Mueller Industries, Inc. Reports Second Quarter 2018 Earnings
MEMPHIS, Tenn.--(BUSINESS WIRE)--Jul 24, 2018--Mueller Industries, Inc. (NYSE: MLI) announced today second quarter operating income of $51.9 million, compared with $46.7 million in the same quarter of 2017, an increase of 11 percent.
Net income for the period was $33.2 million, or 58 cents per diluted share, on $662.8 million in net sales, compared with net income of $27.6 million, or 48 cents per diluted share, on $614.3 million in net sales for the same quarter of 2017.
Financial and Operating Highlights for the second quarter of 2018:The average price of COMEX copper was 51 cents per pound higher compared with the same period of 2017. Net sales were impacted by higher selling prices resulting from these higher copper prices, and were partially offset by the absence of $41.3 million of net sales recorded in the second quarter of 2017 by MXR, a business the Company exited in June 2017. During the quarter, the Company generated $62.7 million in cash from operations.
Regarding the outlook, Greg Christopher, Mueller CEO said, “Our outlook remains positive as economic conditions remain supportive of our businesses. As performance gradually improves in our Fulton and Cedar City copper tube mills, we continue to recover volume and share of market lost during our modernization efforts.”
In addition, Mr. Christopher commented, “We are excited about our most recent acquisition, ATCO Flex. ATCO is an excellent addition to our Climate Products portfolio, and will contribute to our goal of becoming a more valuable resource to our HVAC and refrigeration customer base. Customer support of the acquisition has been extremely favorable.”
Mueller Industries, Inc. is an industrial manufacturer that specializes in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics. It is headquartered in Memphis, Tennessee and comprises a network of operations in the United States, Canada, Mexico, Great Britain, South Korea, the Middle East, and China. Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR 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.
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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