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Sep 28, 2024
Mueller Industries Q3 2024 Earnings Report
Reported strong third-quarter results driven by acquisitions and higher copper prices, despite restrained business conditions.
Key Takeaways
Mueller Industries reported a net sales increase to $997.8 million and a net income of $168.7 million for the third quarter of 2024. The company benefited from recent acquisitions and higher copper prices, while managing increased operating costs and transaction-related expenses.
Net sales increased to $997.8 million compared to $819.8 million in the third quarter of 2023.
Operating income rose to $206.7 million from $181.0 million year-over-year.
Net income reached $168.7 million, up from $132.7 million in the same quarter last year.
Diluted EPS increased to $1.48 from $1.17 year-over-year.
Mueller Industries
Mueller Industries
Forward Guidance
The company anticipates a more stable and favorable environment due to declining interest rates, moderating inflation, and the resolution of election-related uncertainty. Mueller Industries believes it is well-positioned to capitalize on improving conditions and expand through new opportunities.
Positive Outlook
- Declining interest rates.
- Moderating inflation.
- Resolution of election-related uncertainty.
- Excellent portfolio of businesses serving essential markets.
- Well-capitalized operations and strong balance sheet.
Challenges Ahead
- Economic conditions
- Currency conditions
- Continued availability of raw materials and energy
- Market demand
- Pricing