Mueller Industries Q2 2024 Earnings Report
Key Takeaways
Mueller Industries reported a net sales increase to $997.7 million compared to $897.0 million in the second quarter of 2023. Operating income was $210.0 million, slightly below the $210.7 million reported in the same period last year. Net income reached $160.2 million, compared to $177.7 million in Q2 2023, with diluted EPS at $1.41 versus $1.56.
Net sales increased due to higher unit shipments, price increases tied to higher copper prices, and the inclusion of Nehring business sales.
Operating income performance improved by 9.8% over the prior year period, adjusting for the insurance settlement gain in 2023.
Net cash from operations was $100.8 million, with a cash balance of $825.7 million at quarter end.
Cash deployment included $566.6 million for acquisitions and $15.1 million in stock repurchases.
Mueller Industries
Mueller Industries
Mueller Industries Revenue by Segment
Forward Guidance
Mueller Industries maintains a positive long-term outlook, expecting internal investments and the Nehring Electrical Works acquisition to yield greater benefits as market conditions improve.
Positive Outlook
- Internal investments are expected to yield greater benefits as market conditions improve.
- Acquisition of Nehring Electrical Works provides a substantial platform for expansion in the energy infrastructure space.
- Businesses continue to perform well despite persistent heightened inflation.
- Businesses continue to perform well despite restrained construction activity.
- Current ratio remains solid at 4.7 to 1.
Challenges Ahead
- Persistent heightened inflation.
- Restrained construction activity.
- Economic conditions.
- Currency conditions.
- Continued availability of raw materials and energy.
Revenue & Expenses
Visualization of income flow from segment revenue to net income