Mueller Industries Inc

NYSE:MLIUnited States

Jul 23, 2024

Show headlines and story abstract

• -- Earnings Flash (MLI) MUELLER INDUSTRIES Posts Q2 EPS $1.41, from 7:01AM ET on Tuesday Jul 23, 2024 by MT Newswires

  7:01AM ET on Tuesday Jul 23, 2024 by MT Newswires
  Companies Mentioned: MLI
  07:01 AM EDT, 07/23/2024 (MT Newswires) -- ...

• -- Earnings Flash (MLI) MUELLER INDUSTRIES Reports Q2 Revenue $997.7M, from 7:00AM ET on Tuesday Jul 23, 2024 by MT Newswires

  7:00AM ET on Tuesday Jul 23, 2024 by MT Newswires
  Companies Mentioned: MLI
  07:00 AM EDT, 07/23/2024 (MT Newswires) -- ...

• -- Earnings Flash (MLI) MUELLER INDUSTRIES Posts Q2 EPS $1.41, from 7:00AM ET on Tuesday Jul 23, 2024 by MT Newswires

  7:00AM ET on Tuesday Jul 23, 2024 by MT Newswires
  Companies Mentioned: MLI
  07:00 AM EDT, 07/23/2024 (MT Newswires) -- ...

• Mueller Industries, Inc. Reports Second Quarter 2024 Earnings, from 7:00AM ET on Tuesday Jul 23, 2024 by Dow Jones

  7:00AM ET on Tuesday Jul 23, 2024 by Dow Jones
  Companies Mentioned: MLI
  COLLIERVILLE, Tenn.--(BUSINESS WIRE)--July 23, 2024--
  Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2024. Comparisons are to the second quarter of 2023.
  

• *DJ Mueller Industries 2Q EPS $1.41 >MLI, from 7:00AM ET on Tuesday Jul 23, 2024 by Dow Jones

  7:00AM ET on Tuesday Jul 23, 2024 by Dow Jones
  Companies Mentioned: MLI
  Operating lease right-of-use assets 34,534 35,170 Other assets 755,417 298,945 --------- --------------- Total assets $ 3,066,185 $ 2,759,301 ========= =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of debt $ 785 $ 796 Accounts payable 198,537 120,485 Current portion of operating lease liabilities 8,000 7,893 Other current liabilities 179,906 187,964 --------- --------------- Total current liabilities 387,228 317,138 Long-term debt 74 185 Pension and postretirement liabilities 11,696 12,062 Environmental reserves 14,808 15,030 Deferred income taxes 20,023 19,134 Noncurrent operating lease liabilities 26,330 26,683 Other noncurrent liabilities 33,168 10,353 --------- --------------- Total liabilities 493,327 400,585 --------- --------------- Total Mueller Industries, Inc. stockholders' equity 2,546,103 2,337,445 Noncontrolling interests 26,755 21,271 --------- --------------- Total equity 2,572,858 2,358,716 --------- --------------- Total liabilities and equity $ 3,066,185 $ 2,759,301 ========= =============== MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended ---------------------------------- (In thousands) June 29, 2024 July 1, 2023 ---------------- ---------------- Cash flows from operating activities Consolidated net income $ 305,156 $ 354,644 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 19,349 21,252 Stock-based compensation expense 13,476 12,459 Provision for doubtful accounts receivable (67) (80) Loss from unconsolidated affiliates 9,102 269 Dividends from unconsolidated affiliates 3,541 -- Insurance proceeds - noncapital related 15,000 9,854 Gain on disposals of properties (1,286) (141) Unrealized gain on short-term investments -- (20,820) Gain on sales of securities (365) -- Gain on insurance settlement -- (19,466) Deferred income tax (benefit) expense (1,509) 2,406 Changes in assets and liabilities, net of effects of businesses acquired: Receivables (132,012) (77,701) Inventories 6,706 (12,149) Other assets 8,511 (5,571) Current liabilities 30,276 (14,460) Other liabilities (2,375) (976) Other, net 872 1,310 --- ---------- --------- Net cash provided by operating activities $ 274,375 $ 250,830 --- ---------- --------- Cash flows from investing activities Capital expenditures $ (25,603) $ (29,221) Acquisition of businesses, net of cash acquired (566,577) -- Investments in unconsolidated affiliates (8,700) -- Insurance proceeds - capital related -- 24,646 Purchase of short-term investments -- (106,231) Purchase of long-term investments (7,976) -- Proceeds from the maturity of short-term investments -- 217,863 Proceeds from the sale of securities 96,465 -- Issuance of notes receivable (3,800) -- Proceeds from sales of properties 3,976 142 Dividends from unconsolidated affiliates -- 797 --- ---------- --------- Net cash (used in) provided by investing activities $ (512,215) $ 107,996 --- ---------- --------- MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended ---------------------------------- (In thousands) June 29, 2024 July 1, 2023 ---------------- ---------------- Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (44,488) $ (33,402) Repurchase of common stock (42,994) (19,303) Repayments of debt (111) (130) Issuance (repayment) of debt by consolidated joint ventures, net 11 (143) Net cash used to settle stock-based awards (2,002) (2,588) --- ---------- --------- Net cash used in financing activities $ (89,584) $ (55,566) --- ---------- --------- Effect of exchange rate changes on cash (4,784) 4,825 --- ---------- --------- (Decrease) increase in cash, cash equivalents, and restricted cash (332,208) 308,085 Cash, cash equivalents, and restricted cash at the beginning of the period 1,174,223 465,296 --- ---------- --------- Cash, cash equivalents, and restricted cash at the end of the period $ 842,015 $ 773,381 === ========== =========