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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 22, 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 October 22, 2024, the Registrant issued a press release announcing earnings for the quarter ended September 28, 2024. A copy of the press release announcing the third quarter 2024 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
  99.1 Press release, dated October 22, 2024 reporting third 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
     
October 22, 2024    

 


 




















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Exhibit Index
 
Exhibit No. Description 
   
99.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















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EX-99.1 2 exhibit991q32024earningsre.htm EX-99.1 Document

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Mueller Industries, Inc. Reports Third Quarter 2024 Earnings

COLLIERVILLE, Tenn., October 22, 2024 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2024. Comparisons are to the third quarter of 2023.
•Net Sales of $997.8 million versus $819.8 million
•Operating Income of $206.7 million versus $181.0 million
•Earnings Before Taxes of $217.8 million versus $189.0 million
•Net Income of $168.7 million versus $132.7 million
•Diluted EPS of $1.48 versus $1.171

Third Quarter Financial and Operating Highlights:
•COMEX copper averaged $4.23 per pound during the quarter, 12.0% higher than in the third quarter of 2023.
•The increase in net sales was attributable to the inclusion of $102.4 million of sales from recently acquired businesses, as well as the higher copper prices.
•Selling, general, and administrative expenses increased primarily due to the inclusion of $3.9 million of operating costs from recently acquired businesses, as well as $2.7 million in transaction related expenses.
•Investments in unconsolidated affiliates contributed $3.2 million of income, as compared with a $2.4 million loss in the prior year period.
•Net cash generated from operations was $231.4 million. Our cash and short-term investments balance was $969.6 million at quarter end, and our current ratio remains strong at 4.9 to 1.

Regarding the quarter performance, Greg Christopher, Mueller’s CEO said, “We continued to deliver very good results, and generated significant cash despite generally restrained business conditions during the quarter. We also made substantial progress toward integrating our two recently acquired businesses, which both contributed positively to our results.”

He continued, “We anticipate that declining interest rates and moderating inflation, combined with the resolution of election related uncertainty, will create a more stable and favorable environment for us. We have an excellent portfolio of businesses serving essential markets; our operations are well capitalized; our balance sheet is strong; and we have proven capable of quickly adjusting and adapting as conditions
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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require. As such, we remain well positioned to take advantage when conditions improve, and will continue to actively pursue new opportunities to expand and grow.”


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 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Net sales $ 997,831  $ 819,792  $ 2,845,230  $ 2,687,968 
Cost of goods sold 722,469 579,058 2,056,162 1,897,128
Depreciation and amortization 11,710 9,631 30,897 30,704
Selling, general, and administrative expense 59,619 48,295 161,993 156,988
Gain on sale of assets (2,667) —  (3,953) — 
Gain on sale of business —  (4,137) —  (4,137)
Asset impairments —  5,934  —  5,934 
Gain on insurance settlement —  —  —  (19,466)
Operating income 206,700 181,011 600,131 620,817
Interest expense (113) (230) (335) (508)
Interest income 11,145  10,599  42,773  24,566 
Realized and unrealized gains (losses) on short-term investments 164  (2,368) 529  20,362 
Other (expense) income, net (122) (47) (848) 2,120 
Income before income taxes 217,774 188,965  642,250 667,357 
Income tax expense (49,188) (50,843) (159,406) (174,322)
Income (loss) from unconsolidated affiliates, net of foreign tax 3,197  (2,413) (5,905) (2,682)
Consolidated net income 171,783  135,709  476,939  490,353 
Net income attributable to noncontrolling interests (3,084) (3,000) (9,712) (6,694)
Net income attributable to Mueller Industries, Inc. $ 168,699  $ 132,709  $ 467,227  $ 483,659 
Weighted average shares for basic earnings per share (1)
 111,363 111,416 111,332 111,374
Effect of dilutive stock-based awards (1)
 2,412 2,452 2,635 2,182
Adjusted weighted average shares for diluted earnings per share (1)
 113,775 113,868 113,967 113,556
Basic earnings per share (1)
 $ 1.51  $ 1.19  $ 4.20  $ 4.34 
Diluted earnings per share (1)
 $ 1.48  $ 1.17  $ 4.10  $ 4.26 
Dividends per share (1)
 $ 0.20  $ 0.15  $ 0.60  $ 0.45 
(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 Nine Months Ended
(In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Summary Segment Data:
Net sales:
    Piping Systems Segment $ 653,884  $ 568,151  $ 1,932,521  $ 1,868,635 
    Industrial Metals Segment 238,014 141,012 589,422 452,512
    Climate Segment 128,482 119,949 375,824 396,857
    Elimination of intersegment sales (22,549) (9,320) (52,537) (30,036)
Net sales
 $ 997,831  $ 819,792  $ 2,845,230  $ 2,687,968 
Operating income:
    Piping Systems Segment $ 163,601  $ 140,609  $ 468,539  $ 455,605 
    Industrial Metals Segment 24,197 16,221 78,161 61,407
    Climate Segment 40,768 34,846 112,336 145,901
    Unallocated income (expenses) (21,866) (10,665) (58,905) (42,096)
Operating income $ 206,700  $ 181,011  $ 600,131  $ 620,817 


