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 20, 2010

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	Number)	Identification No.)
of incorporation)

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

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 20, 2010 the Registrant issued a press release announcing earnings for the quarter ended March 27, 2010.  A copy of the press release announcing the first quarter 2010 earnings is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1  Press release, dated April 20, 2010 reporting first quarter 2010 earnings.

–2–

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.
	By:	/s/ Kent A. McKee
	Name:	Kent A. McKee
	Title:	Executive Vice President
		and Chief Financial Officer
Date: April 20, 2010

–3–

Exhibit Index

Exhibit No.	Description
99.1	Press release, dated April 20, 2010.

EX-99.1

FOR IMMEDIATE RELEASE	Contact:	Kent A. McKee
Memphis, TN—April 20, 2010		(901) 753-3208

MUELLER INDUSTRIES, INC. REPORTS

FIRST QUARTER 2010 RESULTS

Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller’s net income was $34.0 million, or 90 cents per diluted share, for the first quarter of 2010.  This compares with a net loss of $2.5 million, or 7 cents per diluted share, for the same period of 2009.  First quarter net sales for 2010 were $485.3 million compared with $326.6 million in 2009.

During the first quarter of 2010, the Company recognized a gain of $22.5 million (or 62 cents per diluted share after tax) on the settlement of an insurance claim pertaining to the 2008 fire at its U.K. copper tube operation.  Further, the realization of this gain resulted in a tax benefit primarily from the utilization of U.K. net operating losses that were previously reserved.

Financial and Operating Highlights

Regarding the first quarter of 2010, Mr. Karp said:

· “Net sales increased to $485.3 million primarily due to higher selling prices that reflect increased raw material costs.  The Comex average price of copper was $3.28 per pound in the first quarter of 2010, which compares with $1.57 in the first quarter of 2009.  Gross profit was $72.2 million in the first quarter which is the best of the last six consecutive quarters.

· “Our Plumbing & Refrigeration segment posted operating earnings of $40.5 million that includes a $22.5 million gain on the settlement of an insurance claim as discussed above.  Net sales for the first quarter of 2010 were $256.7 million.  In the same period a year ago, segment earnings were $10.3 million on net sales of $190.4 million.  Volumes were mixed; tube volumes were lower, while fittings volume improved slightly.

Page 1 of 7

· “Our OEM segment posted operating earnings of $16.1 million during the first quarter of 2010 on net sales of $232.2 million, which compares with an operating loss of $6.3 million on net sales of $138.4 million for the same period in 2009.  The increase in earnings was primarily due to higher volume and better spreads as demand improved.

· “Stockholders’ equity was $740.8 million which equates to a book value per share of $19.66 of which $10.54 per share was cash.

· “Our current ratio remained solid at 4.0 to 1.  We ended the quarter with $397.2 million in cash and $657.3 million in working capital.

· “As of quarter end, our financial leverage was modest with a debt to total capitalization ratio of 19.5 percent.”

Business Outlook for 2010

Regarding the outlook for 2010, Mr. Karp said, “Business conditions have shown signs of improvement as the economic recovery in the United States takes hold. Although the commercial construction sector remains sluggish, residential construction has improved somewhat from the trough.  We expect that residential construction gains will be modest for the remainder of the year, while meaningful improvement in commercial construction is unlikely to occur before 2011.”

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.

†††††††††††††††††††††

Page 2 of 7

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.

Page 3 of 7

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	For the Quarter Ended
	March 27,			March 28,
	2010			2009
	(Unaudited)
Net sales	$	485,268		$	326,558
Cost of goods sold		413,048			287,383
Depreciation and amortization		10,348			10,480
Selling, general, and administrative expense		37,323			31,158
Insurance gain		(22,506	)		-
Operating income (loss)		47,055			(2,463	)
Interest expense		(2,532	)		(2,636	)
Other income, net		140			627
Income (loss) before income taxes		44,663			(4,472	)
Income tax (expense) benefit		(9,864	)		1,962
Consolidated net income (loss)		34,799			(2,510	)
Less net (income) loss attributable to noncontrolling interest		(841	)		18
Net income (loss) attributable to Mueller Industries, Inc.	$	33,958		$	(2,492	)
Weighted average shares
for basic earnings (loss) per share		37,588			37,143
Effect of dilutive stock-based awards		94			-
Adjusted weighted average shares
for diluted earnings (loss) per share		37,682			37,143
Basic earnings (loss) per share	$	0.90		$	(0.07	)
Diluted earnings (loss) per share	$	0.90		$	(0.07	)
Dividends per share	$	0.10		$	0.10
Summary Segment Data:
Net sales:
Plumbing & Refrigeration Segment	$	256,662		$	190,393
OEM Segment		232,204			138,392
Elimination of intersegment sales		(3,598	)		(2,227	)
Net sales	$	485,268		$	326,558
Operating income (loss):
Plumbing & Refrigeration Segment	$	40,459		$	10,331
OEM Segment		16,131			(6,266	)
Unallocated expenses		(9,535	)		(6,528	)
Operating income (loss)	$	47,055		$	(2,463	)

