MLI Mueller Industries Inc

Mueller Industries, Inc. (NYSE: MLI) today reported 2024 fourth quarter and full year results.

For the Fourth Quarter 2024 versus Fourth Quarter 2023:

• Net sales:

$923.5 million vs. $732.4 million, up 26.1%.

• Operating income:

$170.3 million vs. $135.2 million, up 26.0%.

• Net income:

$137.7 million vs. $119.2 million, up 15.4%.

• Diluted EPS:

$1.21 vs. $1.05, up 15.2%.

For the Full Year 2024 versus the Full Year 2023:

• Net sales:

$3.8 billion vs. $3.4 billion, up 10.2%.

• Operating income:

$770.4 million vs. $756.1 million, up 1.9%.

• Net income:

$604.9 million vs. $602.9 million, up 0.3%.

• Diluted EPS:

$5.31 vs. $5.30, up 0.2%.

Financial and Operating Commentary:

• The quarter over quarter increase in net sales of $191.2 million was primarily attributable to sales recorded by businesses acquired during the second half of 2024 and improved unit volume in our U.S. construction related products. Higher net selling prices also contributed to the increase in net sales, as COMEX copper averaged $4.22 per pound during the quarter, 13% higher than the prior year period.
• The fourth quarter results include $10.7 million of non-cash expense related to purchase accounting adjustments for the acquisitions.
• The Company generated $140.1 million of cash from operations in the fourth quarter, and $645.9 million for the year.
• Year-end cash and short-term investments totaled $1.06 billion, and our current ratio is 5.1 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “We ended 2024 on a very positive note, and in terms of quarter over quarter operating income performance, the fourth quarter was our strongest of the year. Despite subdued conditions, 2024 was a very solid year, as evidenced by our strong operational cash generation. Moreover, by year end, we successfully completed the integration of our Nehring Electrical Works and Elkhart Products acquisitions. Although they did not contribute to our fourth quarter operating income, we are excited about their progress and market position, and expect they will be important contributors in 2025.”

He added, “We enter 2025 with a number of promising initiatives underway, and are committed to reinvesting to strengthen and improve our core operations. In addition, we continue to search for acquisitions that will expand our infrastructure products platforms and provide opportunities to increase our capabilities, particularly in nonferrous metals manufacturing.

We believe that while the impact of the new administration’s trade and regulatory policies will take time, they will ultimately prove beneficial to our business. Our concentration in the U.S. and status as a leading manufacturer position us well, as the U.S. remains one of the most secure end markets. All in all, we maintain a positive outlook for our Company in 2025 and beyond.”

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

 

For the Year Ended

(In thousands, except per share data)

December 28, 2024

 

December 30, 2023

 

December 28, 2024

 

December 30, 2023

 

 

 

 

 

 

 

 

Net sales

$

923,536

 

 

$

732,377

 

 

$

3,768,766

 

 

$

3,420,345

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

668,166

 

 

 

536,383

 

 

 

2,724,328

 

 

 

2,433,511

 

Depreciation and amortization

 

22,236

 

 

 

9,250

 

 

 

53,133

 

 

 

39,954

 

Selling, general, and administrative expense

 

64,703

 

 

 

51,184

 

 

 

226,696

 

 

 

208,172

 

Gain on sale of businesses

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,137

)

Gain on sale of assets, net

 

(1,827

)

 

 

—

 

 

 

(5,780

)

 

 

—

 

Impairment charges

 

—

 

 

 

324

 

 

 

—

 

 

 

6,258

 

Gain on insurance settlement

 

—

 

 

 

—

 

 

 

—

 

 

 

(19,466

)

 

 

 

 

 

 

 

 

Operating income

 

170,258

 

 

 

135,236

 

 

 

770,389

 

 

 

756,053

 

 

 

 

 

 

 

 

 

Interest expense

 

(75

)

 

 

(713

)

 

 

(410

)

 

 

(1,221

)

Interest income

 

10,695

 

 

 

13,642

 

 

 

53,468

 

 

 

38,208

 

Realized and unrealized gains on short-term investments

 

385

 

 

 

21,503

 

 

 

914

 

 

 

41,865

 

Gain on extinguishment of NMTC liability

 

1,265

 

 

 

7,534

 

 

 

1,265

 

 

 

7,534

 

Environmental (expense) income

 

(542

)

 

 

202

 

 

 

(2,218

)

 

 

(825

)

Other (expense) income, net

 

(3,774

)

 

 

471

 

