Published on 6 Feb 2024 on GuruFocus.com via Yahoo Finance
Mueller Industries Inc Reports Decline in Q4 and Full Year 2023 Earnings
Net Income: Q4 net income decreased by 14.2% to $119.2 million, and full-year net income dropped by 8.4% to $602.9 million.Net Sales: Q4 net sales fell by 16.5% to $732.4 million, with full-year sales down 14.1% to $3.4 billion.Diluted EPS: Earnings per share for Q4 were down 14.6% at $1.05, and full-year EPS decreased by 8.9% to $5.30.Cash Position: Year-end cash and short-term investments totaled a robust $1.3 billion, with a current ratio of 6.4 to 1.Operational Cash Flow: The company generated $174.3 million from operations in Q4 and $672.8 million for the full year.
On February 6, 2024, Mueller Industries Inc (NYSE:MLI) released its 8-K filing, detailing its financial performance for the fourth quarter and full year of 2023. The company, known for its production of copper, brass, aluminum, and plastic products across various segments, faced a challenging period with net income and sales experiencing significant declines both quarterly and annually.
