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Dec 30, 2023
Mueller Industries Q4 2023 Earnings Report
Reported a decrease in net sales and net income due to lower demand in most segments and markets, particularly those products predominantly used in new residential construction.
Key Takeaways
Mueller Industries reported a decrease in net sales and net income for Q4 2023 compared to Q4 2022, primarily due to lower demand. Despite reduced demand, the company delivered excellent earnings and cash generation. Structural changes to improve gross margins are showing durability, and the manufacturing platform is well-balanced.
Net sales decreased by 16.5% to $732.4 million compared to $877.6 million in Q4 2022.
Net income decreased by 14.2% to $119.2 million compared to $138.9 million in Q4 2022.
Diluted EPS decreased by 14.6% to $1.05 compared to $1.23 in Q4 2022.
The company generated $174.3 million of cash from operations in the fourth quarter.
Revenue by Segment
Forward Guidance
Mueller Industries has a positive business outlook, expecting demand to return as rising interest rates and inflation recede and building construction activity is reignited. The company's strong cash flows and cash balance provide resources to execute strategic plans.
Positive Outlook
- There continues to be pent up demand for residential housing
- Needed investment in U.S. infrastructure.
- Rising interest rates and inflation begin to recede.
- Demand will return as building construction activity is reignited.
- Strong cash flows and tremendous cash balance provide resources to execute on our strategic plans.
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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