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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
(In thousands)
 September 28,
2024		 December 30, 2023
ASSETS
Cash and cash equivalents $ 965,116  $ 1,170,893 
Short-term investments 4,449 98,146
Accounts receivable, net
 500,617 351,561
Inventories 400,252 380,248
Other current assets
 45,144 39,173
    Total current assets 1,915,578 2,040,021
Property, plant, and equipment, net 506,234 385,165
Operating lease right-of-use assets
 32,202 35,170 
Other assets
 752,118 298,945
Total assets $ 3,206,132  $ 2,759,301 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt $ 927  $ 796 
Accounts payable 183,511 120,485
Current portion of operating lease liabilities
 7,681  7,893 
Other current liabilities
 201,874 187,964
    Total current liabilities 393,993 317,138
Long-term debt 19 185
Pension and postretirement liabilities 12,082 12,062
Environmental reserves 14,696 15,030
Deferred income taxes 24,663 19,134
Noncurrent operating lease liabilities 24,504 26,683 
Other noncurrent liabilities
 27,539 10,353
    Total liabilities
 497,496 400,585
Total Mueller Industries, Inc. stockholders’ equity 2,678,382  2,337,445
Noncontrolling interests
 30,254  21,271
    Total equity
 2,708,636  2,358,716
Total liabilities and equity $ 3,206,132  $ 2,759,301 







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

For the Nine Months Ended
 (In thousands)
 September 28, 2024 September 30, 2023
Cash flows from operating activities
Consolidated net income $ 476,939  $ 490,353 
Reconciliation of consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 31,140  31,053 
Stock-based compensation expense 19,956  17,268 
Provision for doubtful accounts receivable (262) (63)
Loss from unconsolidated affiliates 5,905  2,682 
Dividends from unconsolidated affiliates 4,130  — 
Insurance proceeds - noncapital related 15,000  9,854 
Gain on disposals of properties (3,953) (106)
Gain on sale of business —  (4,137)
Unrealized gain on short-term investments (164) (18,449)
Gain on sales of securities (365) — 
Impairment charges —  5,934 
Gain on insurance settlement —  (19,466)
Deferred income tax expense 1,837  3,803 
Changes in assets and liabilities, net of effects of businesses acquired:
Receivables (99,281) (36,855)
Inventories 34,027  53,372 
Other assets (3,175) (12,897)
Current liabilities 25,303  (25,503)
Other liabilities (2,467) (1,828)
Other, net 1,217  3,475 
Net cash provided by operating activities $ 505,787  $ 498,490 
Cash flows from investing activities
Capital expenditures $ (51,288) $ (39,469)
Acquisition of businesses, net of cash acquired (602,692) — 
Investments in unconsolidated affiliates (8,700) (3,999)
Insurance proceeds - capital related —  24,646 
Purchase of short-term investments (4,285) (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 98,465  — 
Issuance of notes receivable (3,800) — 
Proceeds from sales of properties 9,026  214 
Dividends from unconsolidated affiliates —  1,093 
Net cash (used in) provided by investing activities $ (571,250) $ 94,117 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended
 (In thousands) September 28, 2024 September 30, 2023
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc. $ (66,796) $ (50,133)
Repurchase of common stock (48,681) (19,303)
Repayments of debt (167) (185)
Issuance (repayment) of debt by consolidated joint ventures, net 144  (265)
Net cash used to settle stock-based awards (22,946) (9,113)
Net cash used in financing activities $ (138,446) $ (78,999)
Effect of exchange rate changes on cash (4,709) 2,312 
(Decrease) increase in cash, cash equivalents, and restricted cash (208,618) 515,920 
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 $ 965,605  $ 981,216 
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