Company Quick10K Filing
Mueller Industries
Price29.37 EPS2
Shares57 P/E16
MCap1,673 P/FCF13
Net Debt332 EBIT152
TEV2,004 TEV/EBIT13
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-07-22
10-Q 2020-03-28 Filed 2020-04-22
10-K 2019-12-28 Filed 2020-02-26
10-Q 2019-09-28 Filed 2019-10-23
10-Q 2019-06-29 Filed 2019-07-24
10-Q 2019-03-30 Filed 2019-04-24
10-K 2018-12-29 Filed 2019-02-27
10-Q 2018-09-29 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-24
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-30 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-07-01 Filed 2017-07-26
10-Q 2017-04-01 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-10-01 Filed 2016-10-27
10-Q 2016-07-02 Filed 2016-07-28
10-Q 2016-04-02 Filed 2016-04-27
10-K 2016-02-24 Filed 2016-02-24
10-Q 2015-09-26 Filed 2015-10-21
10-Q 2015-06-27 Filed 2015-07-22
10-Q 2015-03-28 Filed 2015-04-23
10-K 2014-12-27 Filed 2015-02-24
10-Q 2014-09-27 Filed 2014-10-24
10-Q 2014-06-28 Filed 2014-07-25
10-Q 2014-03-29 Filed 2014-04-25
10-K 2013-12-28 Filed 2014-02-26
10-Q 2013-09-28 Filed 2013-10-28
10-Q 2013-06-29 Filed 2013-07-26
10-Q 2013-03-30 Filed 2013-04-26
10-K 2012-12-29 Filed 2013-02-27
10-Q 2012-09-29 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-10-01 Filed 2011-10-27
10-Q 2011-07-02 Filed 2011-07-28
10-Q 2011-04-02 Filed 2011-04-28
10-K 2010-12-25 Filed 2011-02-22
10-Q 2010-09-25 Filed 2010-10-21
10-Q 2010-06-26 Filed 2010-07-23
10-Q 2010-03-27 Filed 2010-04-21
10-K 2009-12-26 Filed 2010-02-23
8-K 2020-07-31 Other Events, Exhibits
8-K 2020-07-21 Earnings, Exhibits
8-K 2020-05-08
8-K 2020-04-21
8-K 2020-02-21
8-K 2020-02-12
8-K 2020-02-04
8-K 2019-11-08
8-K 2019-10-22
8-K 2019-08-02
8-K 2019-07-23
8-K 2019-05-02
8-K 2019-04-23
8-K 2019-03-28
8-K 2019-02-25
8-K 2019-02-05
8-K 2018-11-21
8-K 2018-11-09
8-K 2018-10-23
8-K 2018-08-06
8-K 2018-08-02
8-K 2018-07-24
8-K 2018-07-02
8-K 2018-05-03
8-K 2018-04-24
8-K 2018-03-29
8-K 2018-03-15
8-K 2018-02-26
8-K 2018-02-06

MLI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Recent Accounting Standards
Note 2 - Earnings per Common Share
Note 3 - Acquisitions
Note 4 - Segment Information
Note 5 - Cash, Cash Equivalents, and Restricted Cash
Note 6 - Inventories
Note 7 - Financial Instruments
Note 8 - Investments in Unconsolidated Affiliates
Note 9 - Benefit Plans
Note 10 - Commitments and Contingencies
Note 11 - Income Taxes
Note 12 - Accumulated Other Comprehensive Income (Loss)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 q22020exhibit311.htm
EX-31.2 q22020exhibit312.htm
EX-32.1 q22020exhibit321.htm
EX-32.2 q22020exhibit322.htm

Mueller Industries Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02012201420172020
Assets, Equity
0.70.60.40.30.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 27, 2020Commission file number1-6770
mli-20200627_g1.jpg
MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware25-0790410
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
150 Schilling BoulevardSuite 100 
ColliervilleTennessee38017
(Address of principal executive offices)(Zip Code)
(901) 753-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockMLINYSE
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  

The number of shares of the Registrant’s common stock outstanding as of July 17, 2020 was 56,791,916.



MUELLER INDUSTRIES, INC.

FORM 10-Q

For the Quarterly Period Ended June 27, 2020
As used in this report, the terms “Company,” “Mueller,” and “Registrant” mean Mueller Industries, Inc. and its consolidated subsidiaries taken as a whole, unless the context indicates otherwise.

