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): July 22, 2008

MUELLER INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

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

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))

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Item 2.02. Results of Operations and Financial Condition.

On July 22, 2008 the Registrant issued a press release announcing earnings for the quarter ended June 28, 2008. A copy of the press release announcing the second quarter 2008 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release, dated July 22, 2008 reporting second quarter 2008 earnings.

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SIGNATURES

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

	MUELLER INDUSTRIES, INC.
Date: July 22, 2008	By:	/s/ Kent A. McKee
		Name: Kent A. McKee
		Title: Executive Vice President and Chief Financial Officer

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Exhibit Index

Exhibit No.  Description

99.1 Press release, dated July 22, 2008.

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EX-99.1

FOR IMMEDIATE RELEASE	Contact:Kent A. McKee
Memphis, TN—July 22, 2008	(901) 753-3208

MUELLER INDUSTRIES, INC. REPORTS

SECOND QUARTER 2008 EARNINGS

Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller’s net income in the second quarter of 2008 was $27.0 million, or 72 cents per diluted share. This compares with $36.4 million, or 98 cents per diluted share, for the same period of 2007. Net sales for the second quarter of 2008 were $753.5 million compared with $772.6 million in 2007. For the first half, net income was $54.4 million, or $1.45 per diluted share on net sales of $1.46 billion. This compares with net income of $55.3 million, or $1.49 per diluted share, on net sales of $1.38 billion for the first half of 2007.

Mr. Karp said, “Mueller’s earnings for the first half of 2008 were achieved despite the continuing decline in the housing industry, the sub-prime mortgage melt down, the turbulence in the financial markets, rising metal costs, sky-high energy prices and a slowing national economy. Considering these adverse circumstances, we are pleased with our results.

“Obviously, we cannot predict how long these difficult circumstances will persist. However, we are confident that Mueller’s excellent balance sheet, strong cash flows and experienced management team will allow us to maximize our competitiveness and take advantage of opportunities.”

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Financial and Operating Highlights

Regarding the second quarter of 2008, Mr. Karp said:

• “Our Plumbing & Refrigeration segment posted operating earnings of $35.4million on net sales of $404.4 million which compares with prior year earnings of $51.7 million on net sales of $455.5 million. Operating results were affected by lower spreads and unit shipments in most product lines.

• “Our OEM segment posted operating earnings of $19.0 million during the second quarter of 2008 on net sales of $354.0 million, which compares with operating earnings of $18.0 million on net sales of $322.2 million for the same period in 2007.

· “During the second quarter of 2008, capital expenditures totaled $6.3 million. We expect to invest between $30 and $40 million for capital expenditures during 2008.

· “The COMEX average price of copper was $3.80 per pound in the second quarter of 2008, which compares with $3.46 in the second quarter of 2007.

· “Our current ratio remains solid at 3.16 to 1. We ended the quarter with $273.6 million in cash and $661.0 million in working capital.

·  “Our return on average equity was 16.3 percent for the four quarters ended June, 2008.

·  “As of quarter end, our financial leverage was modest with a debt to total capitalization ratio of 30.6 percent.

· “Total stockholders’ equity was $765.0 million which equates to a book value per share of $20.60 of which $7.37 per share is in cash.”

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: (1) the construction of new homes; (2) the improvement and reconditioning of existing homes and structures; and (3) 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 “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.

