Mueller Industries, Inc. reported a strong year over year increase in earnings in the second quarter of 2010. The company reported net income of $15.6 million, or $0.41 per diluted share, compared to net income of $6.0 million, or $0.16 per diluted share, in the second quarter of 2009.
Mueller Industries, Inc. also reported a jump in revenues for the quarter that just ended, which came in at $540.4 million, compared to $367.8 million in the same quarter in 2009. The company said that the large increase in revenues was due to the soaring price of copper, which was up 48% compared to the same period in 2009. Copper is a raw material used to build the company’s products and the cost is passed through to customers with surcharges.
Despite the improvement in net income and revenues compared to last year, the management of Mueller Industries, Inc. was cautious about the business environment the company would face in 2010.
Harvey L. Karp, the Chairman of Mueller Industries, Inc., said, “Uncertainty seems to be the underlying theme. Looming foreclosures, weak jobs reports, an environment of higher taxes, and rising federal deficits are causing widespread anxiety. However, we believe Mueller’s financial strength and industry leadership positions us to pursue opportunities as they arise.”
For more information on the company, go to www.muellerindustries.com