INDEX
  Page Number
 
   
  
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
   
2


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter EndedFor the Six Months Ended
(In thousands, except per share data)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net sales$500,168  $666,394  $1,103,087  $1,278,175  
Cost of goods sold403,159  563,948  911,874  1,075,341  
Depreciation and amortization11,097  10,478  22,136  21,033  
Selling, general, and administrative expense33,616  40,446  76,368  81,099  
Asset impairments    3,035    
Litigation settlement, net    (21,933)   
Operating income52,296  51,522  111,607  100,702  
Interest expense(4,973) (7,033) (10,352) (13,987) 
Other income, net2,834  462  3,112  290  
Income before income taxes50,157  44,951  104,367  87,005  
Income tax expense(13,029) (10,432) (27,173) (19,978) 
Loss from unconsolidated affiliates, net of foreign tax(8,641) (5,843) (14,756) (21,212) 
Consolidated net income28,487  28,676  62,438  45,815  
Net income attributable to noncontrolling interests(531) (690) (2,067) (2,106) 
Net income attributable to Mueller Industries, Inc.$27,956  $27,986  $60,371  $43,709  
Weighted average shares for basic earnings per share55,723  55,753  55,799  55,741  
Effect of dilutive stock-based awards471  561  527  543  
Adjusted weighted average shares for diluted earnings per share
56,194  56,314  56,326  56,284  
Basic earnings per share$0.50  $0.50  $1.08  $0.78  
Diluted earnings per share$0.50  $0.50  $1.07  $0.78  
Dividends per share$0.10  $0.10  $0.20  $0.20  

See accompanying notes to condensed consolidated financial statements.


3


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 For the Quarter EndedFor the Six Months Ended
(In thousands)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Consolidated net income$28,487  $28,676  $62,438  $45,815  
Other comprehensive (loss) income, net of tax:    
Foreign currency translation421  (2,977) (20,834) 3,080  
Net change with respect to derivative instruments and hedging activities, net of tax of $(970), $253, $(10), and $(90)
3,398  (929) 41  328  
Net change in pension and postretirement obligation adjustments, net of tax of $375, $(198), $132, and $(91)
(1,284) 676  (545) 430  
Attributable to unconsolidated affiliates, net of tax of $810, $(68), $262, and $(81)
(2,790) 234  (903) 281  
Total other comprehensive (loss) income, net(255) (2,996) (22,241) 4,119  
Consolidated comprehensive income28,232  25,680  40,197  49,934  
Comprehensive loss (income) attributable to noncontrolling interests90  433  (855) (1,187) 
Comprehensive income attributable to Mueller Industries, Inc.$28,322  $26,113  $39,342  $48,747  

See accompanying notes to condensed consolidated financial statements.




4


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)June 27,
2020
December 28,
2019
Assets  
Current assets:  
Cash and cash equivalents
$123,610  $97,944  
Accounts receivable, less allowance for doubtful accounts of $2,205 in 2020 and $770 in 2019
273,710  269,943  
Inventories
244,414  292,107  
Other current assets
28,957  33,778  
Total current assets670,691  693,772  
Property, plant, and equipment, net362,785  363,128  
Operating lease right-of-use assets17,172  26,922  
Goodwill, net153,335  153,276  
Intangible assets, net63,004  60,082  
Investments in unconsolidated affiliates32,443  48,363  
Other assets23,960  25,397  
Total assets$1,323,390  $1,370,940  
Liabilities  
Current liabilities:  
Current portion of debt
$6,543  $7,530  
Accounts payable
93,579  85,644  
Accrued wages and other employee costs
40,409  41,673  
Current portion of operating lease liabilities
4,623  5,250  
Other current liabilities
84,110  94,190  
Total current liabilities229,264  234,287  
Long-term debt, less current portion323,114  378,724  
Pension liabilities5,819  9,126  
Postretirement benefits other than pensions12,179  13,082  
Environmental reserves19,776  19,972  
Deferred income taxes19,635  21,094  
Noncurrent operating lease liabilities13,009  22,388  
Other noncurrent liabilities10,390  10,131  
Total liabilities633,186  708,804  
Equity  
Mueller Industries, Inc. stockholders' equity:  
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding
    
