June 2007 -- Leading fabricated tubular products company Mueller Industries battled a slumping housing market and high copper prices to post a net income in the first quarter of 2007 of $18.9 million, or 51 cents per diluted share, which compares with $33.4 million, or 90 cents per diluted share, for the same period of 2006. First quarter net sales for 2007 were $609.8 million compared with $551.0 million in 2006.
This increase in net sales was primarily attributable to the acquisition of businesses, but was also affected by the increased cost of copper, Mueller's principal raw material, which was largely passed through to customers.
Regarding the outlook for 2007, Karp said, "The housing construction market is undergoing a much anticipated correction which has dampened demand for certain of our products. However, we believe this market will improve later this year or early next year. On the other hand, the commercial construction market remains strong."
