Mueller sees income rise by triple digits in 2021

Collierville, Tennessee-based Mueller Industries Inc. has reported fourth-quarter and full-year 2021 results, with CEO Greg Christopher calling last year “our second consecutive year of record earnings.”

The copper and brass producer says its operating income in 2021 came in at $655.8 million, a 167 percent increase compared with the prior year. Net sales of $3.8 billion marked a 57 percent boost from the year before.

The fourth quarter, when the average price of copper was 34.3 percent higher compared with the fourth quarter of 2020, played a role in those higher dollar amounts.

“Net sales growth was driven by volume growth in our United States businesses, higher prices primarily attributable to the rise in COMEX copper, and the contributions of our recently acquired H&C Flex business, which is recorded under our Climate segment,” the company says.

The company’s Mueller Brass business unit makes that alloy in Port Huron, Michigan. In the firm’s 2021 Sustainability Report, Mueller says in 2020 it used 64 percent recycled content, or scrap feedstock, at its melt shops in Port Huron; Fulton, Mississippi; Covington, Tennessee; and London, Ontario.

“Our exceptional results in the fourth quarter capped our second consecutive year of record earnings,” states Christopher. “The strength our businesses exhibited throughout the year was fueled by solid demand and outstanding operational execution by our team in the face of significant inflationary pressures, supply chain disruptions and extensive labor shortages.”

Looking ahead, Christopher comments, “We anticipate continued momentum in the building construction and industrial markets in 2022, both important end markets for our businesses. Mueller is well-positioned to build upon its success as we start the new year with healthy order books and our manufacturing facilities operating at highly efficient levels.”