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
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT