Mueller Industries, Inc. (MLI) has reported a 4.74 percent rise in profit for the quarter ended Apr. 01, 2017. The company has earned $29.99 million, or $0.52 a share in the quarter, compared with $28.63 million, or $0.50 a share for the same period last year. Revenue during the quarter grew 8.47 percent to $577.92 million from $532.81 million in the previous year period. Gross margin for the quarter contracted 69 basis points over the previous year period to 15.49 percent. Total expenses were 92.11 percent of quarterly revenues, down from 92.22 percent for the same period last year. This has led to an improvement of 11 basis points in operating margin to 7.89 percent.
Operating income for the quarter was $45.61 million, compared with $41.47 million in the previous year period.
Regarding the outlook, Greg Christopher, Mueller chief executive officer, said, "The year started where 2016 left off. The primary drivers of the U.S. businesses continue on a path of steady improvement and we remain optimistic that the international markets will improve over time."
Operating cash flow turns negative
Mueller Industries, Inc. has spent $11.42 million cash to meet operating activities during the quarter as against cash inflow of $10.34 million in the last year period. The company has spent $7.11 million cash to meet investing activities during the quarter as against cash outgo of $5.81 million in the last year period. It has incurred capital expenditure of $7.15 million on net basis during the quarter, up 21.42 percent or $1.26 million from year ago period.
The company has spent $188.39 million cash to carry out financing activities during the quarter as against cash outgo of $9.05 million in the last year period.
Cash and cash equivalents stood at $146.89 million as on Apr. 01, 2017, down 45.63 percent or $123.26 million from $270.15 million on Apr. 02, 2016.
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