Business Description

Mueller Industries Inc. is engaged in the production of copper, brass, and aluminum as well as plastic products. It has three segments: Piping Systems and Industrial Metals. The Piping Systems segment includes the domestic piping system group, Canadian operations, and European operations, trading group Jiangsu MuellerXingrong Copper Industries Limited, and Jungwoo Metal Ind. Co., LTD. Industrial Metals include brass rods, copper bar products, and impacts.

The Climate segment includes refrigeration products, fabricated tube products, Westermeyer Industries, Inc., Turbotec Products, Inc. Tecumseh Products Co., a global leader in the manufacture of hermetically sealed compressors, for commercial and residential refrigeration, freezers, refrigerators, and specialty air conditioning. Scroll, rotary, and reciprocating compressors are available in capacities ranging from 1/15th up to 30 horsepower. There is also a full line of condensing units. Tecumseh Products Co., an investment in Mueller Industries, Inc., and Atlas Holdings LLC is Tecumseh Products Co.

Key Financials

Revenue (US$ Mn):

• US$ 3,796 Mn was the annual revenue generated by Mueller Industries Inc. in 2021
• Mueller Industries Inc.’s annual revenue for 2020 was US$ 2,398 Mn, a -1.34% decrease from 2019
• From 2018’s annual revenues, Mueller Industries Inc. registered a -3.08% decrease in 2019, amounting to US$ 2,431 Mn
• Total revenue of US$ 2,508 Mn was generated in 2018 by Mueller Industries Inc.

Operating Income (US$ Mn):

• Mueller Industries Inc.’s operating income for 2021 was US$ 656 Mn, a 166.8% increase from 2020
• The operating income generated by Mueller Industries Inc. in 2020 was US$ 246 Mn
• At a 10.7% increase, Mueller Industries Inc.’s operating income of US$ 191 Mn was indexed in 2019
• Mueller Industries Inc. generated an operating income of US$ 173 Mn in 2018

Net Income (US$ Mn):

• Mueller Industries Inc.’s operating margin for 2021 was 11%, a 4.85% increase from 2020
• The operating margin generated by Mueller Industries Inc. in 2020 was 10%
• At a 14.49% increase, Mueller Industries Inc.’s operating margin of 8% was indexed in 2019
• Mueller Industries Inc. generated an operating margin of 7% in 2018

Operating Margin %:

• 11% was the operating margin generated by Mueller Industries Inc. in 2021
• Mueller Industries Inc.’s operating margin for 2020 was 10%, a 30.38% increase from 2019
• From 2018’s operating margins, Mueller Industries Inc. registered a 14.49% increase in 2019, amounting to 8%
• An operating margin of 7% was generated in 2018 by Mueller Industries Inc.

Gross Margin %:

• Mueller Industries Inc.’s gross margin for 2021 was 22%, a 22.22% increase from 2020
• The gross margin generated by Mueller Industries Inc. in 2020 was 18%
• At a 13.99% increase, Mueller Industries Inc.’s gross margin of 16% was indexed in 2019
• Mueller Industries Inc. generated a gross margin of 14% in 2018

SWOT Analysis

Strengths

Financial Leverage

The company’s financial leverage, indicated by the debt-to-equity ratio, remained low in FY2020, which enhances its earnings with fewer interest payments, and reduces the risk of default. During FY2020, its debt-to-equity ratio was 0.4, as compared to 0.6 in FY2019. In FY2020, the company recorded a 15.1% decrease in debt to US$327.9 million, as compared to US$386.3 million in FY2019. In FY2020, the company recorded a 21% increase in equity to US$ 776.7 million in FY 2019.

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