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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): July 23, 2024
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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 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
 
  99.1 Press release, dated July 23, 2024 reporting second quarter 2024 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
     
July 23, 2024    

 


 




















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Exhibit Index
 
Exhibit No. Description 
   
99.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















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EX-99.1 2 exhibit991q22024earningsre.htm EX-99.1 Document

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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.
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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 Six Months Ended
(In thousands, except per share data) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023
Net sales $ 997,745  $ 896,984  $ 1,847,399  $ 1,868,176 
Cost of goods sold 724,990 639,272 1,333,693 1,318,070
Depreciation and amortization 10,018 10,416 19,187 21,073
Selling, general, and administrative expense 52,731 56,062 101,088 108,693
Gain on insurance settlement —  (19,466) —  (19,466)
Operating income 210,006 210,700 393,431 439,806
Interest expense (107) (135) (222) (278)
Interest income 14,383  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 taxes 222,926 240,958  424,476 478,392 
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 income 163,447  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)
 111,216 111,320 111,316 111,354
Effect of dilutive stock-based awards (1)
 2,763 2,680 2,746 2,046
Adjusted weighted average shares for diluted earnings per share (1)
 113,979 114,000 114,062 113,400
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.
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended For the Six Months Ended
(In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023
Summary Segment Data:
Net sales:
    Piping Systems Segment $ 688,469  $ 638,005  $ 1,278,637  $ 1,300,484 
    Industrial Metals Segment 195,341 146,266 351,408 311,500
    Climate Segment 130,532 123,954 247,342 276,908
    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 Segment 29,693 17,971 53,964 45,186
    Climate Segment 38,993 57,067 71,568 111,055
    Unallocated income (expenses) (20,938) (15,480) (37,039) (31,431)
Operating income $ 210,006  $ 210,700  $ 393,431  $ 439,806 


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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
 522,572 351,561
Inventories 406,217 380,248
Other current assets
 50,347 39,173
    Total current assets 1,804,791 2,040,021
Property, plant, and equipment, net 471,443 385,165
Operating lease right-of-use assets
 34,534 35,170 
Other assets
 755,417 298,945
Total assets $ 3,066,185  $ 2,759,301 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt $ 785  $ 796 
Accounts payable 198,537 120,485
Current portion of operating lease liabilities
 8,000  7,893 
Other current liabilities
 179,906 187,964
    Total current liabilities 387,228 317,138
Long-term debt 74 185
Pension and postretirement liabilities 11,696 12,062
Environmental reserves 14,808 15,030
Deferred income taxes 20,023 19,134
Noncurrent operating lease liabilities 26,330 26,683 
Other noncurrent liabilities
 33,168 10,353
    Total liabilities
 493,327 400,585
Total Mueller Industries, Inc. stockholders’ equity 2,546,103  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 







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

For the Six Months Ended
 (In thousands)
 June 29, 2024 July 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 amortization 19,349  21,252 
Stock-based compensation expense 13,476  12,459 
Provision for doubtful accounts receivable (67) (80)
Loss from unconsolidated affiliates 9,102  269 
Dividends from unconsolidated affiliates 3,541  — 
Insurance proceeds - noncapital related 15,000  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)
Inventories 6,706  (12,149)
Other assets 8,511  (5,571)
Current liabilities 30,276  (14,460)
Other liabilities (2,375) (976)
Other, net 872  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 securities 96,465  — 
Issuance of notes receivable (3,800) — 
Proceeds from sales of properties 3,976  142 
Dividends from unconsolidated affiliates —  797 
Net cash (used in) provided by investing activities $ (512,215) $ 107,996 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
 (In thousands) June 29, 2024 July 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, net 11  (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 period 1,174,223  465,296 
Cash, cash equivalents, and restricted cash at the end of the period $ 842,015  $ 773,381 
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