Mueller Industries Q1 net income $173.2M, EPS $3.07, sales down 3.8% to $971.2M; dividend raised 20% to $0.30

MUELLER INDUSTRIES INC

2023-Q1 EPS reported $3.07 revenue$971,192,000

Operating income $229.1M (+7.7% YoY); net income $173.2M (+9.4%); EPS $3.07 vs $2.78.
Net sales $971.2M (-3.8%) due to lower copper prices and international volume, offset by higher value-add downstream sales.
Quarterly dividend increased 20% to $0.30 per share; cash and short-term investments $782.4M; no net debt.
Tornado damaged Covington, TN factory; insurance expected to cover property and business interruption losses; impact deemed immaterial.
Cash from operations $111.6M; current ratio 4.3 to 1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MUELLER INDUSTRIES INC reported first quarter ended April 1, 2023 results: revenue $971.2 million, net income $173.2 million, EPS $3.07.

Period: first quarter ended April 1, 2023
Revenue: $971.2 million
Net income: $173.2 million
EPS: $3.07
Result: reported results

Exact text from the filing

Results as compared with the first quarter of 2022 include: • Operating Income of $229.1 million versus $212.7 million, an increase of 7.7%. • Net Income of $173.2 million versus $158.3 million, an increase of 9.4%. • EPS of $3.07 versus $2.78, an increase of 10.4%. • Net Sales of $971.2 million versus $1.01 billion, a decrease of 3.8%.

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Source: SEC EDGAR

accession 0000089439-23-000028

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