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
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