Mueller Industries, Inc. (MLI: Quote) posted first-quarter net income of $32.6 million or $0.85 per share versus $40.6 million or $1.07 per share last year.
According to the company, the first quarter of 2012 includes the effects of a LIFO gain of $8.0 million or 13 cents per share and a gain on the settlement of an insurance claim of $1.5 million or two cents per share.
Excluding these unusual items, Mueller's net income for the first quarter was $26.6 million or 69 cents per share compared to $33.8 million or 89 cents per share in the first quarter of 2011.
Net sales in the first quarter declined to $577.7 million from $687.7 million in the same quarter a year earlier.
by RTT Staff Writer
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