株探米国株
日本語 英語
エドガーで原本を確認する
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 25, 2023
mlilogo.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 July 25, 2023, the Registrant issued a press release announcing earnings for the quarter ended July 1, 2023. A copy of the press release announcing the second quarter 2023 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
  99.1 Press release, dated July 25, 2023 reporting second quarter 2023 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 25, 2023    

 


 




















3




Exhibit Index
 
Exhibit No. Description 
   
99.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















4
EX-99.1 2 exhibit991q22023earningsre.htm EX-99.1 Document

muellerlogoa07.jpg

Mueller Industries, Inc. Reports Second Quarter 2023 Earnings

COLLIERVILLE, Tenn., July 25, 2023 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2023. Comparisons are to the second quarter of 2022, which, for context, yielded the highest quarterly earnings on record and a 70 percent increase in operating income over the same period in 2021.
•Operating Income of $210.7 million versus $268.9 million
•Net Income of $177.7 million versus $206.6 million
•Diluted EPS of $3.12 versus $3.65
•Net Sales of $897.0 million versus $1.15 billion

Second Quarter Financial and Operating Highlights:
•The decrease in net sales was primarily attributable to the normalization of demand across our three segments. In addition, lower COMEX copper prices, which were 11 percent below the second quarter of 2022, contributed to the decline.
•The change in metal prices, net of hedges, resulted in a $6.9 million increase in cost of goods sold in the current quarter as compared with an $8.0 million decrease in the prior year period.
•Operating costs were unfavorably stressed due to the impacts of several nonrecurring events:
◦As previously reported, our copper fitting manufacturing plant was damaged by a tornado on March 31, 2023 and remains shut down. While we rebuild the facility, we are producing some product in makeshift operations and sourcing the rest.
◦Our Brass Rod business was disrupted by a fire that resulted from work being performed by a third party contractor, thereby impairing production for nearly three weeks during the quarter.
◦Our Westermeyer business, which lost its manufacturing plant to a fire in August 2022, continues to operate at 80-85 percent of pre-fire levels in makeshift production operations. The business settled and recorded a $19.5 million gain from the insurance claim arising from the fire.
•Cash and short-term investments at quarter end were $898.4 million, an increase of $116.0 million during the quarter.
•Our current ratio increased to 5.4 to 1.


1


Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our team managed through some difficult issues and demonstrated its commitment to servicing customers, no matter the obstacles. Given the state of business and the unforeseen challenges we confronted, to have achieved these results is quite positive.

Decline in overall demand was as anticipated due to the easing of supply chain congestion and moderation of construction activity from its peak levels in 2022. Expenses were elevated due to inflation and the aforementioned disruptions, which absorbed considerable amounts of additional time and cost.

For the second half, we maintain our view that inflation and interest rates will remain at elevated levels and as such, will continue to exert pressure on the global economy. Demand and backlogs appear to have moderated to more normal levels, as supply chains have been sensibly rebalanced.

We will adjust as conditions dictate and are focused on investments that will optimize our manufacturing platform, reduce costs and improve profitability. We continue to generate strong cash flows, which provide us the necessary resources to act swiftly as growth opportunities present themselves.”


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 Six Months Ended
(In thousands, except per share data) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022
Net sales $ 896,984  $ 1,150,042  $ 1,868,176  $ 2,160,044 
Cost of goods sold 639,272 820,914 1,318,070 1,565,425
Depreciation and amortization 10,416 11,302 21,073 22,143
Selling, general, and administrative expense 56,062 48,956 108,693 96,412
Gain on sale of assets —  —  —  (5,507)
Gain on insurance settlement (19,466) —  (19,466) — 
Operating income 210,700 268,870 439,806 481,571
Interest expense (135) (147) (278) (305)
Interest income 7,732  103  13,967  263 
Unrealized gain on short-term investments 20,820  —  20,820  — 
Other income, net 1,841  2,100  4,077  2,720 
Income before income taxes 240,958 270,926  478,392 484,249 
Income tax expense (62,122) (68,290) (123,479) (122,489)
Income (loss) from unconsolidated affiliates, net of foreign tax 715  4,888  (269) 5,012 
Consolidated net income 179,551  207,524  354,644  366,772 
Net income attributable to noncontrolling interests (1,840) (972) (3,694) (1,904)
Net income attributable to Mueller Industries, Inc. $ 177,711  $ 206,552  $ 350,950  $ 364,868 
Weighted average shares for basic earnings per share 55,660 55,787 55,677 55,943
Effect of dilutive stock-based awards 1340 741 1023 776
Adjusted weighted average shares for diluted earnings per share
57,000 56,528 56,700 56,719
Basic earnings per share $ 3.19  $ 3.70  $ 6.30  $ 6.52 
Diluted earnings per share $ 3.12  $ 3.65  $ 6.19  $ 6.43 
Dividends per share $ 0.30  $ 0.25  $ 0.60  $ 0.50 
3


