Mueller Industries, Inc. (NYSE: MLI) has declared a regular cash dividend of 20 cents per share on its common stock. This dividend will be paid on September 20, 2024, to shareholders of record on September 6, 2024.
In terms of financial performance, Mueller Industries, Inc. reported its second-quarter results on July 30, 2024. The company's net sales for the quarter were $789.6 million, representing a 7.5% increase from the same period last year. Gross profit for the quarter was $151.4 million, a 12.7% increase from the prior year. Operating income also saw a significant improvement, reaching $94.5 million, up by 16.3% from the previous year.
Furthermore, the company's net income attributable to Mueller Industries for the quarter was $64.6 million, reflecting a 15.7% increase from the same period in the prior year. Diluted earnings per share stood at $1.10, marking a 15.8% increase from the second quarter of the previous year.
It's worth noting that the company's operating cash flow for the quarter was $70.3 million, an increase of 43.3% from the prior year. Additionally, Mueller Industries' free cash flow for the quarter was $56.1 million, representing a substantial 88.7% increase from the same period last year.
In terms of financial position, as of June 29, 2024, Mueller Industries reported total assets of $2.9 billion and total liabilities of $1.1 billion. The company's stockholders' equity was reported at $1.8 billion.
Mueller Industries, Inc. has a diverse portfolio of businesses that manufacture essential goods for various markets across North America, Europe, Asia, and the Middle East, including air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive sectors. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $66.69. If you want to know more, read the company's complete 8-K report here.
