Mueller Industries, Inc. (MLI) posted second quarter net income attributable to Mueller Industries of $17.92 million or $0.47 per share versus $22.33 million or $0.59 per share a year ago.
Net sales dropped to $594.1 million from $652.92 million in the prior-year quarter. Of the decrease in net sales, approximately $51.6 million was attributable to lower copper and other raw material costs that impact the selling prices of the company's products.
Regarding the outlook, Greg Christopher, CEO said, "The long awaited housing recovery may have begun. Mortgage rates are at historic lows, even as home prices have shown signs of firming. Also, in some markets it has become cheaper to buy than to rent. However, commercial construction activity has recently been uneven after showing gains earlier in the year. We believe that overall business conditions in the construction sector are improving, but at an irregular pace."
For comments and feedback: editorial@rttnews.com