COLLIERVILLE, Tenn., February 04, 2025--(BUSINESS WIRE)--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.
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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
