Mueller Industries Posts $1.00 Q3 EPS
MLI sits 19% above its 52-week low of $48.795.
Summary
Mueller Industries reported third-quarter EPS of $1.00 in a Dow Jones wire flash, with net income of $221.2M, up from $208.1 million a year earlier, and sales of $1.42B. That EPS is below the $1.13 diluted EPS booked in Q2, so sequential earnings stepped down. Revenue rose on higher volumes at the copper tube maker, against a revenue estimate of 1.28B USD. The company repurchased 3.2 million shares for $201.9 million in the quarter. The stock trades near $58 with a market cap around $13.5 billion, so a single quarter's print is meaningful but not thesis-changing on its own. Context: Q2 net sales rose 25.5% to $1.43 billion on a strong cash position of $1.39 billion, and management has been returning capital through a 40% dividend hike and buybacks.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Mueller repurchased 3.2 million shares for $201.9 million in Q3, and Q3 net income rose to $221.2 million from $208.1 million a year earlier.
At the time of this announcement, MLI was trading at $58.18 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $13.5B. The 52-week trading range was $48.80 to $71.12. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.