Industria
Mueller Industries, Inc. Reports Third Quarter 2016 Earnings
MEMPHIS, Tenn., October 25, 2016 -- Mueller Industries, Inc. (NYSE: MLI) announced today net income of $26.0 million, or 45 cents per diluted share, for the third quarter of 2016. This compares with net income of $17.8 million, or 31 cents per diluted share, for the third quarter of 2015, a 46 percent increase.
Increased unit volume in the quarter was offset by lower copper prices, resulting in net sales of $506.6 million compared with $535.2 million for the same quarter in 2015.
Financial and Operating Highlights:
Regarding the outlook Greg Christopher, Mueller CEO, said, "The U.S. construction markets continue to grind upward. Low interest rates, lean inventories of new homes and a high level of builders' confidence support a continued upward trend for residential construction spending. The non-residential construction sector remains healthy despite continued declines in the public construction sector. An aging and deteriorating U.S. infrastructure base and the commitment to promote reinvestment and job creation by both presidential candidates should eventually lead to a positive boost."
He adds, "As noted before, softness in the U.S. industrial sector and the slump in our international markets continues. Improvement in these markets will have a positive influence on our businesses."
Mueller Industries, Inc. is an industrial manufacturer that specializes in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics. It is headquartered in Memphis, Tennessee and comprises a network of operations in the United States, Canada, Mexico, Great Britain, South Korea, and China. Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR related piping systems, as well as rod, forgings, extrusions, and various components for OEM applications. Products are distributed into sectors such as building construction, appliance, defense, energy, and automotive.
Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings. The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," "encourage," "anticipate," "appear," and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.
CONTACT
Jeffrey A. Martin
(901)753-3226
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti