Mueller Industries Files Q3 2024 10-Q
Ticker: MLI · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 89439
Sentiment: neutral
Topics: 10-Q, financials, manufacturing
TL;DR
**MLI Q3 2024 10-Q FILED: Check financials for latest performance.**
AI Summary
Mueller Industries Inc. reported its third-quarter results for the period ending September 28, 2024. The company's filing indicates a fiscal year end of December 28. Key dates mentioned include the filing date of October 23, 2024, and previous reporting periods such as September 30, 2023, and December 31, 2023.
Why It Matters
This 10-Q filing provides investors with the latest financial performance and operational details for Mueller Industries Inc. during the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-28 — Reporting Period End Date (Third quarter of fiscal year 2024)
- 2024-10-23 — Filing Date (Date the 10-Q was submitted to the SEC)
- 1228 — Fiscal Year End (Indicates the end of the company's financial year)
Key Players & Entities
- MUELLER INDUSTRIES INC (company) — Filer
- 20240928 (date) — Conformed Period of Report
- 20241023 (date) — Filing Date
- 150 SCHILLING BOULEVARD (location) — Business Address
- COLLIERVILLE, TN 38017 (location) — Business Address
FAQ
What is the primary business of Mueller Industries Inc. according to the filing?
Mueller Industries Inc. is involved in the 'ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS' as indicated by its Standard Industrial Classification code [3350].
What is the SEC file number for Mueller Industries Inc.?
The SEC file number for Mueller Industries Inc. is 001-06770.
When was the company formerly known as Sharon Steel Corp?
The company was formerly known as Sharon Steel Corp, with a date of name change on 19910103.
What is the physical address of Mueller Industries Inc.?
The business address for Mueller Industries Inc. is Suite 100, 150 Schilling Boulevard, Collierville, TN 38017.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 28, 2024.
Filing Stats: 4,601 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-10-23 16:04:47
Filing Documents
- mli-20240928.htm (10-Q) — 1551KB
- q32024exhibit311.htm (EX-31.1) — 18KB
- q32024exhibit312.htm (EX-31.2) — 18KB
- q32024exhibit321.htm (EX-32.1) — 7KB
- q32024exhibit322.htm (EX-32.2) — 7KB
- mli-20240928_g1.jpg (GRAPHIC) — 612KB
- mli-20240928_g2.jpg (GRAPHIC) — 76KB
- 0000089439-24-000061.txt ( ) — 9507KB
- mli-20240928.xsd (EX-101.SCH) — 40KB
- mli-20240928_cal.xml (EX-101.CAL) — 80KB
- mli-20240928_def.xml (EX-101.DEF) — 180KB
- mli-20240928_lab.xml (EX-101.LAB) — 589KB
- mli-20240928_pre.xml (EX-101.PRE) — 389KB
- mli-20240928_htm.xml (XML) — 1453KB
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 28
– Quantitative and Qualitative Disclosures About Market Risk
Item 3. – Quantitative and Qualitative Disclosures About Market Risk 39
– Controls and Procedures
Item 4. – Controls and Procedures 41
Other Information
Part II. Other Information
– Legal Proceedings
Item 1. – Legal Proceedings 41
– Risk Factors
Item 1A. – Risk Factors 41
– Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds 42
– Other Information
Item 5. – Other Information 42
– Exhibits
Item 6. – Exhibits 43
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 For the Nine Months Ended (In thousands, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 997,831 $ 819,792 $ 2,845,230 $ 2,687,968 Cost of goods sold 722,469 579,058 2,056,162 1,897,128 Depreciation and amortization 11,710 9,631 30,897 30,704 Selling, general, and administrative expense 59,619 48,295 161,993 156,988 Gain on sale of assets ( 2,667 ) — ( 3,953 ) — Gain on sale of business — ( 4,137 ) — ( 4,137 ) Asset impairments — 5,934 — 5,934 Gain on insurance settlement — — — ( 19,466 ) Operating income 206,700 181,011 600,131 620,817 Interest expense ( 113 ) ( 230 ) ( 335 ) ( 508 ) Interest income 11,145 10,599 42,773 24,566 Realized and unrealized gains (losses) on short-term investments 164 ( 2,368 ) 529 20,362 Other (expense) income, net ( 122 ) ( 47 ) ( 848 ) 2,120 Income before income taxes 217,774 188,965 642,250 667,357 Income tax expense ( 49,188 ) ( 50,843 ) ( 159,406 ) ( 174,322 ) Income (loss) from unconsolidated affiliates, net of foreign tax 3,197 ( 2,413 ) ( 5,905 ) ( 2,682 ) Consolidated net income 171,783 135,709 476,939 490,353 Net income attributable to noncontrolling interests ( 3,084 ) ( 3,000 ) ( 9,712 ) ( 6,694 ) Net income attributable to Mueller Industries, Inc. $ 168,699 $ 132,709 $ 467,227 $ 483,659 Weighted average shares for basic earnings per share (1) 111,363 111,416 111,332 111,374 Effect of dilutive stock-based awards (1) 2,412 2,452 2,635 2,182 Adjusted weighted average shares for diluted earnings per share (1) 113,775 113,868 113,967 113,556 Basic earnings per share (1) $ 1.51 $ 1.19 $ 4.20 $ 4.34 Diluted earnings per share (1) $ 1.48 $ 1.17 $ 4.10 $ 4.26 Dividends per share (1) $ 0.20 $ 0.15 $ 0.60 $ 0.45 See accompanying notes to condensed consolidated financial statements. (1) Ad