(RTTNews) - Mueller Industries Inc. (MLI) reported Q2 net income of $27.96 million or $0.50 per share versus $27.99 million or $0.50 per share last year.
Net sales declined to $500.2 million from $666.4 million generated a year ago.
The company noted that about $29.0 million of the quarter-over-quarter decline in sales was due to lower copper prices, with the balance attributable to lower volumes, which stemmed in large part from the COVID-19 shutdowns.
During the quarter, the company generated $114.7 million in cash from operations and repaid $145.0 million on its revolving credit facility.
Meanwhile, Greg Christopher, Mueller CEO said, "Our proactive response to the COVID-19 pandemic, combined with timely cost controls, was critical to our continued profitability, notwithstanding volume declines. We anticipate that our businesses will strengthen as global economies continue to reopen. Given our low cost platform, we believe we are well positioned to remain solidly profitable, even at reduced demand levels."
The stock has been trading in the range of $16.78 - $34.11 for the past one year, and closed Monday's trade at $26.34, up 36 cents or 1.39%.
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