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
	For the Quarter Ended						For the Six Months Ended
	June 28,			June 30,			June 28,			June 30,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Net sales	$	753,471		$	772,647		$	1,457,579		$	1,382,429
Cost of goods sold		661,209			661,746			1,273,006			1,198,324
Depreciation and amortization		11,004			11,306			21,988			22,272
Selling, general, and administrative expense		34,618			38,971			72,909			73,898
Operating income		46,640			60,624			89,676			87,935
Interest expense		(5,238	)		(5,689	)		(10,705	)		(11,183	)
Other income (expense), net		951			1,925			4,968			6,878
Income before income taxes		42,353			56,860			83,939			83,630
Income tax expense		(15,339	)		(20,462	)		(29,570	)		(28,319	)
Net income	$	27,014		$	36,398		$	54,369		$	55,311
Weighted average shares
for basic earnings per share		37,119			37,060			37,108			37,044
Effect of dilutive stock options		340			204			269			160
Adjusted weighted average shares
for diluted earnings per share		37,459			37,264			37,377			37,204
Basic earnings per share	$	0.73		$	0.98		$	1.47		$	1.49
Diluted earnings per share	$	0.72		$	0.98		$	1.45		$	1.49
Dividends per share	$	0.10		$	0.10		$	0.20		$	0.20
Summary Segment Data:
Net sales:
Plumbing & Refrigeration Segment	$	404,414		$	455,486		$	788,298		$	825,482
OEM Segment		353,988			322,201			680,195			565,931
Elimination of intersegment sales		(4,931	)		(5,040	)		(10,914	)		(8,984	)
Net sales	$	753,471		$	772,647		$	1,457,579		$	1,382,429
Operating income:
Plumbing & Refrigeration Segment	$	35,370		$	51,746		$	60,454		$	78,600
OEM Segment		18,963			17,999			44,537			23,493
Unallocated expenses		(7,693	)		(9,121	)		(15,315	)		(14,158	)
Operating income	$	46,640		$	60,624		$	89,676		$	87,935

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	June 28,		December 29,
	2008		2007
	(Unaudited)
ASSETS
Cash and cash equivalents	$	273,620	$	308,618
Accounts receivable, net		392,826		323,003
Inventories		263,752		269,032
Other current assets		36,789		39,694
Total current assets		966,987		940,347
Property, plant, and equipment, net		303,453		308,383
Other assets		201,361		200,474
	$	1,471,801	$	1,449,204
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	$	55,365	$	72,743
Accounts payable		130,182		140,497
Other current liabilities		120,478		121,813
Total current liabilities		306,025		335,053
Long-term debt		281,586		281,738
Pension and postretirement liabilities		36,001		36,071
Environmental reserves		8,873		8,897
Deferred income taxes		46,197		52,156
Other noncurrent liabilities		2,197		2,029
Total liabilities		680,879		715,944
Minority interest in subsidiary		25,895		22,765
Stockholders' equity		765,027		710,495
	$	1,471,801	$	1,449,204

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
	For the Six Months Ended
	June 28,			June 30,
	2008			2007
	(Unaudited)
Operating activities:
Net income	$	54,369		$	55,311
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization		22,323			22,465
Gain on early retirement of debt		(2,482	)		-
Minority interest in subsidiary, net of dividend paid		1,562			(18	)
Stock-based compensation expense		1,479			1,273
Loss (gain) on disposal of properties		341			(3,137	)
Deferred income taxes		130			(6,140	)
Income tax benefit from exercise of stock options		(69	)		(124	)
Changes in assets and liabilities, net of business
acquired:
Receivables		(66,599	)		(78,521	)
Inventories		7,489			35,467
Other assets		(2,321	)		(10,948	)
Current liabilities		(12,757	)		78,376
Other liabilities		1,342			773
Other, net		(1,167	)		2,144
Net cash provided by operating activities		3,640			96,921
Investing activities:
Capital expenditures		(14,833	)		(15,638	)
Net deposits into restricted cash balances		(632	)		-
Acquisition of business, net of cash received		-			(31,970	)
Proceeds from sales of properties		-			3,032
Net cash used in investing activities		(15,465	)		(44,576	)
Financing activities:
Repayments of long-term debt		(23,605	)		(18,116	)
Dividends paid		(7,421	)		(7,410	)
Issuance of debt by joint venture, net		5,411			19,054
Issuance of shares under incentive stock option plans
from treasury		1,055			977
Income tax benefit from exercise of stock options		69			124
Acquisition of treasury stock		(13	)		(54	)
Net cash used in financing activities		(24,504	)		(5,425	)
Effect of exchange rate changes on cash		1,331			525
(Decrease) increase in cash and cash equivalents		(34,998	)		47,445
Cash and cash equivalents at the beginning of the period		308,618			200,471
Cash and cash equivalents at the end of the period	$	273,620		$	247,916

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