Mueller Industries, a global copper products manufacturer, expects a profitable second half of the year despite declining demand for, and volumes of, its products because of the pandemic.
In the first half of the year, the company’s net sales fell to $1.10bn from $1.28bn during H1 2019, while sales in its piping systems segment dipped to $719mn from $802mn. Mueller’s industrial metals sales declined to $219mn from almost $300mn during the comparable periods.
In the second quarter of this year, the company’s net sales decreased to $500mn from $666mn in Q2 2019. Of the total sales, piping systems sales rose to $41mn from $35.8mn, while industrial metals sales decreased to $8.8mn from $14.9mn in Q2 2019.
Despite declining sales volumes, Mueller posted a net profit of $60.3mn in the first half of the year, up from $43.7mn H1 2019. However, Q2 net profits were nearly flat at $27.95mn, marginally declining from $27.98mn in the second quarter of 2019.
Mueller Industries also signed a purchase agreement to acquire Wieland Kessler, a company that produces similar products, on August 3.