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Mueller Industries, Inc. Reports First Quarter 2021 Earnings

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Mueller Industries, Inc. (NYSE: MLI) announces 2021 first quarter results. (All comparisons are to the prior year quarter.)

  • Operating income of $92.5 million versus $59.3 million
  • Net income of $63.1 million versus $32.4 million
  • Net sales of $818.1 million versus $602.9 million
  • EPS of $1.11 versus $0.57 per share

Financial and Operating Highlights:

  • Average COMEX copper for the first quarter was $3.86 per pound, a 50 percent increase over the first quarter of last year.
  • The increase in net sales was attributable to unit sales growth across most of our businesses, recent acquisitions and the influence of the higher copper prices. The price of copper is largely passed through and as such, impacts selling prices in many of our businesses.
  • Selling, general, and administrative expense was $45.4 million for the quarter, which included $2.7 million of incremental expense from recently acquired businesses, compared to $42.8 million in the prior year quarter.
  • We recorded a $1.6 million loss on our investment in Tecumseh Products Company for the quarter, compared to a $6.3 million loss recorded during the prior year period.
  • During the quarter, we closed on our previously announced acquisition of the Hart & Cooley Flexible Duct business.
  • At quarter-end, cash on hand was $129.9 million, our debt to total capitalization was 31 percent, and the current ratio was 2.2 to 1.

Regarding the state of the Company and outlook, Greg Christopher, Mueller's CEO said:

“Our performance in the first quarter falls in line with our 2020 year-end expectations. Most economies in which we operate continue to improve, as restrictions imposed in response to the pandemic are being lifted. The increased availability of vaccines, the significant flow of money into global economies, and the potential of a U.S. infrastructure bill, strengthen this positive outlook.”

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.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

For the Quarter Ended

(In thousands, except per share data)

 

March 27,
2021

 

March 28,
2020

 

 

 

 

 

Net sales

 

$

818,148

 

$

602,919

 

 

 

 

 

Cost of goods sold

 

668,418

 

508,715

Depreciation and amortization

 

11,755

 

11,039

Selling, general, and administrative expense

 

45,435

 

42,752

Asset impairments

 

—

 

3,035

Litigation settlement, net

 

—

 

(21,933)

 

 

 

 

 

Operating income

 

92,540

 

59,311

 

 

 

 

 

Interest expense

 

(4,469)

 

(5,379)

Other income, net

 

577

 

278

 

 

 

 

 

Income before income taxes

 

88,648

 

54,210

 

 

 

 

 

Income tax expense

 

(21,761)

 

(14,144)

Loss from unconsolidated affiliates, net of foreign tax

 

(1,649)

 

(6,115)

 

 

 

 

 

Consolidated net income

 

65,238

 

33,951

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(2,131)

 

(1,536)

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

 

$

63,107

 

$

32,415

 

 

 

 

 

Weighted average shares for basic earnings per share

 

55,916

 

55,875

Effect of dilutive stock-based awards

 

756

 

583

 

 

 

 

 

Adjusted weighted average shares for diluted earnings per share

 

56,672

 

56,458

 

 

 

 

 

Basic earnings per share

 

$

1.13

 

$

0.58

 

 

 

 

 

Diluted earnings per share

 

$

1.11

 

$

0.57

 

 

 

 

 

Dividends per share

 

$

0.13

 

$

0.10

 

 

 

 

 

Summary Segment Data:

 

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Mueller Industries, Inc.

NYSE:MLI

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6.53B
110.57M
2.56%
97.88%
4.88%
Copper Rolling, Drawing, Extruding, and Alloying
Manufacturing
Link
United States of America
COLLIERVILLE

About MLI

mueller industries, inc. (nyse: mli) is an industrial manufacturer specializing in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics. headquartered in memphis, tennessee, the company comprises a network of operations in the united states, canada, mexico, great britain, and china. products include tubing, fittings, valves, vessels, and related items for plumbing, hvacr, and related piping systems, as well as rod, forgings, extrusions, and various components for oem applications. products are distributed into sectors such as building construction, appliance, defense, energy, and automotive.