Page 4 of 7

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	March 27,		December 26,
	2010		2009
	(Unaudited)
ASSETS
Cash and cash equivalents	$	397,180	$	346,001
Accounts receivable, net		256,950		228,739
Inventories		185,828		191,262
Other current assets		33,478		42,841
Total current assets		873,436		808,843
Property, plant, and equipment, net		242,796		250,395
Other assets		121,902		120,903
	$	1,238,134	$	1,180,141
LIABILITIES AND EQUITY
Current portion of debt	$	27,739	$	24,325
Accounts payable		89,061		73,837
Other current liabilities		99,306		85,208
Total current liabilities		216,106		183,370
Long-term debt, less current portion		158,226		158,226
Pension and postretirement liabilities		42,843		44,320
Environmental reserves		23,862		23,268
Deferred income taxes		28,675		31,128
Other noncurrent liabilities		923		887
Total liabilities		470,635		441,199
Total Mueller Industries, Inc. stockholders' equity		740,815		713,167
Noncontrolling interest		26,684		25,775
Total equity		767,499		738,942
	$	1,238,134	$	1,180,141

Page 5 of 7

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Quarter Ended
	March 27,			March 28,
	2010			2009
	(Unaudited)
Operating activities:
Net income (loss) attributable to Mueller Industries, Inc.	$	33,958		$	(2,492	)
Reconciliation of net income (loss) attributable to Mueller Industries,
Inc. to net cash provided by operating activities:
Depreciation and amortization		10,389			10,521
Stock-based compensation expense		704			607
Gain on disposal of properties		(6	)		(87	)
Insurance gain		(22,506	)		-
Insurance proceeds - noncapital related		5,561			-
Deferred income taxes		(3,623	)		(248	)
Income tax benefit from exercise of stock options		(11	)		-
Net income (loss) attributable to noncontrolling interest		841			(18	)
Changes in assets and liabilities:
Receivables		(30,689	)		28,010
Inventories		3,748			38,657
Other assets		6,938			3,070
Current liabilities		30,899			(42,167	)
Other liabilities		155			(620	)
Other, net		280			(261	)
Net cash provided by operating activities		36,638			34,972
Investing activities:
Capital expenditures		(4,479	)		(4,842	)
Insurance proceeds for property and equipment		17,703			-
Proceeds from sales of properties		8			402
Net withdrawals from restricted cash balances		2,524			5,852
Net cash provided by investing activities		15,756			1,412
Financing activities:
Dividends paid		(3,759	)		(3,714	)
Issuance of shares under incentive stock option plans
from treasury		720			-
Income tax benefit from exercise of stock options		11			-
Issuance (repayment) of debt by joint venture, net		3,436			(10,152	)
Net cash provided by (used in) financing activities		408			(13,866	)
Effect of exchange rate changes on cash		(1,623	)		(1,042	)
Increase in cash and cash equivalents		51,179			21,476
Cash and cash equivalents at the beginning of the period		346,001			278,860
Cash and cash equivalents at the end of the period	$	397,180		$	300,336

Page 6 of 7

MUELLER INDUSTRIES, INC.

RECONCILIATION OF NET INCOME AS REPORTED

TO NET INCOME BEFORE INSURANCE GAIN

(In thousands, except per share data)

Earnings without insurance gain is a measurement not derived in accordance with generally accepted accounting principles (GAAP).  Excluding the insurance gain is useful as it measures the operating results that are the outcome of daily operating decisions made in the normal course of business.  The insurance gain resulted from final settlement for losses claimed as a result of a fire at our U.K. subsidiary in November 2008, the results of which are not impacted by daily operations and are not expected to recur in future periods.  Reconciliation of earnings without insurance gain to net income as reported is as follows:

	For the Quarter Ended March 27, 2010
							Pro forma
				Impact of			Without
	As			Insurance			Insurance
	Reported			Gain			Gain
	(Unaudited)
Operating income	$	47,055		$	(22,506	)	$	24,549
Interest expense		(2,532	)		-			(2,532	)
Other income, net		140			-			140
Income before income taxes		44,663			(22,506	)		22,157
Income tax expense (Note A)		(9,864	)		(819	)		(10,683	)
Consolidated net income		34,799			(23,325	)		11,474
Less net income attributable to noncontrolling interest		(841	)		-			(841	)
Net income attributable to Mueller Industries, Inc.	$	33,958		$	(23,325	)	$	10,633
Diluted earnings per share	$	0.90		$	(0.62	)	$	0.28

(A) Realization of this insurance gain resulted in a tax benefit primarily from the utilization of U.K. net operating losses that were previously reserved.

Page 7 of 7