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Mueller Industries, Inc. Reports First Quarter 2017 Earnings
(GLOBE NEWSWIRE via COMTEX) -- Copyright (C) 2017 GLOBE NEWSWIRE. All rights reserved.

MEMPHIS, Tenn., April 25, 2017 -- Mueller Industries, Inc. (NYSE: MLI) announced today operating income of $45.6 million for the first quarter of 2017, a 10 percent increase over the same period in 2016. Net income for the period was $30.0 million, or 52 cents per diluted share, compared with net income of $28.6 million, or 50 cents per diluted share in the prior year. Net sales for the first quarter of 2017 were $577.9 million compared with $532.8 million in the same quarter of 2016.

Financial and Operating Highlights for the first quarter of 2017:

- The first quarter of 2017 contained one less week compared with the first quarter of 2016, a 7 percent decrease in shipping days.

- Net sales impacts:

- The average price of copper rose 26 percent, or 55 cents per pound, compared with the same period of 2016. This positively influenced net sales to the tune of $66.8 million.

- The aforementioned shorter period in 2017 resulted in a reduction in net sales of approximately $31.0 million.

- The period included a loss of $1.2 million from Tecumseh Products Co., an unconsolidated affiliate, versus net income of $2.9 million in the same period of 2016.

- At quarter end, cash totaled $146.9 million, equal to $2.55 per share, after the $179.8 million in cash dividends distributed during the quarter.

- On March 9, 2017, the Company distributed a special dividend of $8.00 per share, consisting of $3.00 in cash and $5.00 in principal amount of the Company's 6% Subordinated Debentures due in 2027. The effect of the special dividend was a decrease in stockholders' equity of approximately $458.7 million, an increase in long-term debt of approximately $284.5 million, and a decrease in cash of approximately $174.2 million.

- The Company also paid a regular quarterly cash dividend of 10 cents per share.

Regarding the outlook, Greg Christopher, Mueller CEO, said, "The year started where 2016 left off. The primary drivers of the U.S. businesses continue on a path of steady improvement and we remain optimistic that the international markets will improve over time."

Mueller Industries, Inc. is an industrial manufacturer that specializes in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics. It is headquartered in Memphis, Tennessee and comprises a network of operations in the United States, Canada, Mexico, Great Britain, South Korea, and China. Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR related piping systems, as well as rod, forgings, extrusions, and various components for OEM applications. Products are distributed into sectors such as building construction, appliance, defense, energy, and automotive.

Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings. The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," "encourage," "anticipate," "appear," and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

CONTACT

Jeffrey A. Martin

(901)753-3226

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Mueller Industries Inc. via Globenewswire


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