Mueller Industries Q2 Profit Surges On One-time Gain, Beats View

(RTTNews) - Mueller Industries Inc. (MLI) reported net income attributable to the company of $91.2 million, or $3.23 per share in the second quarter, including non-recurring gain; while the prior-year figure amounted to $17.92 million, or $0.47 per share. In the recent quarter, the firm recognized an after-tax gain of $65.6 million, or $2.33 per share on the settlement of an insurance claim pertaining to the 2011 fire at its Wynne, Arkansas manufacturing operations.

Mueller's quarterly net income attributable to normal operations was $25.5 million, or $0.90 per share, the company noted. On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.95 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the three-month period were $582.3 million, down compared with $594.1 million in the second quarter of 2012, principally due to lower copper costs that impacted the selling prices of the company's products.