Mueller Industries announced a decrease in its earnings for the first quarter from last year's figures, although it still managed to exceed the expectations of Wall Street.
The company recorded earnings of $138.36 million, or $1.21 per share. This is a drop compared to last year's first quarter earnings of $173.24 million or $1.54 per share.
Forecasters, according to compiled data through Thomson Reuters, had predicted a per-share earning of $1.05 on average. Generally, analyst predictions don't incorporate one-off items.
A 12.5% drop was observed in the company's quarter revenue, falling to $849.65 million from $971.19 million the previous year.
A glance at Mueller Industries' results following Generally Accepted Accounting Principles shows:
- First Quarter Earnings: $138.36 million, compared to $173.24 million the previous year.
- First Quarter Earnings per Share: $1.21, down from $1.54 last year.
- First Quarter Revenue: $849.65 million, a decrease from $971.19 million the last year.
