Mueller Industries reports Q1 EPS $1.21, one estimate $1.05

Reports Q1 revenue $849.7M, consensus $874M…COMEX copper averaged $3.86 per pound during the quarter, 5.6% lower than in the first quarter of 2023. The decrease in net sales was attributable to lower demand for our products that are primarily consumed in residential building, as well as lower selling prices as a result of the lower copper prices…Regarding the quarter performance, Greg Christopher, Mueller’s CEO said, “The first quarter of 2023 represented the tail end of the period of robust demand we experienced stemming from the market’s overreaction to the 2022 supply chain crisis. Given this normalization of demand, as well as the effects persistent inflation and high interest rates have had on business conditions, our 2024 first quarter performance was in line with our expectations. The rationalization actions we took in 2023 had their intended impact and contributed to the sustained margins.”