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Mueller Industries, Inc. Reports First Quarter 2022 Earnings

Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2022. (All comparisons are to the prior year quarter.)

  • Operating Income of $212.7 million versus $92.5 million
  • Net Income of $158.3 million versus $63.1 million
  • EPS of $2.78 versus $1.11
  • Net Sales of $1.01 billion versus $818.1 million

First Quarter Financial and Operating Highlights:

  • Higher commodity prices, which are passed through in the selling prices of our products, were the primary reason for the increase in net sales, along with volume growth from recently acquired businesses.
    • COMEX copper averaged $4.54 per pound during the quarter, 18 percent higher than the first quarter of 2021.
    • Gross margin improved 800 basis points, and reflected our effective price management in response to significant inflation in wages, and material, consumable, freight and distribution costs.
  • Cash at quarter end was $139 million, with no net debt.
  • During the period, we announced an increase in our quarterly dividend from $.13 per share to $.25 per share.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Building construction, the primary market we serve, remains healthy. The continued expansion of residential construction, along with the development of the infrastructure necessary to support local communities, will continue to drive demand for our portfolio of products. We believe we are well poised to benefit from both this ongoing trend, and from the anticipated recovery of other markets we serve that have been impacted by labor and supply chain issues. All in all, our performance remains consistent with the outlook we provided in our year-end report.”

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 26,

2022

 

March 27,

2021

 

 

 

 

 

Net sales

 

$

1,010,002

 

 

$

818,148

 

 

 

 

 

 

Cost of goods sold

 

 

744,511

 

 

 

668,418

 

Depreciation and amortization

 

 

10,841

 

 

 

11,755

 

Selling, general, and administrative expense

 

 

47,456

 

 

 

45,435

 

Gain on sale of assets

 

 

(5,507

)

 

 

 

 

 

 

 

 

Operating income

 

 

212,701

 

 

 

92,540

 

 

 

 

 

 

Interest expense

 

 

(158

)

 

 

(4,469

)

Other income, net

 

 

780

 

 

 

577

 

 

 

 

 

 

Income before income taxes

 

 

213,323

 

 

 

88,648

 

 

 

 

 

 

Income tax expense

 

 

(54,199

)

 

 

(21,761

)

Income (loss) from unconsolidated affiliates, net of foreign tax

 

 

124

 

 

 

(1,649

)

 

 

 

 

 

Consolidated net income

 

 

159,248

 

 

 

65,238

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

(932

)

 

 

(2,131

)

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

 

$

158,316

 

 

$

63,107

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

56,100

 

 

 

55,916

 

Effect of dilutive stock-based awards

 

 

810

 

 

 

756

 

 

 

 

 

 

Adjusted weighted average shares for diluted earnings per share

 

 

56,910

 

 

 

56,672

 

 

 

 

 

 

Basic earnings per share

 

$

2.82

 

 

$

1.13

 

 

 

 

 

 

Diluted earnings per share

 

$

2.78

 

 

$

1.11

 

 

 

 

 

 

Dividends per share

 

$

0.25

 

 

$

0.13

 

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED

(Unaudited)

 

 

 

 

 

 

 

For the Quarter Ended

(In thousands)

 

March 26,

2022

 

March 27,

2021

 

 

 

 

 

Summary Segment Data:

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

Piping Systems Segment

 

$

703,430

 

 

$

547,748

 

Industrial Metals Segment

 

 

174,312

 

 

 

164,852

 

Climate Segment

 

 

140,622

 

 

 

111,026

 

Elimination of intersegment sales

 

 

(8,362

)

 

 

(5,478

)

 

 

 

 

 

Net sales

 

$

1,010,002

 

 

$

818,148

 

 

 

 

 

 

Operating income:

 

 

 

 

Piping Systems Segment

 

$

160,488

 

 

$

67,098

 

Industrial Metals Segment

 

 

23,259

 

 

 

18,847

 

Climate Segment

 

 

36,700

 

 

 

17,335

 

Unallocated income (expenses)

 

 

(7,746

)

 

 

(10,740

)

 

 

 

 

 

Operating income

 

$

212,701

 

 

$

92,540

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(Unaudited)

 

 

(In thousands)

 

March 26,

2022

 

December 25,

2021

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

139,255

 

$

87,924

Accounts receivable, net

 

