Mueller Industries, Inc. (NYSE: MLI) has reported its first quarter 2024 results, and there are some notable changes compared to the same period in 2023.
The company's net income for the first quarter of 2024 was $138.4 million, a decrease from $173.2 million in the first quarter of 2023. Similarly, earnings before taxes were $201.6 million in 2024, down from $237.4 million in 2023.
Net sales also saw a decline, coming in at $849.7 million for the first quarter of 2024, compared to $971.2 million in the same period in 2023.
Diluted earnings per share (EPS) were reported at $1.21 for the first quarter of 2024, down from $1.54 in the first quarter of 2023 when adjusted retroactively to reflect a stock split.
The company noted that the decrease in net sales was attributed to lower demand for its products primarily used in residential building, as well as lower selling prices due to decreased copper prices.
Mueller Industries, Inc. also recorded a $10.3 million loss on its investment in Tecumseh Products Company, driven largely by restructuring charges in its international operations.
On a positive note, the company reported that net cash generated from operations was $173.6 million, and its cash balance stood at $1.36 billion at the end of the quarter. The current ratio was reported at 6.0 to 1.
Greg Christopher, CEO of Mueller Industries, Inc., commented that the company's first quarter performance in 2024 was in line with expectations, attributing it to the normalization of demand following the market's reaction to the 2022 supply chain crisis.
Looking ahead, Christopher expressed optimism about the company's long-term outlook and its positioning for an expected rebound in demand. He also indicated anticipation for another strong year of cash flow from operations and reiterated the company's capital allocation priorities.
Mueller Industries, Inc. is an industrial corporation with holdings in vital goods manufacturing for various markets across the globe, including North America, Europe, Asia, and the Middle East.
The company's press release included a forward-looking statement, acknowledging potential risks and uncertainties related to economic conditions, raw materials availability, market demand, and other factors, as disclosed in the company's SEC filings. As a result of these announcements, the company's shares have moved 1.8% on the market, and are now trading at a price of $58.46. For the full picture, make sure to review Mueller Industries's 8-K report.
