Mueller Industries, Inc. Reports Third Quarter Results

Mueller Industries, Inc. Reports Third Quarter Results PR Newswire MEMPHIS, Tennessee, Oct. 23, 2012 MEMPHIS, Tennessee, Oct. 23, 2012 /PRNewswire/ -- Quarterly and Year-to-Date Earnings Mueller Industries, Inc. (NYSE: MLI), announced today that net income in the third quarter was $15.5 million, or 41 cents per diluted share, on net sales of $514.2 million. This compares with net income of $10.5 million, or 27 cents per diluted share, on net sales of $585.8 million in the third quarter of 2011. Year-to-date, the Company earned $66.0 million, or $1.72 per diluted share. For the same period of 2011, net income was $73.4 million, or $1.92 per diluted share, which includes a favorable litigation settlement gain of 18 cents per diluted share. Net sales for the first nine months of 2012 were $1.69 billion compared with net sales of $1.93 billion for the same period a year ago. In the third quarter, the Company repurchased 10,422,859 shares of its outstanding common stock for an aggregate purchase price of $427.4 million, or $41.00 per share. As of the end of the third quarter, the total common stock outstanding was 27,970,180 shares (excluding dilutive equity awards). The privately negotiated transaction significantly reduced the outstanding shares which should result in significant accretion to earnings per share in future periods.