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended For the Six Months Ended
(In thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022
Summary Segment Data:
Net sales:
    Piping Systems Segment $ 638,005  $ 824,807  $ 1,300,484  $ 1,528,237 
    Industrial Metals Segment 146,266 179,175 311,500 353,487
    Climate Segment 123,954 164,484 276,908 305,106
    Elimination of intersegment sales (11,241) (18,424) (20,716) (26,786)
Net sales
$ 896,984  $ 1,150,042  $ 1,868,176  $ 2,160,044 
Operating income:
    Piping Systems Segment $ 151,142  $ 211,579  $ 314,996  $ 372,067 
    Industrial Metals Segment 17,971 24,168 45,186 47,427
    Climate Segment 57,067 50,747 111,055 87,447
    Unallocated income (expenses) (15,480) (17,624) (31,431) (25,370)
Operating income $ 210,700  $ 268,870  $ 439,806  $ 481,571 

4


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
(In thousands)
July 1,
2023
December 31, 2022
ASSETS
Cash and cash equivalents $ 771,317  $ 461,018 
Short-term investments 127,051 217,863
Accounts receivable, net
459,467 380,352
Inventories 465,729 448,919
Other current assets
28,172 26,501
    Total current assets 1,851,736 1,534,653
Property, plant, and equipment, net 386,928 379,950
Operating lease right-of-use assets
31,164 22,892 
Other assets
306,592 304,904
Total assets $ 2,576,420  $ 2,242,399 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt $ 670  $ 811 
Accounts payable 155,096 128,000
Current portion of operating lease liabilities
6,951  4,942 
Other current liabilities
181,831 214,542
    Total current liabilities 344,548 348,295
Long-term debt 1,267 1,218
Pension and postretirement liabilities 12,166 13,055
Environmental reserves 15,729 16,380
Deferred income taxes 18,821 16,258
Noncurrent operating lease liabilities 23,596 16,880 
Other noncurrent liabilities
17,355 16,349
    Total liabilities
433,482 428,435
Total Mueller Industries, Inc. stockholders’ equity 2,116,230  1,790,914
Noncontrolling interests
26,708  23,050
    Total equity
2,142,938  1,813,964
Total liabilities and equity $ 2,576,420  $ 2,242,399 







5


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

For the Six Months Ended
 (In thousands)
July 1, 2023 June 25, 2022
Cash flows from operating activities
Consolidated net income $ 354,644  $ 366,772 
Reconciliation of consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 21,252  22,322 
Stock-based compensation expense 12,459  5,171 
Provision for doubtful accounts receivable (80) 151 
Loss (income) from unconsolidated affiliates 269  (5,012)
Insurance proceeds - noncapital related 9,854  — 
Gain on disposals of properties (141) (6,800)
Unrealized gain on short-term investments (20,820) — 
Gain on insurance settlement (19,466) — 
Deferred income tax expense (benefit) 2,406  (373)
Changes in assets and liabilities:
Receivables (77,701) (146,438)
Inventories (12,149) (49,354)
Other assets (5,571) (6,095)
Current liabilities (14,460) 28,906 
Other liabilities (976) (4,283)
Other, net 1,310  (433)
Net cash provided by operating activities 250,830  204,534 
Cash flows from investing activities
Capital expenditures (29,221) (23,248)
Insurance proceeds - capital related 24,646  — 
Purchase of short-term investments (106,231) — 
Proceeds from the maturity of short-term investments 217,863  — 
Proceeds from sales of properties 142  7,561 
Dividends from unconsolidated affiliates 797  1,609 
Net cash provided by (used in) investing activities 107,996  (14,078)
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc. (33,402) (27,968)
Repurchase of common stock (19,303) (33,469)
Repayments of debt (130) (111)
(Repayment) issuance of debt by consolidated joint ventures, net (143) 360 
Net cash used to settle stock-based awards (2,588) (95)
Net cash used in financing activities (55,566) (61,283)
Effect of exchange rate changes on cash 4,825  (2,234)
Increase in cash, cash equivalents, and restricted cash 308,085  126,939 
Cash, cash equivalents, and restricted cash at the beginning of the period 465,296  90,376 
Cash, cash equivalents, and restricted cash at the end of the period $ 773,381  $ 217,315 
6