 

588,397

 

 

471,859

Inventories

 

 

471,949

 

 

430,244

Other current assets

 

 

40,947

 

 

28,976

 

 

 

 

 

Total current assets

 

 

1,240,548

 

 

1,019,003

 

 

 

 

 

Property, plant, and equipment, net

 

 

380,711

 

 

385,562

Operating lease right-of-use assets

 

 

21,965

 

 

23,510

Other assets

 

 

302,726

 

 

300,861

 

 

 

 

 

Total assets

 

$

1,945,950

 

$

1,728,936

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current portion of debt

 

$

812

 

$

811

Accounts payable

 

 

226,712

 

 

180,793

Current portion of operating lease liabilities

 

 

5,650

 

 

6,015

Other current liabilities

 

 

218,422

 

 

194,820

 

 

 

 

 

Total current liabilities

 

 

451,596

 

 

382,439

 

 

 

 

 

Long-term debt

 

 

1,098

 

 

1,064

Pension and postretirement liabilities

 

 

16,518

 

 

17,533

Environmental reserves

 

 

17,137

 

 

17,678

Deferred income taxes

 

 

15,861

 

 

14,347

Noncurrent operating lease liabilities

 

 

16,010

 

 

17,099

Other noncurrent liabilities

 

 

21,586

 

 

21,813

 

 

 

 

 

Total liabilities

 

 

539,806

 

 

471,973

 

 

 

 

 

Total Mueller Industries, Inc. stockholders’ equity

 

 

1,370,400

 

 

1,222,118

Noncontrolling interests

 

 

35,744

 

 

34,845

 

 

 

 

 

Total equity

 

 

1,406,144

 

 

1,256,963

 

 

 

 

 

Total liabilities and equity

 

$

1,945,950

 

$

1,728,936

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Quarter Ended

(In thousands)

 

March 26,

2022

 

March 27,

2021

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Consolidated net income

 

$

159,248

 

 

$

65,238

 

Reconciliation of consolidated net income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

10,930

 

 

 

11,775

 

Stock-based compensation expense

 

 

2,573

 

 

 

2,109

 

Provision for doubtful accounts receivable

 

 

125

 

 

 

1,631

 

(Income) loss from unconsolidated affiliates

 

 

(124

)

 

 

1,649

 

Gain on disposals of properties

 

 

(5,507

)

 

 

(936

)

Deferred income tax expense

 

 

258

 

 

 

142

 

Changes in assets and liabilities, net of effects of businesses acquired and sold:

 

 

 

 

Receivables

 

 

(116,610

)

 

 

(89,972

)

Inventories

 

 

(40,803

)

 

 

(45,590

)

Other assets

 

 

314

 

 

 

1,230

 

Current liabilities

 

 

54,344

 

 

 

33,941

 

Other liabilities

 

 

(1,752

)

 

 

(3,703

)

Other, net

 

 

(137

)

 

 

(95

)

 

 

 

 

 

Net cash provided by (used in) operating activities

 

 

62,859

 

 

 

(22,581

)

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

 

(5,259

)

 

 

(9,227

)

Acquisition of businesses, net of cash acquired

 

 

 

 

 

(14,029

)

Proceeds from sales of properties

 

 

6,219

 

 

 

1,730

 

Dividends from unconsolidated affiliates

 

 

959

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

1,919

 

 

 

(21,526

)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Repurchase of common stock

 

 

(3,972

)

 

 

 

Issuance of debt

 

 

 

 

 

100,000

 

Repayments of debt

 

 

(56

)

 

 

(35,288

)

Issuance of debt by consolidated joint ventures, net

 

 

 

 

 

45

 

Net cash (used) received to settle stock-based awards

 

 

(230

)

 

 

221

 

 

 

 

 

 

Net cash (used in) provided by financing activities

 

 

(4,258

)

 

 

64,978

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

301

 

 

 

784

 

 

 

 

 

 

Increase in cash, cash equivalents, and restricted cash

 

 

60,821

 

 

 

21,655

 

Cash, cash equivalents, and restricted cash at the beginning of the period

 

 

90,376

 

 

 

127,376

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash at the end of the period

 

$

151,197

 

 

$

149,031

 

 

Contacts

Jeffrey A. Martin

(901) 753-3226

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