8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):   April 21, 2015

   MUELLER INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-6770	25-0790410
(State or other	(Commission File	(IRS Employer
jurisdiction of	Number)	Identification No.)
incorporation)

8285 Tournament Drive Suite 150   Memphis, Tennessee	38125
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:   (901) 753-3200

Registrant's Former Name or Address, if changed since last report:   N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

   o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

   o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

   o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Item 2.02. Results of Operations and Financial Condition.

On April 21, 2015, the Registrant issued a press release announcing earnings for the quarter ended March 28, 2015.  A copy of the press release announcing the first quarter 2015 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release, dated April 21, 2015 reporting first quarter 2015 earnings.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	MUELLER INDUSTRIES, INC.
	By:	/s/ Jeffrey A. Martin
	Name:	Jeffrey A. Martin
	Title:	Chief Financial Officer and Treasurer
Date:  April 21, 2015

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Exhibit Index

Exhibit No.	Description
99.1	Press release, dated April 21, 2015.

EX-99.1

Exhibit 99.1

Mueller Industries, Inc. Reports First Quarter 2015 Results

MEMPHIS, Tenn., April 21, 2015 -- Mueller Industries, Inc. (NYSE: MLI) announced today that net income for the first quarter of 2015 was $22.0 million, or 39 cents per diluted share, compared with net income of $24.7 million, or 44 cents per diluted share, for the same period of 2014.

Net sales for the first quarter of 2015 were $537.2 million compared with $574.4 million for the same quarter of the prior year.  Despite unit volume increase of 3.6 percent over the same period in 2014, net sales decreased due primarily to lower copper costs that impacted the selling prices of the Company’s core products. Copper prices decreased 18 percent from the prior year averaging $2.66 per pound in the first quarter of 2015 compared with $3.24 per pound in the first quarter of 2014.

Financial and Operating Impacts/Highlights:

● First quarter of 2014 operating income benefited from $4.5 million of unusual items.  There were no such items in the first quarter of 2015.

● Our US Copper Tube and Fittings operations as well as our Port Huron Brass Mill were adversely impacted by the severe winter weather that lingered into March.  In addition to lost production days, roughly four days in the Copper operations and two days in the Brass operation, we also incurred higher than normal repair and maintenance costs due to the harsh weather.

● On March 30,2015 we acquired the stock of Turbotec Products, Inc., a company that specializes in heat transfer technologies, for $14.2 million.  This acquisition complements our HVACR growth strategy.

● Ending cash for the period was $327 million or $5.74 per share and our current ratio remained strong at 4.2 to 1.

Regarding the outlook for 2015, Greg Christopher, CEO, said, “As we head into the second quarter, demand remains healthy as the economy continues its upward trend.  We expect to fully catch up production and service in the second quarter for the businesses hindered by the aforementioned weather related challenges.”

Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products.  Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China.  Mueller’s business is importantly linked to: (i) the construction of new homes; (ii) the improvement and reconditioning of existing homes and structures; and (iii) the commercial construction market which includes office buildings, factories, hotels, hospitals, etc.

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Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings.  The words “pro forma,” “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” and similar expressions are intended to identify forward-looking statements.  The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report.  The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

CONTACT: Jeffrey A. Martin, (901) 753-3226

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	For the Quarter Ended
(In thousands, except per share data)	March 28, 2015			March 29, 2014
Net sales	$	537,242		$	574,374
Cost of goods sold		460,834			495,777
Depreciation and amortization		7,853			8,107
Selling, general, and administrative expense		32,831			32,183
Operating income		35,724			38,307
Interest expense		(2,076	)		(1,026	)
Other income, net		105			88
Income before income taxes		33,753			37,369
Income tax expense		(11,413	)		(12,415	)
Consolidated net income		22,340			24,954
Net income attributable to noncontrolling interest		(362	)		(248	)
Net income attributable to Mueller Industries, Inc.	$	21,978		$	24,706
Weighted average shares for basic earnings per share		56,193			55,918
Effect of dilutive stock-based awards		731			853
Adjusted weighted average shares for diluted earnings per share		56,924			56,771
Basic earnings per share	$	0.39		$	0.44
Diluted earnings per share	$	0.39		$	0.44
Dividends per share	$	0.075		$	0.075
Summary Segment Data:
Net sales:
Plumbing & Refrigeration Segment	$	305,017		$	338,027
OEM Segment		235,317			240,030
Elimination of intersegment sales		(3,092	)		(3,683	)
Net sales	$	537,242		$	574,374
Operating income:
Plumbing & Refrigeration Segment	$	19,491		$	23,885
OEM Segment		22,548			21,286
Unallocated expenses		(6,315	)		(6,864	)
Operating income	$	35,724		$	38,307

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)	March 28, 2015		December 27,  2014
ASSETS
Cash and cash equivalents	$	326,894	$	352,134
Accounts receivable, net		307,984		275,065
Inventories		246,395		256,585
Other current assets		59,858		57,429
Total current assets		941,131		941,213
Property, plant, and equipment, net		244,909		245,910
Other assets		138,790		140,973
	$	1,324,830	$	1,328,096
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt	$	31,676	$	36,194
Accounts payable		100,813		100,735
Other current liabilities		91,671		101,140
Total current liabilities		224,160		238,069
Long-term debt		205,000		205,250
Pension and postretirement liabilities		39,829		41,556
Environmental reserves		21,832		21,842
Deferred income taxes		23,100		24,556
Other noncurrent liabilities		3,107		1,389
Total liabilities		517,028		532,662
Total Mueller Industries, Inc. stockholders’ equity		774,863		762,150
Noncontrolling interest		32,939		33,284
Total equity		807,802		795,434
	$	1,324,830	$	1,328,096

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Quarter Ended
(In thousands)	March 28, 2015			March 29, 2014
Cash flows from operating activities
Consolidated net income	$	22,340		$	24,954
Reconciliation of consolidated net income to net cash provided by (used in) operating activities:
Depreciation and amortization		8,015			8,165
Stock-based compensation expense		1,349			1,194
Loss (gain) on disposal of properties		1			(1,413	)
Deferred income taxes		(570	)		(1,484	)
Income tax benefit from exercise of stock options		(69	)		(156	)
Changes in assets and liabilities, net of business acquired:
Receivables		(36,692	)		(49,482	)
Inventories		7,534			(10,055	)
Other assets		9,257			(14,467	)
Current liabilities		(7,389	)		(1,337	)
Other liabilities		(131	)		(989	)
Other, net		245			398
Net cash provided by (used in) operating activities		3,890			(44,672	)
Cash flows from investing activities
Business acquired		—			(30,137	)
Capital expenditures		(7,392	)		(9,199	)
Net (deposits into) withdrawals from restricted cash balances		(12,593	)		1,771
Proceeds from sale of assets		492			4,833
Net cash used in investing activities		(19,493	)		(32,732	)
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.		(4,216	)		(4,196	)
Repayment of debt by joint venture, net		(3,817	)		(1,407	)
Repayment of long-term debt		(250	)		(250	)
Issuance of debt		—			4,373
Net cash received to settle stock-based awards		93			224
Income tax benefit from exercise of stock options		69			156
Net cash used in financing activities		(8,121	)		(1,100	)
Effect of exchange rate changes on cash		(1,516	)		179
Decrease in cash and cash equivalents		(25,240	)		(78,325	)
Cash and cash equivalents at the beginning of the period		352,134			311,800
Cash and cash equivalents at the end of the period	$	326,894		$	233,475

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