Mueller Industries, Inc. Reports First Quarter 2024 Earnings

Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2024. Comparisons are to the first quarter of 2023.

• Net Income of $138.4 million versus $173.2 million
• Earnings Before Taxes of $201.6 million versus $237.4 million
• Net Sales of $849.7 million versus $971.2 million
• Diluted EPS* of $1.21 versus $1.54

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

First Quarter Financial and Operating Highlights:

• COMEX copper averaged $3.86 per pound during the quarter, 5.6% lower than in the first quarter of 2023.
• The decrease in net sales was attributable to lower demand for our products that are primarily consumed in residential building, as well as lower selling prices as a result of the lower copper prices.
• We recorded a $10.3 million loss on our investment in Tecumseh Products Company, largely driven by restructuring charges in its international operations.
• Net cash generated from operations was $173.6 million, and our cash balance was $1.36 billion at quarter end.
• Our current ratio was 6.0 to 1.

Regarding the quarter performance, Greg Christopher, Mueller's CEO said, "The first quarter of 2023 represented the tail end of the period of robust demand we experienced stemming from the market's overreaction to the 2022 supply chain crisis. Given this normalization of demand, as well as the effects persistent inflation and high interest rates have had on business conditions, our 2024 first quarter performance was in line with our expectations. The rationalization actions we took in 2023 had their intended impact and contributed to the sustained margins."

Regarding the outlook, Mr. Christopher continued, "As reported in our annual report, our long-term outlook for our business remains positive and we are well positioned for the expected rebound in demand. Additionally, we anticipate another strong year of cash flow from operations. Our capital allocation priorities remain reinvestment in our operations to be a low cost producer and growth through acquisition. As previously reported, we are excited to complete our acquisition of Nehring Electrical Works, and look forward to capitalizing on the strong growth and expansion platform it will provide to us in the critical electrical transmission infrastructure market."

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.