Mueller Industries (MLI) Q3 FY2023 earnings: revenue $820 million, down 13.2% on the year

Mueller Industries Inc. (MLI) reported revenue of $820 million for Q3 FY2023, the quarter ended 30 September 2023, down 13.2% on the same quarter a year earlier. Net income was $133 million, down 14.1% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-Q it filed with the SEC on 25 October 2023.

Revenue$820 milliondown 13.2%

Net income$133 milliondown 14.1%

Diluted EPS$0.58

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	820	n/a	n/a	n/a
Cost of revenue	579	n/a	n/a	n/a
Gross profit	241	n/a	n/a	n/a
Gross margin	29.4%	n/a	n/a
Selling, general and administrative	48.3	n/a	n/a	n/a
Operating income	181	n/a	n/a	n/a
Operating margin	22.1%	n/a	n/a
Interest expense	0.2	n/a	n/a	n/a
Pre-tax income	189	n/a	n/a	n/a
Income tax	50.8	n/a	n/a	n/a
Effective tax rate	26.9%	n/a	n/a
Net income	133	n/a	n/a	n/a
Net margin	16.2%	n/a	n/a
Diluted EPS	$0.58	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	248	n/a	n/a	n/a
Capital expenditure	10.2	n/a	n/a	n/a
Free cash flow	237	n/a	n/a	n/a
Free cash flow margin	29.0%	n/a	n/a
Cash from investing	-13.9	n/a	n/a	n/a
Cash from financing	-23.4	n/a	n/a	n/a
Depreciation and amortisation	9.6	n/a	n/a	n/a
Share-based compensation	4.8	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	16.7	n/a	n/a	n/a
Dividend per share	$0.07	n/a	n/a	n/a
Diluted shares, weighted	228m	n/a	n/a	n/a
Shares outstanding at period end	227m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,221	n/a	n/a	n/a
Non-controlling interest	30.0	n/a	n/a	n/a
Debt	1.3	n/a	n/a	n/a
Operating lease liabilities	25.8	n/a	n/a	n/a
Other liabilities	385	n/a	n/a	n/a
Total liabilities and equity	2,664	n/a	n/a	n/a
Fixed assets	377	n/a	n/a	n/a
Goodwill	151	n/a	n/a	n/a
Intangible assets	46.8	n/a	n/a	n/a
Investments	125	n/a	n/a	n/a
Cash and equivalents	980	n/a	n/a	n/a
Receivables	409	n/a	n/a	n/a
Inventory	392	n/a	n/a	n/a
Other assets	184	n/a	n/a	n/a
Total assets	2,664	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	820	732	850	998	998	924	1,000	1,138	1,078	962	1,193	1,428
Cost of revenue	579	536	609	725	722	668	728	785	738	715	835	1,033
Gross profit	241	196	241	273	275	255	272	353	340	248	358	395
Gross margin	29%	27%	28%	27%	28%	28%	27%	31%	32%	26%	30%	28%
SG&A	48.3	51.2	48.4	52.7	59.6	66.0	63.1	67.5	61.7	56.4	66.8	67.8
Operating income	181	135	183	210	207	170	206	304	276	172	312	310
Operating margin	22%	18%	22%	21%	21%	18%	21%	27%	26%	18%	26%	22%
Interest expense	0.2	0.7	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.1
Pre-tax income	189	178	202	223	218	178	211	324	280	196	321	326
Tax rate	27%	26%	26%	26%	23%	26%	24%	24%	26%	22%	25%	25%
Net income	133	119	138	160	169	138	157	246	208	154	239	250
Net margin	16%	16%	16%	16%	17%	15%	16%	22%	19%	16%	20%	17%
Diluted EPS	$0.58	$0.53	$0.60	$0.70	$0.74	$0.60	$0.69	$1.11	$0.94	$0.69	$1.08	$1.13
Operating cash flow	248	174	174	101	231	140	114	191	310	141	79.7	212
Capital expenditure	10.2	14.6	16.4	9.2	25.7	28.9	16.6	14.1	18.3	19.8	17.2	21.6
Free cash flow	237	160	157	91.6	206	111	97.0	177	292	121	62.5	191
Buybacks	0.0	0.0	27.9	15.1	5.7	0.0	244	0.0	0.0	0.0	75.0	1.5
Dividends paid	16.7	16.7	22.3	22.2	22.3	22.3	27.3	27.1	27.3	27.3	38.0	38.1
Shares outstanding	227m	228m	227m	227m	227m	228m	221m	221m	222m	222m	221m	221m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 25 October 2023, accession 0000089439-23-000070: the filing on EDGAR. All of Mueller Industries Inc.'s filings: EDGAR company page.

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