Mueller Industries(MLI) - 2024 Q2 - Quarterly Results

Financial Performance - Net sales for the second quarter of 2024 were $997.7 million, an increase of 11.2% compared to $897.0 million in the same quarter of 2023[1] - Operating income for the quarter was $210.0 million, slightly down from $210.7 million year-over-year[1] - Earnings before taxes decreased to $222.9 million from $241.0 million in the previous year[8] - Diluted earnings per share (EPS) were $1.41, compared to $1.56 in the same quarter last year, reflecting a decrease of 9.6%[16] - Net income for the second quarter of 2024 was $160.2 million, a decrease from $177.7 million in the same period of 2023[25] Cash Flow and Liquidity - The company generated net cash from operations of $100.8 million, with a cash balance of $825.7 million at the end of the quarter[1] - The current ratio remains strong at 4.7 to 1, indicating solid liquidity[17] - Cash deployed during the quarter included $566.6 million for acquisitions and $15.1 million in stock repurchases[1] - Cash and cash equivalents decreased to $825,655 thousand from $1,170,893 thousand at the end of December 2023[30] - Net cash used in financing activities was $(89,584) thousand for the six months ended July 1, 2023, compared to $(55,566) thousand in the prior period[23] - Cash flow from operating activities showed a significant decrease, with a net cash decrease of $(332,208) thousand compared to an increase of $308,085 thousand in the prior period[23] - The company repurchased common stock amounting to $(42,994) thousand during the six months ended July 1, 2023, compared to $(19,303) thousand in the previous period[23] - The company reported an effect of exchange rate changes on cash of $(4,784) thousand for the current period[23] Segment Performance - The acquisition of Nehring Electrical Works contributed to the increase in net sales, providing a platform for expansion in the energy infrastructure sector[9] - The Piping Systems Segment reported net sales of $688.5 million, up from $638.0 million year-over-year[5] Balance Sheet Highlights - Total assets increased to $3,066,185 thousand from $2,759,301 thousand at the end of December 2023[30] - Total current liabilities rose to $387,228 thousand compared to $317,138 thousand at the end of December 2023[30] - Total equity increased to $2,572,858 thousand from $2,358,716 thousand at the end of December 2023[30] Commodity Prices - COMEX copper prices averaged $4.55 per pound during the quarter, which is 18.4% higher than the same period in 2023[16] Adjusted Performance - Adjusted for a $19.5 million insurance settlement gain in 2023, quarterly operating income improved by 9.8% year-over-year[25]