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• | The average price of copper declined 36 cents per pound during the third quarter of 2018, resulting in a meaningful negative impact on margins. In contrast, the average price of copper rose 31 cents per pound during the third quarter of 2017, which benefited margins during that period. |
• | We recognized $2.3 million of nonrecurring charges in the third quarter of 2018 related to purchase accounting adjustments for recently acquired businesses. |
• | We posted $2.7 million of gains in the third quarter of 2018 from the sale of properties. |
• | We recorded a $3.1 million loss on the Company’s equity investments in unconsolidated affiliates. |
• | The effective tax rate for the quarter of 12.3 percent reflects an adjustment to true-up the transition tax on foreign earnings under the 2017 tax act. The annual effective tax rate for 2018 is expected to be approximately 22 percent. |
• | During the quarter, the Company generated $86.3 million in cash from operations and ended the quarter with a current ratio of 3.1 to 1. |
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Mueller Industries Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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This cash increase was offset by i an increase in accounts receivables of $33.4 million and ii an increase in inventories of $40.9 million.
Selling, general, and administrative expenses increased for the first nine months of 2018, primarily due to i incremental expenses associated with Die-Mold and Heatlink Group of $2.7 million, ii an increase in legal and professional fees of $1.6 million, and iii an increase in employment costs, including incentive compensation, of $0.6 million.
Selling, general, and administrative expense increased in the third quarter of 2018 primarily as a result of i incremental expenses associated with ATCO and Die-Mold of $5.2 million and ii an increase in employment costs, including incentive compensation, of $1.8 million.
Selling, general, and administrative expense increased for the first nine months of 2018 primarily as a result of i incremental expenses associated with ATCO, Heatlink Group, and Die-Mold of $7.7 million and ii an increase in employment costs, including incentive compensation, of $3.2 million.
Interest expense increased in the first nine months of 2018 primarily as a result of interest associated with our 6% Subordinated Debentures that were issued during the first quarter of 2017 as part of our special dividend, as well as increased borrowing costs associated with our unsecured $350.0 million revolving credit facility.
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Financial Statements, Disclosures and Schedules
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Mueller Industries Inc provided additional information to their SEC Filing as exhibits
Ticker: MLI
CIK: 89439
Form Type: 10-Q Quarterly Report
Accession Number: 0000089439-18-000099
Submitted to the SEC: Wed Oct 24 2018 4:18:55 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Saturday, September 29, 2018
Industry: Rolling Drawing And Extruding Of Nonferrous Metals