Why Mueller Industries Stock Is Soaring Today
Shares of Mueller Industries (NYSE: MLI) were up more than 11% as of 10:45 a.m. ET on Tuesday. The industrial products manufacturer posted strong second-quarter results this morning, helping fuel the rally in its stock price.
Mueller Industries reported $1.15 billion in net sales during the second quarter, representing a 13.6% increase from the prior-year period. The company benefited from strong growth in its value-add businesses, where sales surged by 33%. That helped offset slightly lower volume in its industrial metals group due to customer inventory rebalancing and slower international copper tube volumes because of a softening global economy.
The company also posted higher earnings. Net income nearly doubled, increasing from $108.8 million to $206.6 million. Meanwhile, the company generated $142 million in cash from operations. That boosted its cash position to $202.5 million, putting its net debt at zero.
Source Fool.com
