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COLLIERVILLE, Tenn. - On Tuesday, Mueller Industries, Inc. (NYSE:MLI) reported third quarter earnings that fell short of analyst expectations despite posting higher revenue compared to the same period last year.
The company’s stock edged up 0.45% following the announcement.
The industrial manufacturer reported earnings per share of $1.88 for the third quarter, missing analyst estimates of $1.99. Revenue came in at $1.08 billion, in line with consensus expectations and up 8% from $997.8 million in the third quarter of 2024.
The increase in net sales was primarily driven by higher selling prices related to rising raw material costs, as COMEX copper averaged $4.83 per pound during the quarter, a 14.3% increase over the prior year period. The company also cited improved sales performance in certain business segments.
Net income rose to $208.1 million from $168.7 million in the year-ago quarter, while operating income increased to $276.1 million from $206.7 million. The quarter’s results included an $11.9 million gain on asset sales and a $4.9 million insurance claim gain, offset by a $4.8 million expense related to withdrawal from a multiemployer pension plan and $2.0 million in impairment charges.
"Softness in residential construction, combined with an influx of imported products ahead of escalating tariffs, exerted downward pressure on unit volumes in several of our businesses. Amidst these challenges, our team once again delivered an excellent quarter," said Greg Christopher, Mueller’s CEO.
The company maintained a strong financial position with $1.3 billion in cash at quarter end and no debt. Net cash generated from operations was $310.1 million, and the company’s current ratio remained strong at 4.8 to 1.
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