Common stock - $.01 par value; shares authorized 100,000,000; issued 80,183,004; outstanding 56,791,916 in 2020 and 56,949,246 in 2019
802  802  
Additional paid-in capital
281,856  278,609  
Retained earnings
951,992  903,070  
Accumulated other comprehensive loss
(89,799) (68,770) 
Treasury common stock, at cost
(474,170) (470,243) 
Total Mueller Industries, Inc. stockholders' equity670,681  643,468  
Noncontrolling interests19,523  18,668  
Total equity690,204  662,136  
Commitments and contingencies    
Total liabilities and equity$1,323,390  $1,370,940  

See accompanying notes to condensed consolidated financial statements.
5


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 For the Six Months Ended
(In thousands)June 27, 2020June 29, 2019
Cash flows from operating activities  
Consolidated net income$62,438  $45,815  
Reconciliation of consolidated net income to net cash provided by operating activities:  
Depreciation and amortization22,296  21,192  
Stock-based compensation expense4,198  4,302  
Provision for doubtful accounts receivable1,850  (100) 
Loss from unconsolidated affiliates14,756  21,212  
Gain on disposals of properties(9) (37) 
Impairment charges3,035    
Deferred income tax expense (benefit)764  (67) 
Changes in assets and liabilities, net of effects of business acquired:  
Receivables(11,212) (42,045) 
Inventories43,263  30,080  
Other assets3,967  (4,617) 
Current liabilities(277) (9,735) 
Other liabilities(5,369) (1,485) 
Other, net3,082  (532) 
Net cash provided by operating activities142,782  63,983  
Cash flows from investing activities  
Capital expenditures(22,215) (13,034) 
Acquisition of business, net of cash acquired(15,415) 3,465  
Investments in unconsolidated affiliates  (10,500) 
Proceeds from sales of assets1  351  
Net cash used in investing activities(37,629) (19,718) 
Cash flows from financing activities  
Dividends paid to stockholders of Mueller Industries, Inc.(11,168) (11,151) 
Repurchase of common stock(5,574) (1,763) 
Issuance of long-term debt110,015  100,638  
Repayments of long-term debt(166,021) (110,914) 
Repayment of debt by consolidated joint ventures, net(471) (4,132) 
Net cash received (used) to settle stock-based awards696  (127) 
Net cash used in financing activities(72,523) (27,449) 
Effect of exchange rate changes on cash(6,160) 118  
Increase in cash, cash equivalents, and restricted cash26,470  16,934  
Cash, cash equivalents, and restricted cash at the beginning of the period98,042  77,138  
Cash, cash equivalents, and restricted cash at the end of the period$124,512  $94,072  

See accompanying notes to condensed consolidated financial statements.
6


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
For the Quarter EndedFor the Six Months Ended
(In thousands)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Common stock:    
Balance at beginning of period$802  $802  $802  $802  
Balance at end of period$802  $802  $802  $802  
Additional paid-in capital:    
Balance at beginning of period$280,197  $278,800  $278,609  $276,849  
Issuance of shares under incentive stock option plans(270) (227) (667) (283) 
Stock-based compensation expense2,213  2,295  4,198  4,302  
Issuance of restricted stock(284) (242) (284) (242) 
Balance at end of period$281,856  $280,626  $281,856  $280,626  
Retained earnings:     
Balance at beginning of period$929,810  $834,798  $903,070  $824,737  
Net income attributable to Mueller Industries, Inc.27,956  27,986  60,371  43,709  
Dividends paid or payable to stockholders of Mueller Industries, Inc.(5,774) (5,663) (11,449) (11,325) 
Balance at end of period$951,992  $857,121  $951,992  $857,121  
Accumulated other comprehensive loss:    
Balance at beginning of period$(90,165) $(72,881) $(68,770) $(79,792) 
Total other comprehensive income (loss) attributable to Mueller Industries, Inc.366  (1,873) (21,029) 5,038  
Balance at end of period$(89,799) $(74,754) $(89,799) $(74,754) 
7


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In thousands)For the Quarter EndedFor the Six Months Ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Treasury stock:    
Balance at beginning of period$(474,957) $(476,121) $(470,243) $(474,240) 
Issuance of shares under incentive stock option plans503  274  1,363  156  
Repurchase of common stock    (5,574) (1,763) 
Issuance of restricted stock284  323  284  323  
Balance at end of period$(474,170) $(475,524) $(474,170) $(475,524) 
Noncontrolling interests:    
Balance at beginning of period$19,613  $16,524  $18,668  $14,904  
Net income attributable to noncontrolling interests531  690  2,067  2,106  
Foreign currency translation(621) (1,123) (1,212) (919) 
Balance at end of period$19,523  $16,091  $