Mueller Industries, Inc. Reports Second Quarter 2024 Earnings
Mueller Industries (NYSE: MLI) reported its Q2 2024 earnings, showing mixed results compared to Q2 2023. Net sales increased to $997.7 million from $897.0 million, driven by higher unit shipments, increased copper prices, and the inclusion of the newly acquired Nehring business. However, net income decreased to $160.2 million from $177.7 million, and diluted EPS fell to $1.41 from $1.56.
The company's operating income slightly decreased to $210.0 million from $210.7 million. Adjusting for a $19.5 million insurance settlement gain in 2023, operating income actually improved by 9.8%. Mueller's cash position remains strong, with $825.7 million at quarter-end and a current ratio of 4.7 to 1. The company deployed $566.6 million for acquisitions and $15.1 million for stock repurchases during the quarter.
Mueller Industries (NYSE: MLI) ha riportato i suoi guadagni del secondo trimestre 2024, mostrando risultati misti rispetto al secondo trimestre 2023. Le vendite nette sono aumentate a 997,7 milioni di dollari rispetto a 897,0 milioni di dollari, grazie a un aumento delle spedizioni di unità, all'aumento dei prezzi del rame e all'inclusione della nuova acquisizione Nehring. Tuttavia, l'utile netto è diminuito a 160,2 milioni di dollari rispetto a 177,7 milioni di dollari, e l'EPS diluito è sceso a 1,41 dollari da 1,56 dollari.
L'
Mueller Industries (NYSE: MLI) informó sobre sus ganancias del segundo trimestre de 2024, mostrando resultados mixtos en comparación con el segundo trimestre de 2023. Las ventas netas aumentaron a 997,7 millones de dólares, frente a 897,0 millones de dólares, impulsadas por un mayor envío de unidades, el aumento de los precios del cobre y la inclusión del recién adquirido negocio Nehring. Sin embargo, el ingreso neto disminuyó a 160,2 millones de dólares desde 177,7 millones de dólares, y el EPS diluido cayó a 1,41 dólares de 1,56 dólares.
El ingreso operativo de la compañía disminuyó ligeramente a 210,0 millones de dólares desde 210,7 millones de dólares. Ajustando por una ganancia de 19,5 millones de dólares en un acuerdo de seguros en 2023, el ingreso operativo mejoró en un 9,8%. La posición de efectivo de Mueller sigue siendo sólida, con 825,7 millones de dólares al finalizar el trimestre y una relación actual de 4,7 a 1. La empresa destinó 566,6 millones de dólares a adquisiciones y 15,1 millones de dólares a recompra de acciones durante el trimestre.
Mueller Industries (NYSE: MLI)는 2024년 2분기 실적을 발표하며 2023년 2분기와 비교해 혼합된 결과를 보였습니다. 순매출은 8억 9,700만 달러에서 9억 9,770만 달러로 증가하였으며, 이는 유닛 출하 증가, 구리 가격 상승, 신규 인수한 Nehring 사업의 포함에 기인한 것입니다. 그러나 순이익은 1억 6,020만 달러로 감소했으며, 희석 주당 순이익은 1.56달러에서 1.41달러로 하락했습니다.
회사의 운영 이익은 소폭 감소하여 2억 1,000만 달러에서 2억 1,700만 달러로 떨어졌습니다. 2023년의 1,950만 달러 보험 합의 이익을 조정하면 운영 이익은 실제로 9.8% 개선되었습니다. Mueller의 현금 잔고는 여전히 강력하며, 분기 말에 8억 2,570만 달러를 보유하고 있으며 현재 비율은 4.7:1입니다. 회사는 분기 동안 인수에 5억 6,660만 달러와 자사주 매입에 1,510만 달러를 사용했습니다.
Mueller Industries (NYSE: MLI) a annoncé ses résultats du deuxième trimestre 2024, présentant des résultats mitigés par rapport au deuxième trimestre 2023. Les ventes nettes ont augmenté à 997,7 millions de dollars, contre 897,0 millions de dollars, soutenues par des expéditions d'unités plus élevées, une hausse des prix du cuivre et l'inclusion de l'entreprise nouvellement acquise, Nehring. Cependant, le revenu net a diminué à 160,2 millions de dollars contre 177,7 millions de dollars, et le BPA dilué est tombé à 1,41 dollar contre 1,56 dollar.
