Mueller Industries Inc. (MLI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Mueller Industries, Inc. has a market cap of $1.64 billion; its shares were traded at around $42.81 with a P/E ratio of 21.4 and P/S ratio of 0.7. The dividend yield of Mueller Industries, Inc. stocks is 0.9%. Mueller Industries, Inc. had an annual average earning growth of 0.7% over the past 10 years.
Net sales by the Plumbing & Refrigeration segment decreased 11 percent to $647.0 million in the six months ended June 30, 2012, from $727.7 million in the same period of 2011. This decrease was due to lower selling prices resulting from lower average prices of raw materials and from lower unit sales volume resulting from decreased demand in the majority of the segment s core product lines. Of the $80.7 million decrease in net sales, approximately $60.0 million was due to lower net selling prices in the segment s core product lines consisting primarily of copper tube, line sets, and fittings, and approximately $23.2 million was attributable to lower unit volume. Cost of goods sold decreased from $619.2 million in the first half of 2011 to $550.7 million in the same period of 2012, which was also due to decreasing raw material prices, primarily copper, and to lower sales volume. Depreciation and amortization in the first half of 2012 decreased from $11.2 million in 2011 to $8.3 million in 2012 resulting from certain assets being fully depreciated. Selling, general, and administrative expenses decreased from $42.8 million in the first half of 2011 to $38.7 million in the first half of 2012. The $4.1 million decrease is primarily due to decreased compensation, including incentive compensation of $1.2 million. Operating income for the segment decreased to $50.9 million in the first half of 2012 from $54.5 million in the first half of 2011. This decrease was due to (i) lower sales volume in the segment s core product lines, (ii) decreased spreads in core products (especially in copper tube), (iii) and higher per unit conversion costs in a majority of the segment s product lines resulting primarily from decreased production activities. The decrease in operating income was partially offset by the $1.5 million insurance settlement during 2012.
The OEM segment s net sales were $539.5 million in the six months ended June 30, 2012, compared with $633.4 million in 2011. The decrease was due primarily to lower net selling prices resulting from lower average cost of raw materials and lower sales volume. Of the $93.9 million decrease in net sales, approximately $34.6 million was attributable to lower net selling prices in the segment s core product lines of brass rod, forgings, impacts, and commercial tube and approximately $45.5 million was due to lower unit volume. Cost of goods sold decreased to $479.8 million in the first half of 2012 from $564.7 million in the same period of 2011, which was also due to the decrease in average costs of raw materials and decreases in sales volume. Depreciation and amortization decreased slightly from $7.1 million in 2011 to $6.5 million in 2012 due to certain assets being fully depreciated. Selling, general, and administrative expenses remained relatively consistent at $13.4 million in the first half of 2012 compared with $13.2 million in the first half of 2011. Operating income decreased from $48.5 million in the first half of 2011 to $39.8 million in the same period of 2012, due primarily to lower sales volume.
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Mueller Industries, Inc. has a market cap of $1.64 billion; its shares were traded at around $42.81 with a P/E ratio of 21.4 and P/S ratio of 0.7. The dividend yield of Mueller Industries, Inc. stocks is 0.9%. Mueller Industries, Inc. had an annual average earning growth of 0.7% over the past 10 years.
Highlight of Business Operations:
During the six months ended June 30, 2012, the Company s net sales were $1.17 billion, which compares with net sales of $1.34 billion over the same period of 2011. Of the $168.8 million decrease in net sales, approximately $94.7 million was due to lower net selling prices in the Company s core product lines and approximately $68.7 million was attributable to lower unit volume in the Company s core product lines. The Comex average copper price in the first half of 2012 was approximately $3.67 per pound, or 14 percent less than the average of $4.27 per pound in the first half of 2011.Net sales by the Plumbing & Refrigeration segment decreased 11 percent to $647.0 million in the six months ended June 30, 2012, from $727.7 million in the same period of 2011. This decrease was due to lower selling prices resulting from lower average prices of raw materials and from lower unit sales volume resulting from decreased demand in the majority of the segment s core product lines. Of the $80.7 million decrease in net sales, approximately $60.0 million was due to lower net selling prices in the segment s core product lines consisting primarily of copper tube, line sets, and fittings, and approximately $23.2 million was attributable to lower unit volume. Cost of goods sold decreased from $619.2 million in the first half of 2011 to $550.7 million in the same period of 2012, which was also due to decreasing raw material prices, primarily copper, and to lower sales volume. Depreciation and amortization in the first half of 2012 decreased from $11.2 million in 2011 to $8.3 million in 2012 resulting from certain assets being fully depreciated. Selling, general, and administrative expenses decreased from $42.8 million in the first half of 2011 to $38.7 million in the first half of 2012. The $4.1 million decrease is primarily due to decreased compensation, including incentive compensation of $1.2 million. Operating income for the segment decreased to $50.9 million in the first half of 2012 from $54.5 million in the first half of 2011. This decrease was due to (i) lower sales volume in the segment s core product lines, (ii) decreased spreads in core products (especially in copper tube), (iii) and higher per unit conversion costs in a majority of the segment s product lines resulting primarily from decreased production activities. The decrease in operating income was partially offset by the $1.5 million insurance settlement during 2012.
The OEM segment s net sales were $539.5 million in the six months ended June 30, 2012, compared with $633.4 million in 2011. The decrease was due primarily to lower net selling prices resulting from lower average cost of raw materials and lower sales volume. Of the $93.9 million decrease in net sales, approximately $34.6 million was attributable to lower net selling prices in the segment s core product lines of brass rod, forgings, impacts, and commercial tube and approximately $45.5 million was due to lower unit volume. Cost of goods sold decreased to $479.8 million in the first half of 2012 from $564.7 million in the same period of 2011, which was also due to the decrease in average costs of raw materials and decreases in sales volume. Depreciation and amortization decreased slightly from $7.1 million in 2011 to $6.5 million in 2012 due to certain assets being fully depreciated. Selling, general, and administrative expenses remained relatively consistent at $13.4 million in the first half of 2012 compared with $13.2 million in the first half of 2011. Operating income decreased from $48.5 million in the first half of 2011 to $39.8 million in the same period of 2012, due primarily to lower sales volume.
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