logo
Share SHARE
FONT-SIZE Plus   Neg

Mueller Industries Posts Lower Profit In Q1 - Quick Facts

Mueller Industries, Inc. (MLI: Quote), 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

Editors Pick
International Business Machines Corp. said Monday after the markets closed that its first quarter profit fell 2.4% from last year, as improved margins could not offset a 12% decrease in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Norway is all set to shut down FM radio in 2017, Radio.no reported. The Nordic country will be the first to scrap as it plans a shift to Digital Audio Broadcasting. The trailer of Star Wars: The Force Awakens, the latest installment from epic space film franchisee created by George Lucas, has sent both fans and Disney investors into a frenzy. Walt Disney Co.'s (DIS) market capitalization, which now owns the Star Wars franchisee, was boosted by about $2 billion...
comments powered by Disqus
Follow RTT