Le revenu d'exploitation de l'entreprise a légèrement diminué à 210,0 millions de dollars contre 210,7 millions de dollars. En tenant compte d'un gain de 19,5 millions de dollars provenant d'un règlement d'assurance en 2023, le revenu d'exploitation a en fait progressé de 9,8 %. La position de liquidité de Mueller reste solide, avec 825,7 millions de dollars à la fin du trimestre et un ratio courant de 4,7 à 1. L'entreprise a dépensé 566,6 millions de dollars pour des acquisitions et 15,1 millions de dollars pour le rachat d'actions durant le trimestre.
Mueller Industries (NYSE: MLI) hat seine Ergebnisse für das zweite Quartal 2024 veröffentlicht, die im Vergleich zum zweiten Quartal 2023 gemischte Ergebnisse zeigen. Der Nettoumsatz stieg von 897,0 Millionen Dollar auf 997,7 Millionen Dollar, angetrieben durch höhere Stückzahlen, steigende Kupferpreise und die Einbeziehung des neu akquirierten Nehring-Geschäfts. Das Nettoeinkommen fiel jedoch auf 160,2 Millionen Dollar von 177,7 Millionen Dollar, und das verwässerte EPS sank auf 1,41 Dollar von 1,56 Dollar.
Das Betriebsergebnis des Unternehmens ging leicht auf 210,0 Millionen Dollar von 210,7 Millionen Dollar zurück. Bereinigt um einen Gewinn aus einer Versicherungssumme von 19,5 Millionen Dollar im Jahr 2023 verbesserte sich das Betriebsergebnis tatsächlich um 9,8 %. Muellers Liquiditätsposition bleibt stark, mit 825,7 Millionen Dollar zum Quartalsende und einem aktuellen Verhältnis von 4,7 zu 1. Das Unternehmen hat im Quartal 566,6 Millionen Dollar für Akquisitionen und 15,1 Millionen Dollar für Aktienrückkäufe eingesetzt.
- Net sales increased by 11.2% to $997.7 million
- Operating income improved by 9.8% when adjusted for the 2023 insurance settlement gain
- Strong cash position with $825.7 million at quarter-end
- Acquisition of Nehring Electrical Works completed, expanding presence in energy infrastructure
- Current ratio remains solid at 4.7 to 1
- Net income decreased by 9.8% to $160.2 million
- Diluted EPS fell by 9.6% to $1.41
- Earnings before taxes decreased by 7.5% to $222.9 million
Insights
Mueller Industries' Financial Performance: An In-Depth Look
Mueller Industries has reported noteworthy financial results for Q2 2024. Net sales surged to
However, earnings before taxes dropped to
The current ratio of 4.7 to 1 suggests excellent liquidity, reassuring investors about their ability to meet short-term obligations. The stock repurchases amounting to
Strategic Acquisitions and Market Position
Mueller Industries' acquisition of Nehring Electrical Works demonstrates strategic foresight. This move enhances their presence in the energy infrastructure sector, which is poised for growth, particularly with increasing investments in renewable energy and grid modernization. The integration of Nehring’s offerings could lead to substantial revenue synergies and expanded market reach.
Their statement on maintaining a positive long-term outlook, despite inflation and restrained construction activity, indicates confidence in underlying market demand and their competitive positioning. The higher net sales driven by increased unit shipments and price adjustments tied to copper prices are notable. Copper's average price increase by 18.4% to $4.55 per pound reflects broader market trends, benefitting companies like Mueller that can effectively pass on costs to customers.
The company’s diversified product portfolio spanning critical sectors such as air, water, oil, gas and energy positions them well against market volatility. Their proactive internal investments and acquisitions signal a commitment to growth and resilience, important for long-term investor confidence.
Technological Advancements and Operational Efficiency
Mueller Industries’ recent performance highlights the impact of their internal investments in technology and operational improvements. The ability to maintain operating income at a high level, despite external economic pressures like inflation, suggests successful implementation of efficiency-enhancing technologies and processes.
Investments in automation, data analytics and manufacturing technologies likely contributed to their resilient margin performance. Enhancing operational efficiency not only mitigates cost pressures but also improves scalability, allowing the company to better capitalize on market opportunities as conditions improve.
The strategic importance of technology investments is underscored by their robust cash generation and strong current ratio. These financial metrics indicate they have the resources to continue investing in cutting-edge technologies, which could further strengthen their competitive edge and operational resilience.
-
Net Sales of
$997.7 million $897.0 million -
Operating Income of
$210.0 million $210.7 million -
Earnings Before Taxes of
$222.9 million $241.0 million -
Net Income of
$160.2 million $177.7 million -
Diluted EPS of
$1.41 $1.56
Second Quarter Financial and Operating Highlights:
-
COMEX copper averaged
$4.55 18.4% higher than in the second quarter of 2023. - The increase in net sales was attributable to higher unit shipments in most of our businesses, price increases tied to higher copper prices, and the inclusion of one month of reported sales for our recently acquired Nehring business.
-
In 2023, we reported an insurance settlement gain of
$19.5 million 9.8% over the prior year period. -
Net cash generated from operations was
$100.8 million $825.7 million $566.6 million $15.1 million - Our current ratio remains solid at 4.7 to 1.
Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Our businesses continue to perform well despite persistent heightened inflation and restrained construction activity. We maintain a positive long-term outlook for our business. Our internal investments are paying off, and we expect they will yield even greater benefits as market conditions improve. Moreover, our acquisition of Nehring Electrical Works, which we completed during the quarter, provides a substantial platform for expansion in the energy infrastructure space.”
_____________________________
1 |
Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023.1 Diluted EPS for the second quarter of 2023 has been adjusted retroactively to reflect the two-for-one stock split that took effect on October 20, 2023. |
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
********************* |
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 Six Months Ended |
||||||||||||
(In thousands, except per share data) |
|
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
997,745 |
|
|
$ |
896,984 |
|
|
$ |
1,847,399 |
|
|
$ |
1,868,176 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
|
724,990 |
|
|
|
639,272 |
|
|
|
1,333,693 |
|
|
|
1,318,070 |
|
Depreciation and amortization |
|
|
10,018 |
|
|
|
10,416 |
|
|
|
19,187 |
|
|
|
21,073 |
|
Selling, general, and administrative expense |
|
|
52,731 |
|
|
|
56,062 |
|
|
|
101,088 |
|
|
|
108,693 |
|
Gain on insurance settlement |
|
|
— |
|
|
|
(19,466 |
) |
|
|
— |
|
|
|
(19,466 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
210,006 |
|
|
|
210,700 |
|
|
|
393,431 |
|
|
|
439,806 |
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(107 |
) |
|
|
(135 |
) |
|
|
(222 |
) |
|
|
(278 |
) |
Interest income |
|
|
14,383 |
|
|
|
7,732 |
|
|
|
31,628 |
|
|
|
13,967 |
|
Realized and unrealized gains on short-term investments |
|
|
— |
|
|
|
20,820 |
|
|
|
365 |
|
|
|
22,730 |
|
Other (expense) income, net |
|
|
(1,356 |
) |
|
|
1,841 |
|
|
|
(726 |
) |
|
|
2,167 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
|
222,926 |
|
|
|
240,958 |
