Headline: Mueller Industries Surpasses Revenue and Profit Forecasts Amidst Rising Copper Prices in Q3

COLLIERVILLE, Tenn. - Mueller Industries, Inc. (NYSE:MLI) reported earnings surpassing analyst estimates for the third quarter, driven by increased sales and recent acquisitions. The industrial manufacturer posted earnings per share of $1.48, beating the analysts' expectation of $1.32. Revenue rose by 21.7% compared to the same period last year, reaching $997.8 million, significantly exceeding analysts' predictions of $936 million.

The rise in net sales was attributed to $102.4 million in revenues from newly acquired businesses and higher copper prices. The average COMEX copper price increased 12% from the same period last year, reaching $4.23 per pound.

Operating income rose to $206.7 million from last year's $181.0 million. The company's cash position remained strong at $969.6 million at the end of the quarter.

CEO Greg Christopher stated, "Despite generally constrained business conditions throughout the quarter, we continued to deliver very strong results and generate significant cash." He also noted significant progress in integrating two recently acquired businesses, both of which contributed positively to the results.

Christopher added that declining interest rates and slowing inflation, along with the resolution of election-related uncertainty, would create a more favorable environment moving forward. He stated that the company is well-positioned to capitalize as conditions improve.

Mueller Industries manufactures products for markets including air, water, and oil distribution, climate control, and energy transmission.