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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 24, 2023
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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 24, 2023, the Registrant issued a press release announcing earnings for the quarter ended September 30, 2023. A copy of the press release announcing the third quarter 2023 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
  99.1 Press release, dated October 24, 2023 reporting third quarter 2023 earnings.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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 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 24, 2023    

 


 




















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Exhibit Index
 
Exhibit No. Description 
   
99.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















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EX-99.1 2 exhibit991q32023earningsre.htm EX-99.1 Document

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Mueller Industries, Inc. Reports Third Quarter 2023 Earnings

COLLIERVILLE, Tenn., October 24, 2023 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2023. Comparisons are to the third quarter of 2022.
•Operating Income of $181.0 million versus $205.2 million
•Net Income of $132.7 million versus $154.5 million
•Diluted EPS* of $1.17 versus $1.37
•Net Sales of $819.8 million versus $944.8 million
(*adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023)

Third Quarter Financial and Operating Highlights:
•The decrease in net sales was primarily attributable to reduced demand in our wholesale channel as distributors continued to rebalance inventory levels, particularly for products utilized in residential construction.
•We sold a majority interest in our PEX plastic piping business on July 3, 2023. In the prior year quarter, this business contributed $11.2 million in net sales.
•Net cash provided by operations was $247.7 million, and cash plus short-term investments were $1.10 billion at quarter end.
•Our current ratio increased to 6.0 to 1.
•On September 26, 2023, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend. The record date for the stock split was October 6, 2023, and the dividend was distributed on stockholders on October 20, 2023.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses have aptly adjusted to the expected tempering of demand in 2023 following the unrestrained demand levels that occurred in 2022. Nonetheless, business conditions at these levels are historically favorable. In addition, we are executing on a number of strategic investments and capacity rationalizations that we expect will continue to yield favorable cost improvements.”

Mr. Christopher continued, “We remain focused on growth and continue to actively identify, evaluate and pursue opportunities that will expand and strengthen our portfolio. Our balance sheet, particularly our cash position, is an excellent resource to support these initiatives.”



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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
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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 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022
Net sales $ 819,792  $ 944,830  $ 2,687,968  $ 3,104,874 
Cost of goods sold 579,058 678,637 1,897,128 2,244,062
Depreciation and amortization 9,631 10,850 30,704 32,993
Selling, general, and administrative expense 48,295 50,178 156,988 146,590
Gain on sale of assets —  —  —  (5,507)
Gain on sale of business (4,137) —  (4,137) — 
Asset impairments 5,934  —  5,934  — 
Gain on insurance settlement —  —  (19,466) — 
Operating income 181,011 205,165 620,817 686,736
Interest expense (230) (361) (508) (666)
Interest income 10,599  1,356  24,566  1,619 
Unrealized (loss) gain on short-term investments (2,371) —  18,449  — 
Other (expense) income, net (44) (326) 4,033  2,394 
Income before income taxes 188,965 205,834  667,357 690,083 
Income tax expense (50,843) (51,035) (174,322) (173,524)
(Loss) income from unconsolidated affiliates, net of foreign tax (2,413) 1,014  (2,682) 6,026 
Consolidated net income 135,709  155,813  490,353  522,585 
Net income attributable to noncontrolling interests (3,000) (1,271) (6,694) (3,175)
Net income attributable to Mueller Industries, Inc. $ 132,709  $ 154,542  $ 483,659  $ 519,410 
Weighted average shares for basic earnings per share (1)
 111,416 111,178 111,374 111,650
Effect of dilutive stock-based awards (1)
 2,452 1670 2,182 1592
Adjusted weighted average shares for diluted earnings per share (1)
 113,868 112,848 113,556 113,242
Basic earnings per share (1)
 $ 1.19  $ 1.39  $ 4.34  $ 4.65 
Diluted earnings per share (1)
 $ 1.17  $ 1.37  $ 4.26  $ 4.59 
Dividends per share (1)
 $ 0.150  $ 0.125  $ 0.450  $ 0.375 
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 6, 2023.
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended For the Nine Months Ended
(In thousands) September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022
Summary Segment Data:
Net sales:
    Piping Systems Segment $ 568,151  $ 634,808  $ 1,868,635  $ 2,163,045 
    Industrial Metals Segment 141,012 144,880 452,512 498,367
    Climate Segment 119,949 174,650 396,857 479,756
    Elimination of intersegment sales (9,320) (9,508) (30,036) (36,294)
Net sales
 $ 819,792  $ 944,830  $ 2,687,968  $ 3,104,874 
Operating income:
    Piping Systems Segment $ 140,609  $ 167,939  $ 455,605  $ 540,006 
    Industrial Metals Segment 16,221 12,077 61,407 59,504
    Climate Segment 34,846 47,462 145,901 134,909
    Unallocated income (expenses) (10,665) (22,313) (42,096) (47,683)
Operating income $ 181,011  $ 205,165  $ 620,817  $ 686,736 


