Mueller Industries Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Mueller Industries Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operations.</b>

AI Summary

MUELLER INDUSTRIES INC (MLI) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Mueller Industries Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year 2024. The company's fiscal year ends on December 28th. The filing was made on April 24, 2024. The company's principal business is the rolling drawing and extruding of nonferrous metals.

Why It Matters

For investors and stakeholders tracking MUELLER INDUSTRIES INC, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Mueller Industries Inc., crucial for understanding its current performance and outlook. The 10-Q report is a standard SEC filing that offers detailed financial statements and management discussion, essential for due diligence and investment decisions.

Risk Assessment

Risk Level: low — MUELLER INDUSTRIES INC shows low risk based on this filing. The filing is a routine 10-Q, indicating standard operational reporting rather than a significant event or crisis.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess Mueller Industries Inc.'s performance and identify any emerging trends or risks.

Key Numbers

• 2024-03-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-24 — Filing Date (FILED AS OF DATE)
• 1228 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• MUELLER INDUSTRIES INC (company) — FILER
• 20240330 (date) — CONFORMED PERIOD OF REPORT
• 20240424 (date) — FILED AS OF DATE
• 0000089439-24-000025 (filing_id) — ACCESSION NUMBER
• 3350 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 1228 (fiscal_year_end) — FISCAL YEAR END
• 10-Q (form_type) — FORM TYPE

FAQ

Industry Context

Mueller Industries Inc. operates in the manufacturing sector, specifically in the rolling, drawing, and extruding of nonferrous metals.

Regulatory Implications

The company is subject to standard SEC reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 30, 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Examine any disclosed risk factors or legal proceedings that may impact the company's future operations.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 30, 2024, following the previous filings for the fiscal year ending December 31, 2023.

Filing Documents

• mli-20240330.htm (10-Q) — 1062KB
• q12024exhibit311.htm (EX-31.1) — 18KB
• q12024exhibit312.htm (EX-31.2) — 18KB
• q12024exhibit321.htm (EX-32.1) — 7KB
• q12024exhibit322.htm (EX-32.2) — 7KB
• mli-20240330_g1.jpg (GRAPHIC) — 612KB
• mli-20240330_g2.jpg (GRAPHIC) — 74KB
• 0000089439-24-000025.txt (&nbsp;) — 7656KB
• mli-20240330.xsd (EX-101.SCH) — 37KB
• mli-20240330_cal.xml (EX-101.CAL) — 73KB
• mli-20240330_def.xml (EX-101.DEF) — 163KB
• mli-20240330_lab.xml (EX-101.LAB) — 532KB
• mli-20240330_pre.xml (EX-101.PRE) — 353KB
• mli-20240330_htm.xml (XML) — 910KB

Financial Information

Part I. Financial Information

– Financial Statements (Unaudited)

Item 1. – Financial Statements (Unaudited) a.) Condensed Consolidated Statements of Income 3 b.) Condensed Consolidated Statements of Comprehensive Income 4 c.) Condensed Consolidated Balance Sheets 5 d.) Condensed Consolidated Statements of Cash Flows 7 e.) Condensed Consolidated Statements of Changes in Equity 9 f.) Notes to Condensed Consolidated Financial Statements 11

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations 24

– Quantitative and Qualitative Disclosures About Market Risk

Item 3. – Quantitative and Qualitative Disclosures About Market Risk 32

– Controls and Procedures

Item 4. – Controls and Procedures 33

Other Information

Part II. Other Information

– Legal Proceedings

Item 1. – Legal Proceedings 34

– Risk Factors

Item 1A. – Risk Factors 34

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds 35

– Other Information

Item 5. – Other Information 35

– Exhibits

Item 6. – Exhibits 36

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MUELLER INDUSTRIES, INC . CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Quarter Ended (In thousands, except per share data) March 30, 2024 April 1, 2023 Net sales $ 849,654 $ 971,192 Cost of goods sold 608,703 678,798 Depreciation and amortization 9,169 10,657 Selling, general, and administrative expense 48,357 52,631 Operating income 183,425 229,106 Interest expense ( 115 ) ( 143 ) Interest income 17,245 6,235 Realized gains on short-term investments 365 1,910 Other income, net 630 326 Income before income taxes 201,550 237,434 Income tax expense ( 51,834 ) ( 61,357 ) Loss from unconsolidated affiliates, net of foreign tax ( 8,007 ) ( 984 ) Consolidated net income 141,709 175,093 Net income attributable to noncontrolling interests ( 3,346 ) ( 1,854 ) Net income attributable to Mueller Industries, Inc. $ 138,363 $ 173,239 Weighted average shares for basic earnings per share (1) 111,416 111,386 Effect of dilutive stock-based awards (1) 2,729 1,414 Adjusted weighted average shares for diluted earnings per share (1) 114,145 112,800 Basic earnings per share (1) $ 1.24 $ 1.56 Diluted earnings per share (1) $ 1.21 $ 1.54 Dividends per share (1) $ 0.20 $ 0.15 See accompanying notes to condensed consolidated financial statements. (1) Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. Refer to Note 2 - Earnings per Common Share for additional information. 3 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) For the Quarter Ended (In thousands) March 30, 2024 April 1, 2023 Consolidated net income $ 141,709 $ 175,093 Other comprehensive (loss) income, net of tax: Foreign currency translation ( 4,155 ) 10,251 Net change with respect to derivative instruments and hedging activities, net of tax of $( 93 ) and $( 272 ) 327 954 Net change in pension and postretirement obligation a

View Full Filing

View this 10-Q filing on SEC EDGAR