Mueller Industries(MLI) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 net sales reached $923.5 million, a 26.1% increase from $732.4 million in Q4 2023[1] - Q4 2024 operating income was $170.3 million, up 26.0% from $135.2 million in Q4 2023[1] - Full year 2024 net sales totaled $3.8 billion, reflecting a 10.2% increase compared to $3.4 billion in 2023[1] - Full year 2024 operating income was $770.4 million, a slight increase of 1.9% from $756.1 million in 2023[1] - Consolidated net income for the year ended December 28, 2024, was $617,542, compared to $609,649 for the previous year, reflecting an increase of approximately 1.5%[15] Cash Flow and Investments - The company generated $140.1 million in cash from operations in Q4 2024, totaling $645.9 million for the year[1] - Year-end cash and short-term investments amounted to $1.06 billion, with a current ratio of 5.1 to 1[1] - Net cash provided by operating activities decreased to $645,908 from $672,766, a decline of about 4.0% year-over-year[15] - Cash flows from investing activities showed a significant outflow of $606,935, compared to a net inflow of $135,080 in the previous year[16] - Cash, cash equivalents, and restricted cash at the end of the year totaled $1,038,895, down from $1,174,223, a decrease of about 11.5%[16] - The company reported a net cash used in financing activities of $160,478, compared to $104,509 in the previous year, indicating increased cash outflows[16] Shareholder Returns - Dividends paid to stockholders increased to $89,107 from $66,868, representing a rise of approximately 33.3%[16] - The company repurchased common stock amounting to $48,681, up from $19,303, indicating a substantial increase in share buybacks[16] Operational Highlights - The increase in Q4 net sales by $191.2 million was primarily due to acquisitions and improved unit volume in U.S. construction-related products[1] - The company completed the integration of Nehring Electrical Works and Elkhart Products acquisitions by year-end 2024[1] - Mueller Industries maintains a positive outlook for 2025, focusing on reinvestment and expansion opportunities in nonferrous metals manufacturing[2] Expenses and Working Capital - Depreciation and amortization expenses rose to $53,376 from $40,824, an increase of approximately 30.7%[15] - The company experienced a decrease in receivables by $56,565, compared to an increase of $30,915 in the previous year, indicating a shift in working capital management[15] Market Conditions - COMEX copper prices averaged $4.22 per pound in Q4 2024, which is 13% higher than the prior year period[1] Currency Impact - The effect of exchange rate changes on cash resulted in a loss of $13,823, contrasting with a gain of $5,590 in the prior year[16]