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Mueller Industries Stock Gains On Solid Q3 Results

Mueller Industries Stock Gains On Solid Q3 Results
  • Mueller Industries, Inc. (NYSE: MLI) reported third-quarter sales growth of 58.7% year-over-year to $982.25 million.
  • Sales by segments: Piping Systems $688.2 million (+68.1% Y/Y), Industrial Metals $182.25 million (+53.4% Y/Y) and Climate $122.25 million (+25.3% Y/Y).
  • EPS improved to $3.01 compared to $0.76 in 3Q20.
  • The operating income increased by 237% Y/Y to $233.35 million, and the margin expanded by 1257 bps to 23.8%.
  • Mueller Industries generated cash from operating activities year-to-date of $181.48 million, compared to $196.88 million a year ago. 
  • The company reduced debt by $230 million, ending the quarter with a debt to total capitalization below 10% and a current ratio of 2.7 to 1.
  • COMEX copper averaged $4.30 per pound, an increase of 47% versus $2.93 per pound in 3Q20.
  • "Our strong financial results were driven by continued favorable market demand and our teams' exceptional operating performance in the face of industry-wide labor and supply constraints and rising costs," commented Greg Christopher, Mueller's CEO.
  • Mueller Industries said it continually evaluates portfolio and pursue opportunities to exit businesses that do not provide the up-side growth potential.
  • It anticipates current market conditions to continue for the foreseeable future.
  • Price Action: MLI shares traded higher by 6.10% at $46.185 on the last check Tuesday.

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