Mueller Industries, Inc. Reports First Quarter 2023 Earnings

Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2023. Results as compared with the first quarter of 2022 include:

• Operating Income of $229.1 million versus $212.7 million, an increase of 7.7%.
• Net Income of $173.2 million versus $158.3 million, an increase of 9.4%.
• EPS of $3.07 versus $2.78, an increase of 10.4%.
• Net Sales of $971.2 million versus $1.01 billion, a decrease of 3.8%.

First Quarter Highlights:

• The decrease in net sales was due to lower copper prices along with lower unit volume in our international mill businesses, partially offset by increased net sales in our downstream businesses that have a higher value add content. COMEX copper averaged $4.09 per pound, 10% lower than the first quarter of 2022.
• Adjusting for a $5.5 million gain on property the Company disposed of in 2022, operating income increased 10.6%.
• Cash generated from operations was $111.6 million, resulting in quarter end cash and short-term investments totaling $782.4 million. The Company has no net debt, and a current ratio of 4.3 to 1.
• Increased the quarterly dividend by 20% to $.30 per share.

Regarding the Company’s first quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our first quarter results were in line with our 2022 year-end expectations, as reported. We entered the year anticipating that more challenging economic times were likely ahead and have adjusted accordingly. Our strong cash generation and solid balance sheet will enable us to continue delivering value to our shareholders and to pursue new growth opportunities that may arise.”

Mr. Christopher continued, “Subsequent to the end of the quarter, we reported that our factory in Covington, TN was severely damaged by a tornado. Most importantly, we are grateful that all of our employees were safe and without injury. As we rebuild, we have executed contingency plans, including the use of other Mueller production facilities and third party sourcing arrangements, to ensure a continuing reliable supply of products to our customers.

“The losses, both to property and resultant business interruption, are expected to be covered by existing insurance policies. Therefore, we believe the impact of this event on our financial results will be immaterial.”

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.

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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.

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