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Mueller Industries Inc (MLI) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 29, 2018

Mueller Industries Inc

CIK: 89439 Ticker: MLI


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Mueller Industries, Inc. Reports Third Quarter 2018 Earnings

MEMPHIS, Tenn., October 23, 2018 -- Mueller Industries, Inc. (NYSE: MLI) announced today third quarter operating income of $33.7 million, compared with $37.5 million in the same quarter of 2017.
Net income for the period was $20.3 million, or 35 cents per diluted share, on $646.0 million in net sales, compared with net income of $22.3 million, or 39 cents per diluted share, on $550.4 million in net sales for the same quarter of 2017.
Higher unit sales volume in our core metal businesses, as well as contributions from acquisitions, led to the higher net sales reported.
Financial and Operating Highlights for the third quarter of 2018 include:
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.

Regarding the outlook, Greg Christopher, Mueller CEO said, “Our businesses’ performance was good in the third quarter, although reported earnings were impacted by movements in copper prices. On a LIFO basis, our businesses outperformed 2017 by most metrics, and cash generated from operations was solid. Volume in our mill businesses was strong, led by the recovery of market share in our U.S. copper tube businesses as we benefit from the completion of our modernization investments. As we continue to operate the new equipment more effectively, we expect to recognize the secondary rationalization benefits and achieve our targeted cost improvements.
The economic outlook for most of our markets and businesses remains solid.”






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The following information was filed by Mueller Industries Inc (MLI) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mueller Industries Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Changes By Component (Details)
Accumulated Other Comprehensive Income (Loss) - Reclassification Adjustments Out Of Aoci (Details)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions - Acquisitions (Details)
Acquisitions And Dispositions - Condensed Pro Forma Consolidated Results Of Operations (Details)
Acquisitions And Dispositions - Disposition (Details)
Benefit Plans
Benefit Plans (Details)
Benefit Plans (Tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Details)
Financial Instruments - Amounts Recognized In And Reclassified From Aoci (Details)
Financial Instruments - Effects Of Derivative Instruments On Statements Of Income (Details)
Financial Instruments - Summary Of Location And Fair Value (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Investments In Unconsolidated Affiliates
Investments In Unconsolidated Affiliates (Tables)
Investments In Unconsolidated Affiliates - Additional Information (Details)
Investments In Unconsolidated Affiliates - Summarized Financial Information Derived From Equity Method Investees' Consolidated Financial Statements (Details)
Noncontrolling Interests
Noncontrolling Interests (Details)
Noncontrolling Interests (Tables)
Recent Accounting Standards
Recent Accounting Standards (Policies)
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Recent Accounting Standards - Additional Information (Details)
Recent Accounting Standards - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Segment Information
Segment Information (Tables)
Segment Information - Net Sales By Major Product Line (Details)
Segment Information - Summary Of Segment Information (Details)
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

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