Copper products manufacturer Mueller Industries expects robust demand to continue driving longer lead times and order-book backlogs in H2 2021. Moreover, strong demand from the construction industry is expected to lift the company’s sales in the latter half of the year.
In the first half of the year, Mueller’s net sales rose by 66pc to $1.8bn from $1.1bn in the same period last year, the company noted in its earnings report on Thursday, led by a jump in its piping system sales.
Mueller’s revenue from piping systems sales increased by 75pc in H1 2021, to $1.2bn from $719mn in the same period last year. The industrial metals segment grew by 57pc to $344mn from $219mn in the same period under comparison.
In Q2 2021, Mueller’s net sales doubled to $1.01bn from $500mn in the same period last year, when global COVID-19 pandemic-related lockdowns had restricted trade across the world.
Sales in the piping systems segment in Q2 2021 grew by 113pc to $711mn against $334mn in Q2 2020, while the industrial metals segment increased its sales by 103pc to $180mn from $88.6mn in the same period.
The Tennessee, USA-based copper manufacturer’s net income increased to $171.93mn in H1 2021 from $60.3mn in H1 2020 and was up from $27.95mn in Q2 2020 to $108.83mn during the quarter under review.