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
Japanese electronics maker Panasonic Corp. is in talks to buy Austrian headlight manufacturer ZKW Group GmbH, Nikkei business daily reported Monday, citing a person familiar with the matter. As per the report, both companies could reach a basic agreement as early as this month for a deal that could be worth up to $1 billion. Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket.
comments powered by Disqus
Follow RTT