logo
Share SHARE
FONT-SIZE Plus   Neg

Mueller Industries Posts Lower Profit In Q1 - Quick Facts

Mueller Industries, Inc. (MLI), a manufacturer of copper, brass, plastic, and aluminum products, Tuesday posted a decline in first-quarter profit, reflecting lower revenues and non-recurring gains for the period. Earnings per share, however, rose from last year on lower share count.

For the three-month period, the company reported earnings attributable to Mueller Industries of $26.2 million, compared with $32.6 million for the prior-year quarter.The company said its first quarter of 2013 included non-recurring gains of 7 cents versus 15 cents for the same quarter of last year.

On a per share share basis, the company recorded earnings of $0.93 per share, higher than $0.85 per share last year. The earnings per share were favorably affected by the repurchase of 10.4 million of the company's share in last year September. On average, one analyst polled by Thomson Reuters expected earnings per share of $0.80 for the first quarter. Analysts' estimates typically exclude one-time items.

The company reported net sales of $559.7 million for the first quarter compared with $577.7 million for the same quarter corresponding year. The difference in sales was largely due to the decline in copper prices which averaged $3.60 per pound this quarter compared with $3.78 per pound last year quarter. The revenue was also affected by lower unit volume in the company's OEM segment.

Monday, Mueller Industries closed at $50.74 on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
As most of us are painfully aware, the days of the pension are mostly gone. The percentage of employers still offering a traditional defined benefit pension plan to newly hired employees fell from about 50% to 5% between 1998 and 2015, according to advisory firm Willis Towers Watson. Many companies... Cruise Critic, a cruise reviews and information site, has announced its 10th annual Editors' Picks Awards for the best cruise ships and lines of 2017. The awards are given in three categories - ocean cruises, luxury cruises and river cruises. Viking Cruises, with five wins, topped the list of award winners. Following Viking in second spot was Crystal Cruises, with four awards. French real estate company Unibail-Rodamco SE Tuesday announced that it has entered into an agreement to acquire Australian shopping centre group Westfield Corp. in a deal that implies an enterprise value of $24.7 billion. The deal is expected to create the world's premier developer and operator of flagship shopping destinations with 61.1 billion euros or $72.2 billion of Gross Market Value.
comments powered by Disqus
Follow RTT