Mueller Industries Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 29, 2018; Provides Effective Tax Rate Guidance for the Year 2018
October 23, 2018 at 07:00 am EDT
Share
Mueller Industries Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 29, 2018. For the quarter, the company reported net sales of $645,958,000 compared to $550,363,000 a year ago. Operating income was $33,671,000 compared to $37,481,000 a year ago. Income before income taxes was $27,336,000 compared to $31,864,000 a year ago. Net income attributable to company was $20,292,000 or $0.35 per diluted share compared to $22,258,000 or $0.39 per diluted share a year ago.
For the nine months, the company reported net sales of $1,948,791,000 compared to $1,742,549,000 a year ago. Operating income was $133,007,000 compared to $129,737,000 a year ago. Income before income taxes was $115,836,000 compared to $116,083,000 a year ago. Net income attributable to company was $77,602,000 or $1.35 per diluted share compared to $79,878,000 or $1.39 per diluted share a year ago. Net cash provided by operating activities was $122,515,000 compared to $53,542,000 a year ago. Capital expenditures were $16,685,000 compared to $17,297,000 a year ago.
The company annual effective tax rate for 2018 is expected to be approximately 22%.
Mueller Industries, Inc. is a manufacturer of copper, brass, aluminum and plastic products. Its products include copper tube and fittings; line sets; steel nipples; brass rod, bar and shapes; aluminum and brass forgings; aluminum impact extrusions; compressed gas valves; refrigeration valves and fittings; pressure vessels; coaxial heat exchangers and insulated flexible duct systems. It also resells brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. The Company has three segments. Piping Systems segment is composed of Domestic Piping Systems Group, Great Lakes Copper, European Operations, Trading Group, Jungwoo Metal Ind. Co., LTD and Mueller Middle East WLL. Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, and Precision Tube. Climate segment is composed of Refrigeration Products, Westermeyer Industries, Inc., Turbotec Products, Inc., Flex Duct and Linesets, Inc.
Mueller Industries Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 29, 2018; Provides Effective Tax Rate Guidance for the Year 2018