{"id":535165,"date":"2010-04-20T07:34:29","date_gmt":"2010-04-20T11:34:29","guid":{"rendered":"http:\/\/chicagopressrelease.com\/press-releases\/mueller-industries-inc-reports-first-quarter-2010-results"},"modified":"2010-04-22T22:54:36","modified_gmt":"2010-04-23T02:54:36","slug":"mueller-industries-inc-reports-first-quarter-2010-results","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/535165","title":{"rendered":"Mueller Industries, Inc. Reports First Quarter 2010 Results"},"content":{"rendered":"

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MEMPHIS, Tenn., April 20 \/CHICAGOPRESSRELEASE.COM\/ — Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI<\/a>), announced today that Mueller’s net income was $34.0 million, or 90 cents per diluted share, for the first quarter of 2010. <\/span>\u00a0This compares with a net loss of $2.5 million, or 7 cents per diluted share, for the same period of 2009. \u00a0First quarter net sales for 2010 were $485.3 million compared with $326.6 million in 2009.<\/p>\n

During the first quarter of 2010, the Company recognized a gain of $22.5 million (or 62 cents per diluted share after tax) on the settlement of an insurance claim pertaining to the 2008 fire at its U.K. copper tube operation. \u00a0Further, the realization of this gain resulted in a tax benefit primarily from the utilization of U.K. net operating losses that were previously reserved.<\/p>\n

Financial and Operating Highlights<\/i><\/p>\n

Regarding the first quarter of 2010, Mr. Karp said:<\/p>\n<\/p>\n

  • “Net sales increased to $485.3 million primarily due to higher selling prices that reflect increased raw material costs. \u00a0The Comex average price of copper was $3.28 per pound in the first quarter of 2010, which compares with $1.57 in the first quarter of 2009. \u00a0Gross profit was $72.2 million in the first quarter which is the best of the last six consecutive quarters.<\/li>\n
  • “Our Plumbing & Refrigeration segment posted operating earnings of $40.5 million that includes a $22.5 million gain on the settlement of an insurance claim as discussed above. \u00a0Net sales for the first quarter of 2010 were $256.7 million. \u00a0In the same period a year ago, segment earnings were $10.3 million on net sales of $190.4 million. \u00a0Volumes were mixed; tube volumes were lower, while fittings volume improved slightly.<\/li>\n
  • “Our OEM segment posted operating earnings of $16.1 million during the first quarter of 2010 on net sales of $232.2 million, which compares with an operating loss of $6.3 million on net sales of $138.4 million for the same period in 2009. \u00a0The increase in earnings was primarily due to higher volume and better spreads as demand improved. \u00a0 \u00a0<\/li>\n
  • “Stockholders’ equity was $740.8 million which equates to a book value per share of $19.66 of which $10.54 per share was cash.<\/li>\n
  • “Our current ratio remained solid at 4.0 to 1. \u00a0We ended the quarter with $397.2 million in cash and $657.3 million in working capital.<\/li>\n
  • “As of quarter end, our financial leverage was modest with a debt to total capitalization ratio of 19.5 percent.”<\/li>\n<\/ul>\n

    Business Outlook for 2010<\/i><\/p>\n

    Regarding the outlook for 2010, Mr. Karp said, “Business conditions have shown signs of improvement as the economic recovery in the United States takes hold. Although the commercial construction sector remains sluggish, residential construction has improved somewhat from the trough. \u00a0We expect that residential construction gains will be modest for the remainder of the year, while meaningful improvement in commercial construction is unlikely to occur before 2011.”<\/p>\n

    Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products. \u00a0Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. Mueller’s business is importantly linked to: \u00a0(1) the construction of new homes; (2) the improvement and reconditioning of existing homes and structures; and (3) the commercial construction market which includes office buildings, factories, hotels, hospitals, etc.<\/p>\n

    \n                                  *************\n<\/pre>\n
    Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. \u00a0These 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. \u00a0The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” and similar expressions are intended to identify forward-looking statements. \u00a0The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. \u00a0The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.<\/p>\n<\/p>\n<\/p>\n
    SOURCE  Mueller Industries, Inc.<\/p>\n
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    Distributed via Chicago Press Release Services<\/a><\/p>\n
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    <\/p>\n","protected":false},"excerpt":{"rendered":"
    MEMPHIS, Tenn., April 20 \/CHICAGOPRESSRELEASE.COM\/ — Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller’s net income was $34.0 million, or 90 cents per diluted share, for the first quarter of 2010. \u00a0This compares with a net loss of $2.5 million, or 7 cents per diluted share, for the same […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-535165","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/535165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=535165"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/535165\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=535165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=535165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=535165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}