Mueller Industries' 2Q profit falls almost 26 pct

Mueller said it earned $27 million, or 72 cents per share, during the second quarter, down from $36.4 million, or 98 cents per share, during the same period last year.

Revenue fell 2 percent to $753.5 million from $772.6 million a year ago.

Its largest segment, plumbing and refrigeration, had operating earnings of $35.4 million on revenue of $404.4 million.

Chairman Harvey L. Karp said the results "were achieved despite the continuing decline in the housing industry, the subprime mortgage meltdown, 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."

In morning trading, Mueller shares declined $2.60, or 7.9 percent, to $30.21.