Mueller Industries, Inc. Reports Second Quarter 2010 Earnings
MEMPHIS, Tennessee, Jul 20, 2010 (PR Newswire Europe via COMTEX) --
Copyright (C) 2010 PR Newswire Europe
Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI),
announced today that Mueller's net income in the second quarter of 2010 was
US$15.6 million, or 41 cents per diluted share. This compares with net income
of US$6.0 million, or 16 cents per diluted share, for the same period of
2009. Net sales for the second quarter of 2010 were US$540.4 million compared
with US$367.8 million in 2009. For the first half of 2010, net income was
US$49.5 million, or US$1.31 per diluted share, on net sales of US$1.03
billion. This compares with net income of US$3.5 million, or 9 cents per
diluted share, on net sales of US$694.4 million for the first half of 2009.
Net sales of the Company's core product lines increased substantially due
to the higher market values of copper and brass, the Company's principal raw
materials, which are largely passed through to customers. In the second
quarter of 2010, the Comex average price of copper was 48 percent higher than
in the second quarter of 2009.
Financial and Operating Highlights
Regarding the second quarter of 2010, Mr. Karp said:
Business Outlook
Regarding the outlook, Mr. Karp said, "Uncertainty seems to be the
underlying theme. Looming foreclosures, weak jobs reports, an environment of
higher taxes, and rising federal deficits are causing widespread anxiety.
However, we believe Mueller's financial strength and industry leadership
positions us to pursue opportunities as they arise."
Mueller Industries, Inc. is a leading manufacturer of copper tube and
fittings; brass and copper alloy rod, bar and shapes; aluminum and brass
forgings; aluminum and copper impact extrusions; plastic fittings and valves;
refrigeration valves and fittings; and fabricated tubular products. Mueller's
operations are located throughout the United States and in Canada, Mexico,
Great Britain, and China. Mueller's business is importantly linked to: (1)
the construction of new homes; (2) the improvement and reconditioning of
existing homes and structures; and (3) the commercial construction market
that includes office buildings, factories, hotels, hospitals, etc.
Statements in this release that are not strictly historical may be
"forward-looking" statements, which involve risks and uncertainties. These
include economic and currency conditions, continued availability of raw
materials and energy, market demand, pricing, competitive and technological
factors, and the availability of financing, among others, as set forth in the
Company's SEC filings. The words "outlook," "estimate," "project," "intend,"
"expect," "believe," "target," and similar expressions are intended to
identify forward-looking statements. The reader should not place undue
reliance on forward-looking statements, which speak only as of the date of
this report. The Company has no obligation to publicly update or revise any
forward-looking statements to reflect events after the date of this report.
MEMPHIS, Tennessee, July 20, 2010 /PRNewswire/ --
Earnings without insurance settlement is a measurement not derived in
accordance with generally accepted accounting principles (GAAP). Excluding
the insurance settlement is useful as it measures the operating results that
are the outcome of daily operating decisions made in the normal course of
business. The insurance settlement resulted from reimbursement for losses
claimed as a result of a fire at our U.K. subsidiary in November 2008, the
results of which are not impacted by daily operations and are not expected
to recur in future periods. Reconciliation of earnings without insurance
settlement to net income as reported is as follows:
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