Copper tube maker Mueller Industries' Q3 revenue rises on higher volumes

Mueller Industries

Tue 12:09

Overview
US industrial goods maker's Q3 revenue rose yr/yr
Q3 diluted EPS increased from prior year
Sales growth driven by higher volumes and price adjustments for material costs

Outlook
Company plans further investments in North American manufacturing to reduce costs and reshore production
Company aims to expand product offerings and distribution capabilities across business segments

Result Drivers
VOLUME AND PRICING - Co said higher unit volumes and price adjustments for increased material costs drove sales growth
COMMERCIAL DEMAND - Co said U.S. data center expansions and commercial building activity supported demand and backlog growth
MIX MANAGEMENT - Co said it adjusted to demand and product mix shifts and managed pricing amid a weaker residential construction market

Company press release: ID:nBw4qPlqna

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Sales
 
$1.42 bln
 
Q3 Operating Income
 
$281.57 mln
 
Q3 Pretax Profit
 
$299.24 mln
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the industrial machinery & equipment peer group is "buy."
Wall Street's median 12-month price target for Mueller Industries Inc is $80.00, about 31.5% above its October 19 closing price of $60.82
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

Reuters Recommended Reads
Oct 19 - 3M expands Amazon data center partnership, shares gain
Oct 20 - 3M lifts annual profit forecast on cost controls, price hikes
Oct 20 - GM's core profit rises 22% on strength of pickup-truck business

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)