Mueller Industries, Inc. Reports Third Quarter 2023 Earnings

Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2023. Comparisons are to the third quarter of 2022.

• Operating Income of $181.0 million versus $205.2 million
• Net Income of $132.7 million versus $154.5 million
• Diluted EPS* of $1.17 versus $1.37
• Net Sales of $819.8 million versus $944.8 million

(*adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023)

Third Quarter Financial and Operating Highlights:

• The decrease in net sales was primarily attributable to reduced demand in our wholesale channel as distributors continued to rebalance inventory levels, particularly for products utilized in residential construction.
• We sold a majority interest in our PEX plastic piping business on July 3, 2023. In the prior year quarter, this business contributed $11.2 million in net sales.
• Net cash provided by operations was $247.7 million, and cash plus short-term investments were $1.10 billion at quarter end.
• Our current ratio increased to 6.0 to 1.
• On September 26, 2023, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend. The record date for the stock split was October 6, 2023, and the dividend was distributed on stockholders on October 20, 2023.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses have aptly adjusted to the expected tempering of demand in 2023 following the unrestrained demand levels that occurred in 2022. Nonetheless, business conditions at these levels are historically favorable. In addition, we are executing on a number of strategic investments and capacity rationalizations that we expect will continue to yield favorable cost improvements.”

Mr. Christopher continued, “We remain focused on growth and continue to actively identify, evaluate and pursue opportunities that will expand and strengthen our portfolio. Our balance sheet, particularly our cash position, is an excellent resource to support these initiatives.”

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.