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Mar 30, 2024
Mueller Industries Q1 2024 Earnings Report
Mueller Industries' first quarter performance reflected a normalization of demand and the impact of rationalization actions taken in 2023.
Key Takeaways
Mueller Industries reported a decrease in net sales and net income for the first quarter of 2024, primarily due to lower demand and prices, but maintained strong cash generation and a healthy cash balance.
Net income was $138.4 million, compared to $173.2 million in the first quarter of 2023.
Net sales decreased to $849.7 million from $971.2 million year-over-year.
Diluted EPS was $1.21, down from $1.54 in the same period last year.
Cash balance at quarter end was $1.36 billion, with net cash generated from operations at $173.6 million.
Revenue by Segment
Forward Guidance
Mueller Industries anticipates a rebound in demand and expects another strong year of cash flow from operations, focusing on reinvestment and growth through acquisition, including the Nehring Electrical Works acquisition.
Positive Outlook
- Long-term outlook for the business remains positive.
- Well positioned for the expected rebound in demand.
- Anticipate another strong year of cash flow from operations.
- Priorities remain reinvestment in operations to be a low cost producer.
- Growth through acquisition.
Challenges Ahead
- Economic conditions.
- Currency conditions.
- Continued availability of raw materials and energy.
- Market demand.
- Pricing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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