Mueller Industries Inc. (MLI), reported net income in the third quarter of $15.5 million, or $0.41 per share compared to net income of $10.5 million, or $0.27 per share last year. Pro forma earnings per share was $0.51 for the quarter.
Net sales decreased to $514.2 million from $585.8 million in the third quarter of 2011. The company said the net sales decrease was primarily due to lower selling prices. The average price of copper, the principal raw material of the company, was $3.53 per pound in the third quarter of 2012, which compares with $4.07 per pound in the third quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report profit of $0.55 per share on revenue of $325.00 million for the quarter. Analysts' estimates typically exclude special items.
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