 

 

(2,946

)

 

 

3,618

 

 

 

 

 

 

 

 

 

Income before income taxes

 

178,212

 

 

 

177,875

 

 

 

820,462

 

 

 

845,232

 

 

 

 

 

 

 

 

 

Income tax expense

 

(45,670

)

 

 

(46,440

)

 

 

(205,076

)

 

 

(220,762

)

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

 

8,061

 

 

 

(12,139

)

 

 

2,156

 

 

 

(14,821

)

 

 

 

 

 

 

 

 

Consolidated net income

 

140,603

 

 

 

119,296

 

 

 

617,542

 

 

 

609,649

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(2,951

)

 

 

(58

)

 

 

(12,663

)

 

 

(6,752

)

 

 

 

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

$

137,652

 

 

$

119,238

 

 

$

604,879

 

 

$

602,897

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

111,545

 

 

 

111,556

 

 

 

111,385

 

 

 

111,420

 

Effect of dilutive stock-based awards

 

2,415

 

 

 

2,425

 

 

 

2,580

 

 

 

2,242

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares for diluted earnings per share

 

113,960

 

 

 

113,981

 

 

 

113,965

 

 

 

113,662

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.23

 

 

$

1.07

 

 

$

5.43

 

 

$

5.41

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.21

 

 

$

1.05

 

 

$

5.31

 

 

$

5.30

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.20

 

 

$

0.15

 

 

$

0.80

 

 

$

0.60

 

 

 

 

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED

(Unaudited)

 

 

For the Quarter Ended

 

For the Year Ended

(In thousands)

December 28, 2024

 

December 30, 2023

 

December 28, 2024

 

December 30, 2023

 

 

 

 

 

 

 

 

Summary Segment Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

Piping Systems Segment

$

592,834

 

 

$

513,938

 

 

$

2,514,096

 

 

$

2,382,573

 

Industrial Metals Segment

 

229,017

 

 

 

125,363

 

 

 

818,439

 

 

 

577,875

 

Climate Segment

 

112,622

 

 

 

103,933

 

 

 

488,446

 

 

 

500,790

 

Elimination of intersegment sales

 

(10,937

)

 

 

(10,857

)

 

 

(52,215

)

 

 

(40,893

)

 

 

 

 

 

 

 

 

Net sales

$

923,536

 

 

$

732,377

 

 

$

3,768,766

 

 

$

3,420,345

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

Piping Systems Segment

$

148,912

 

 

$

113,634

 

 

$

617,451

 

 

$

569,239

 

Industrial Metals Segment

 

14,399

 

 

 

14,972

 

 

 

92,560

 

 

 

76,379

 

Climate Segment

 

33,718

 

 

 

25,963

 

 

 

146,054

 

 

 

171,864

 

Unallocated expenses

 

(26,771

)

 

 

(19,333

)

 

 

(85,676

)

 

 

(61,429

)

 

 

 

 

 

 

 

 

Operating income

$

170,258

 

 

$

135,236

 

 

$

770,389

 

 

$

756,053

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In thousands)

December 28, 2024

 

December 30, 2023

ASSETS

 

 

 

Cash and cash equivalents

$

1,037,229

 

$

1,170,893

Short-term investments

 

21,874

 

 

98,146

Accounts receivable, net

 

450,113

 

 

351,561

Inventories

 

462,279

 

 

380,248

Other current assets

 

40,734

 

 

39,173

 

 

 

 

Total current assets

 

2,012,229

 

 

2,040,021

 

 

 

 

Property, plant, and equipment, net

 

515,131

 

 

385,165

Operating lease right-of-use assets

 

32,702

 

 

35,170

Other assets

 

730,844

 

 

298,945

 

 

 

 

 

$

3,290,906

 

$

2,759,301

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current portion of debt

$

1,094

 

$

796

Accounts payable

 

173,743

 

 

120,485

Current portion of operating lease liabilities

 

8,117

 

 

7,893

Other current liabilities

 

215,033

 

 

187,964

 

 

 

 

Total current liabilities

 

397,987

 

 

317,138

 

 

 

 

Long-term debt

 

—

 

 

185

Pension and postretirement liabilities

 

11,199

 

 

12,062

Environmental reserves

 

15,423

 

 

15,030

Deferred income taxes

 

25,742

 

 

19,134

Noncurrent operating lease liabilities

 

24,547

 

 

26,683

Other noncurrent liabilities

 

11,600

 

 

10,353

 

 

 

 