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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
(In thousands)
 September 30,
2023		 December 31, 2022
ASSETS
Cash and cash equivalents $ 979,790  $ 461,018 
Short-term investments 124,680 217,863
Accounts receivable, net
 409,187 380,352
Inventories 391,740 448,919
Other current assets
 31,373 26,501
    Total current assets 1,936,770 1,534,653
Property, plant, and equipment, net 376,678 379,950
Operating lease right-of-use assets
 33,898 22,892 
Other assets
 316,395 304,904
Total assets $ 2,663,741  $ 2,242,399 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt $ 556  $ 811 
Accounts payable 141,930 128,000
Current portion of operating lease liabilities
 7,431  4,942 
Other current liabilities
 172,588 214,542
    Total current liabilities 322,505 348,295
Long-term debt 1,301 1,218
Pension and postretirement liabilities 12,928 13,055
Environmental reserves 15,420 16,380
Deferred income taxes 18,502 16,258
Noncurrent operating lease liabilities 25,793 16,880 
Other noncurrent liabilities
 16,063 16,349
    Total liabilities
 412,512 428,435
Total Mueller Industries, Inc. stockholders’ equity 2,221,241  1,790,914
Noncontrolling interests
 29,988  23,050
    Total equity
 2,251,229  1,813,964
Total liabilities and equity $ 2,663,741  $ 2,242,399 







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

For the Nine Months Ended
 (In thousands)
 September 30, 2023 September 24, 2022
Cash flows from operating activities
Consolidated net income $ 490,353  $ 522,585 
Reconciliation of consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 31,053  33,261 
Stock-based compensation expense 17,268  12,254 
Provision for doubtful accounts receivable (63) 327 
Loss (income) from unconsolidated affiliates 2,682  (6,026)
Insurance proceeds - noncapital related 9,854  1,646 
Gain on disposals of properties (106) (7,107)
Gain on sale of business (4,137) — 
Unrealized gain on short-term investments (18,449) — 
Impairment charges 5,934  — 
Gain on insurance settlement (19,466) — 
Deferred income tax expense 3,803  226 
Changes in assets and liabilities, net of effects of business sold:
Receivables (36,855) 15,741 
Inventories 53,372  (33,768)
Other assets (12,897) (8,574)
Current liabilities (25,503) (5,331)
Other liabilities (1,828) (7,399)
Other, net 3,475  (923)
Net cash provided by operating activities 498,490  516,912 
Cash flows from investing activities
Capital expenditures (39,469) (29,555)
Investments in unconsolidated affiliates (3,999) — 
Insurance proceeds - capital related 24,646  3,354 
Purchase of short-term investments (106,231) — 
Proceeds from the maturity of short-term investments 217,863  — 
Proceeds from sales of properties 214  7,841 
Dividends from unconsolidated affiliates 1,093  2,091 
Net cash provided by (used in) investing activities 94,117  (16,269)
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended
 (In thousands) September 30, 2023 September 24, 2022
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc. (50,133) (41,876)
Repurchase of common stock (19,303) (38,054)
Repayments of debt (185) (148)
(Repayment) issuance of debt by consolidated joint ventures, net (265) 406 
Net cash used to settle stock-based awards (9,113) (1,619)
Net cash used in financing activities (78,999) (81,291)
Effect of exchange rate changes on cash 2,312  (10,310)
Increase in cash, cash equivalents, and restricted cash 515,920  409,042 
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 $ 981,216  $ 499,418 
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