|
|
|
424,476 |
|
|
|
478,392 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
|
(58,384 |
) |
|
|
(62,122 |
) |
|
|
(110,218 |
) |
|
|
(123,479 |
) |
(Loss) income from unconsolidated affiliates, net of foreign tax |
|
|
(1,095 |
) |
|
|
715 |
|
|
|
(9,102 |
) |
|
|
(269 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net income |
|
|
163,447 |
|
|
|
179,551 |
|
|
|
305,156 |
|
|
|
354,644 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to noncontrolling interests |
|
|
(3,282 |
) |
|
|
(1,840 |
) |
|
|
(6,628 |
) |
|
|
(3,694 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Mueller Industries, Inc. |
|
$ |
160,165 |
|
|
$ |
177,711 |
|
|
$ |
298,528 |
|
|
$ |
350,950 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares for basic earnings per share (1) |
|
|
111,216 |
|
|
|
111,320 |
|
|
|
111,316 |
|
|
|
111,354 |
|
Effect of dilutive stock-based awards (1) |
|
|
2,763 |
|
|
|
2,680 |
|
|
|
2,746 |
|
|
|
2,046 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted weighted average shares for diluted earnings per share (1) |
|
|
113,979 |
|
|
|
114,000 |
|
|
|
114,062 |
|
|
|
113,400 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share (1) |
|
$ |
1.44 |
|
|
$ |
1.60 |
|
|
$ |
2.68 |
|
|
$ |
3.15 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share (1) |
|
$ |
1.41 |
|
|
$ |
1.56 |
|
|
$ |
2.62 |
|
|
$ |
3.09 |
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per share (1) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.40 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
MUELLER INDUSTRIES, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the Quarter Ended |
|
For the Six Months Ended |
||||||||||||
(In thousands) |
|
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Summary Segment Data: |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales: |
|
|
|
|
|
|
|
|
||||||||
Piping Systems Segment |
|
$ |
688,469 |
|
|
$ |
638,005 |
|
|
$ |
1,278,637 |
|
|
$ |
1,300,484 |
|
Industrial Metals Segment |
|
|
195,341 |
|
|
|
146,266 |
|
|
|
351,408 |
|
|
|
311,500 |
|
Climate Segment |
|
|
130,532 |
|
|
|
123,954 |
|
|
|
247,342 |
|
|
|
276,908 |
|
Elimination of intersegment sales |
|
|
(16,597 |
) |
|
|
(11,241 |
) |
|
|
(29,988 |
) |
|
|
(20,716 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
997,745 |
|
|
$ |
896,984 |
|
|
$ |
1,847,399 |
|
|
$ |
1,868,176 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income: |
|
|
|
|
|
|
|
|
||||||||
Piping Systems Segment |
|
$ |
162,258 |
|
|
$ |
151,142 |
|
|
$ |
304,938 |
|
|
$ |
314,996 |
|
Industrial Metals Segment |
|
|
29,693 |
|
|
|
17,971 |
|
|
|
53,964 |
|
|
|
45,186 |
|
Climate Segment |
|
|
38,993 |
|
|
|
57,067 |
|
|
|
71,568 |
|
|
|
111,055 |
|
Unallocated income (expenses) |
|
|
(20,938 |
) |
|
|
(15,480 |
) |
|
|
(37,039 |
) |
|
|
(31,431 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
$ |
210,006 |
|
|
$ |
210,700 |
|
|
$ |
393,431 |
|
|
$ |
439,806 |
|
MUELLER INDUSTRIES, INC. |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
|
|
(Unaudited) |
|
|
||
(In thousands) |
|
June 29,
|
|
December 30, 2023 |
||
ASSETS |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
825,655 |
|
$ |
1,170,893 |
Short-term investments |
|
|
— |
|
|
98,146 |
Accounts receivable, net |
|
|
522,572 |
|
|
351,561 |
Inventories |
|
|
406,217 |
|
|
380,248 |
Other current assets |
|
|
50,347 |
|
|
39,173 |
|
|
|
|
|
||
Total current assets |
|
|
1,804,791 |
|
|
2,040,021 |
|
|
|
|
|
||
Property, plant, and equipment, net |
|
|
471,443 |
|
|
385,165 |
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722255882/en/
Jeffrey A. Martin
(901) 753-3226
Source: Mueller Industries, Inc.
FAQ
What were Mueller Industries' (MLI) Q2 2024 earnings results?
How did Mueller Industries' (MLI) Q2 2024 results compare to Q2 2023?
What major acquisition did Mueller Industries (MLI) complete in Q2 2024?
How much cash did Mueller Industries (MLI) have at the end of Q2 2024?