Total liabilities

 

486,498

 

 

400,585

 

 

 

 

Total Mueller Industries, Inc. stockholders’ equity

 

2,773,165

 

 

2,337,445

Noncontrolling interests

 

31,243

 

 

21,271

 

 

 

 

Total equity

 

2,804,408

 

 

2,358,716

 

 

 

 

 

$

3,290,906

 

$

2,759,301

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

For the Year Ended

(In thousands)

December 28, 2024

 

December 30, 2023

 

 

 

 

Cash flows from operating activities

 

 

 

Consolidated net income

$

617,542

 

 

$

609,649

 

Reconciliation of consolidated net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

53,376

 

 

 

40,824

 

Stock-based compensation expense

 

26,787

 

 

 

23,131

 

Provision for doubtful accounts receivable

 

1,147

 

 

 

(84

)

(Income) loss from unconsolidated affiliates

 

(2,156

)

 

 

14,821

 

Dividends from unconsolidated affiliates

 

4,769

 

 

 

—

 

Gain on sale of businesses

 

—

 

 

 

(4,137

)

Unrealized gain on short-term investments

 

(549

)

 

 

(24,765

)

Gain on disposals of assets

 

(5,780

)

 

 

(1

)

Insurance proceeds - noncapital related

 

18,900

 

 

 

9,854

 

Gain on sale of securities

 

(365

)

 

 

(17,100

)

Gain on insurance settlement

 

—

 

 

 

(19,466

)

Impairment charges

 

—

 

 

 

6,258

 

Gain on extinguishment of NMTC liability

 

(1,265

)

 

 

(7,534

)

Deferred income tax (benefit) expense

 

(867

)

 

 

4,790

 

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

 

 

 

Receivables

 

(56,565

)

 

 

30,915

 

Inventories

 

(32,768

)

 

 

67,903

 

Other assets

 

(1,046

)

 

 

(20,700

)

Current liabilities

 

24,360

 

 

 

(40,606

)

Other liabilities

 

(1,145

)

 

 

(3,497

)

Other, net

 

1,533

 

 

 

2,511

 

 

 

 

 

Net cash provided by operating activities

 

645,908

 

 

 

672,766

 

 

 

 

 

Cash flows from investing activities

 

 

 

Proceeds from sale of assets, net of cash transferred

 

12,005

 

 

 

279

 

Purchase of short-term investments

 

(21,325

)

 

 

(106,231

)

Purchase of long-term investments

 

(6,785

)

 

 

—

 

Proceeds from the sale of securities

 

98,465

 

 

 

55,454

 

Proceeds from the maturity of short-term investments

 

—

 

 

 

217,863

 

Acquisition of businesses, net of cash acquired

 

(602,692

)

 

 

—

 

Capital expenditures

 

(80,203

)

 

 

(54,025

)

Insurance proceeds - capital related

 

6,100

 

 

 

24,646

 

Dividends from unconsolidated affiliates

 

—

 

 

 

1,093

 

Issuance of notes receivable

 

(3,800

)

 

 

—

 

Investments in unconsolidated affiliates

 

(8,700

)

 

 

(3,999

)

 

 

 

 

Net cash (used in) provided by investing activities

 

(606,935

)

 

 

135,080

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(Unaudited)

 

 

For the Year Ended

(In thousands)

December 28, 2024

 

December 30, 2023

 

 

 

 

Cash flows from financing activities

 

 

 

Dividends paid to stockholders of Mueller Industries, Inc.

 

(89,107

)

 

 

(66,868

)

Dividends paid to noncontrolling interests

 

—

 

 

 

(9,312

)

Repayments of long-term debt

 

(222

)

 

 

(241

)

Issuance (repayment) of debt by consolidated joint ventures, net

 

397

 

 

 

(30

)

Repurchase of common stock

 

(48,681

)

 

 

(19,303

)

Net cash used to settle stock-based awards

 

(22,865

)

 

 

(8,755

)

 

 

 

 

Net cash used in financing activities

 

(160,478

)

 

 

(104,509

)

 

 

 

 

Effect of exchange rate changes on cash

 

(13,823

)

 

 

5,590

 

 

 

 

 

(Decrease) increase in cash, cash equivalents, and restricted cash

 

(135,328

)

 

 

708,927

 

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

 

1,174,223

 

 

 

465,296

 

 

 

 

 

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

$

1,038,895

 

 

$

1,174,223

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250203510446/en/

Jeffrey A. Martin (901) 753-3226