Mueller Industries Inc. (MLI) reported that net income attributable the company for the fourth quarter was $16.4 million or $0.58 per share, compared to net income of $12.9 million, or $0.34 per share in the fourth quarter of 2011.
This 71 percent increase in per share earnings for the fourth quarter was principally due to the decrease in outstanding shares. In September of 2012, Mueller repurchased 10.4 million of its outstanding common shares at $41 per share. There remain 28.1 million shares currently outstanding.
Net sales for the fourth quarter totaled $504.0 million up from $491.4 million in the fourth quarter of the prior year.
Regarding the outlook for 2013, Greg Christopher, CEO said,"We note that Mueller was able to earn more than $100 million in operating income per year (except for 2009) during the difficult years following the housing bust and financial meltdown of 2007. We look forward to the anticipated recovery years with optimism."
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