 0.13  $ 0.75  $ 0.39 
3

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Quarter Ended For the Nine Months Ended
(In thousands) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021
Summary Segment Data:
Net sales:
    Piping Systems Segment $ 634,808  $ 688,200  $ 2,163,045  $ 1,947,564 
    Industrial Metals Segment 144,880 182,245 498,367 527,137
    Climate Segment 174,650 122,252 479,756 364,986
    Elimination of intersegment sales (9,508) (10,449) (36,294) (26,699)
Net sales
 $ 944,830  $ 982,248  $ 3,104,874  $ 2,812,988 
Operating income:
    Piping Systems Segment $ 167,939  $ 152,199  $ 540,006  $ 343,805 
    Industrial Metals Segment 12,077 19,052 59,504 58,398
    Climate Segment 47,462 21,072 134,909 63,779
    Unallocated income (expenses) (22,313) 41,027  (47,683) 17,722 
Operating income $ 205,165  $ 233,350  $ 686,736  $ 483,704 

4

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
(In thousands)
 September 24,
2022		 December 25, 2021
ASSETS
Cash and cash equivalents $ 483,496  $ 87,924 
Accounts receivable, net
 441,287 471,859
Inventories 454,511 430,244
Other current assets
 41,630 28,976
    Total current assets 1,420,924 1,019,003
Property, plant, and equipment, net 374,160 385,562
Operating lease right-of-use assets
 24,297 23,510 
Other assets
 290,370 300,861
Total assets $ 2,109,751  $ 1,728,936 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt $ 1,123  $ 811 
Accounts payable 166,978 180,793
Current portion of operating lease liabilities
 5,271  6,015 
Other current liabilities
 201,575 194,820
    Total current liabilities 374,947 382,439
Long-term debt 1,184 1,064
Pension and postretirement liabilities 17,205 17,533
Environmental reserves 15,612 17,678
Deferred income taxes 11,428 14,347
Noncurrent operating lease liabilities 18,431 17,099 
Other noncurrent liabilities
 16,295 21,813
    Total liabilities
 455,102 471,973
Total Mueller Industries, Inc. stockholders’ equity 1,625,242  1,222,118
Noncontrolling interests
 29,407  34,845
    Total equity
 1,654,649  1,256,963
Total liabilities and equity $ 2,109,751  $ 1,728,936 








5

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

For the Nine Months Ended
 (In thousands)
 September 24, 2022 September 25, 2021
Cash flows from operating activities
Consolidated net income $ 522,585  $ 348,426 
Reconciliation of consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 33,261  33,932 
Stock-based compensation expense 12,254  7,228 
Provision for doubtful accounts receivable 327  1,310 
Income from unconsolidated affiliates (6,026) (131)
Redemption premium —  5,674 
Gain on disposals of properties (7,107) (1,135)
Gain on sale of businesses —  (54,759)
Impairment charges —  2,568 
Insurance proceeds - non-capital related 1,646  — 
Deferred income tax expense 226  6,304 
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables 15,741  (155,103)
Inventories (33,768) (96,505)
Other assets (8,574) (9,335)
Current liabilities (5,331) 85,523 
Other liabilities (7,399) 8,335 
Other, net (923) (851)
Net cash provided by operating activities 516,912  181,481 
Cash flows from investing activities
Capital expenditures (29,555) (25,547)
Insurance proceeds - capital related 3,354  — 
Acquisition of businesses, net of cash acquired —  (13,935)
Proceeds from sale of businesses, net of cash sold —  74,250 
Investments in unconsolidated affiliates —  (1,613)
Payment received for notes receivable —  8,539 
Proceeds from sales of properties 7,841  2,124 
Dividends from unconsolidated affiliates 2,091  — 
Net cash (used in) provided by investing activities (16,269) 43,818 
6

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended
 (In thousands) September 24, 2022 September 25, 2021
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc. (41,876) (21,846)
Repurchase of common stock (38,054) — 
Payment of contingent consideration —  (1,250)
Issuance of debt —  475,000 
Repayments of debt (148) (680,572)
Issuance (repayment) of debt by consolidated joint ventures, net 406  (4,865)
Net cash (used) received to settle stock-based awards (1,619) 219 
  Debt issuance costs —  (1,111)
Dividends paid to noncontrolling interests —  (9,722)
Net cash used in financing activities (81,291) (244,147)
Effect of exchange rate changes on cash (10,310) (377)
Increase (decrease) in cash, cash equivalents, and restricted cash 409,042  (19,225)
Cash, cash equivalents, and restricted cash at the beginning of the period 90,376  127,376 
Cash, cash equivalents, and restricted cash at the end of the period $ 499,418  $ 108,151 

7