MEMPHIS, Tenn. (AP) -- Mueller Industries Inc. said on Tuesday that its second-quarter earnings fell nearly 20 percent as lower costs for copper and other raw materials cut into the component manufacturer's sales.
Mueller Industries reported net income of $17.9 million, or 47 cents per share, for the three months ended June 30. That was down from $22.3 million, or 59 cents per share, in the same quarter a year ago.
Revenue fell 9 percent to $594.1 million from $652.9 million.
The company, based in Memphis, Tenn., said the bulk of the sales decline was the result of lower costs for materials such as copper. The lower costs reduced the selling prices of Mueller's products. Copper prices fell to an average $3.55 per pound in the second quarter from $4.16 in the year-ago period.
Mueller makes copper, brass, plastic and aluminum components for use in plumbing, refrigeration and ventilation systems.
Sales fell 4 percent in Mueller's plumbing and refrigeration segment to $331.7 million, while the original equipment manufacturer segment posted a sales decline of 14 percent to $268.6 million.
Shares of Mueller rose 51 cents, or 1.2 percent, to $43 in midday trading. The stock has traded in a 52-week range of $35.51 to $49.86.
