Mueller Industries, Inc. Reports Third Quarter 2025 Earnings

COLLIERVILLE, Tenn., October 21, 2025 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2025. Comparisons are to the third quarter of 2024.

•Net Income of $208.1 million versus $168.7 million

•Operating Income of $276.1 million versus $206.7 million

•Net Sales of $1.08 billion versus $997.8 million

•Diluted EPS of $1.88 versus $1.48

Third Quarter Financial and Operating Highlights:

•COMEX copper averaged $4.83 per pound during the quarter, which represents a 14.3 percent increase over the prior period.

•The quarter over quarter increase in net sales was primarily attributable to higher selling prices related to a rise in raw material costs, as well as improved sales performance in certain of our businesses.

•Earnings before taxes included an $11.9 million gain on the sale of assets, and a $4.9 million gain in connection with an ongoing insurance claim. These gains were offset by a $4.8 million expense related to our withdrawal from a multiemployer pension plan, and $2.0 million of impairment charges.

•The effective income tax rate was 26 percent compared to 23 percent in the prior year period. The annualized effective tax rate for fiscal year 2025 is expected to be consistent with the prior year rate of 25 percent.

•Net cash generated from operations was $310.1 million.

•Our cash balance was $1.3 billion at quarter end, and we have no debt. Our current ratio remains strong at 4.8 to 1.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Softness in residential construction, combined with an influx of imported products ahead of escalating tariffs, exerted downward pressure on unit volumes in several of our businesses. Amidst these challenges, our team once again delivered an excellent quarter.

Looking forward, we are highly optimistic about our business. Our plants operate most effectively when fully loaded. Given our additional capacity, we therefore expect to benefit from even greater production efficiencies when demand rebounds. As for heightened tariffs, we maintain our belief that they will ultimately benefit our business as we manufacture just a small percentage of our products overseas for importation into the U.S. market. Nonetheless, we have accelerated plans to increase our manufacturing

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capabilities in the U.S., onshore some of our own manufacturing and otherwise enhance our ability to respond to growing calls for domestically produced products.”

He added, “We have an excellent balance sheet and solid cash generating businesses. We will continue to operate with a long-term focus, and to pursue growth and expansion opportunities with care and patience.”

Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; electrical transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.

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Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,” “appear,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

CONTACT
Jeffrey A. Martin
(901) 753-3226

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

						For the Quarter Ended												For the Nine Months Ended
(In thousands, except per share data)						September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Net sales						$	1,077,824					$	997,831					$	3,216,162					$	2,845,230
Cost of goods sold						738,148						722,469						2,251,527						2,056,162
Depreciation and amortization						16,607						11,710						51,635						30,897
Selling, general, and administrative expense						61,657						59,619						192,238						161,993
Gain on disposal of assets, net						(11,852)						(2,667)						(26,654)						(3,953)
Asset impairments						2,018						—						2,018						—
Gain on insurance proceeds						(4,869)						—						(41,147)						—
Operating income						276,115						206,700						786,545						600,131
Interest expense						(6)						(113)						(48)						(335)
Interest income						10,822						11,145						28,945						42,773
Realized and unrealized (losses) gains on short-term investments						(2,277)						164						5,925						529
Pension plan termination expense						(4,830)						—						(4,830)						—
Other income (expense), net						627						(122)						(423)						(848)
Income before income taxes						280,451						217,774						816,114						642,250
Income tax expense						(73,904)						(49,188)						(204,236)						(159,406)
Income (loss) from unconsolidated affiliates, net of foreign tax						3,701						3,197						6,140						(5,905)
Consolidated net income						210,248						171,783						618,018						476,939
Net income attributable to noncontrolling interests						(2,125)						(3,084)						(6,539)						(9,712)
Net income attributable to Mueller Industries, Inc.						$	208,123					$	168,699					$	611,479					$	467,227
Weighted average shares for basic earnings per share						109,114						111,363						109,533						111,332
Effect of dilutive stock-based awards						1,816						2,412						2,115						2,635
Adjusted weighted average shares for diluted earnings per share						110,930						113,775						111,648						113,967
Basic earnings per share						$	1.91					$	1.51					$	5.58					$	4.20
Diluted earnings per share						$	1.88					$	1.48					$	5.48					$	4.10
Dividends per share						$	0.25					$	0.20					$	0.75					$	0.60

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
						For the Quarter Ended												For the Nine Months Ended
(In thousands)						September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Summary Segment Data:
Net sales:
Piping Systems Segment						$	718,404					$	653,884					$	2,101,562					$	1,932,521
Industrial Metals Segment						248,939						238,014						771,450						589,422
Climate Segment						126,665						128,482						387,287						375,824
Elimination of intersegment sales						(16,184)						(22,549)						(44,137)						(52,537)
Net sales						$	1,077,824					$	997,831					$	3,216,162					$	2,845,230
Operating income:
Piping Systems Segment						$	216,159					$	163,601					$	624,619					$	468,539
Industrial Metals Segment						30,928						24,197						91,622						78,161
Climate Segment						38,900						40,768						117,152						112,336
Unallocated income (expenses)						(9,872)						(21,866)						(46,848)						(58,905)
Operating income						$	276,115					$	206,700					$	786,545					$	600,131

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

						(Unaudited)
(In thousands)						September 27, 2025						December 28, 2024
ASSETS
Cash and cash equivalents						$	1,261,130					$	1,037,229
Short-term investments						54,432						21,874
Accounts receivable, net						556,632						450,113
Inventories						510,012						462,279
Other current assets						45,938						40,734
Total current assets						2,428,144						2,012,229
Property, plant, and equipment, net						530,702						515,131
Operating lease right-of-use assets						28,616						32,702
Other assets						708,861						730,844
Total assets						$	3,696,323					$	3,290,906
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt						$	—					$	1,094
Accounts payable						187,561						173,743
Current portion of operating lease liabilities						8,387						8,117
Other current liabilities						307,298						215,033
Total current liabilities						503,246						397,987
Pension and postretirement liabilities						8,789						11,199
Environmental reserves						15,147						15,423
Deferred income taxes						37,878						25,742
Noncurrent operating lease liabilities						20,555						24,547
Other noncurrent liabilities						15,126						11,600
Total liabilities						600,741						486,498
Total Mueller Industries, Inc. stockholders’ equity						3,069,931						2,773,165
Noncontrolling interests						25,651						31,243
Total equity						3,095,582						2,804,408
Total liabilities and equity						$	3,696,323					$	3,290,906

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

						For the Nine Months Ended
(In thousands)						September 27, 2025						September 28, 2024
Cash flows from operating activities
Consolidated net income						$	618,018					$	476,939
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization						51,635						31,140
Stock-based compensation expense						20,328						19,956
Provision for doubtful accounts receivable						67						(262)
(Income) loss from unconsolidated affiliates						(6,140)						5,905
Dividends from unconsolidated affiliates						5,440						4,130
Insurance proceeds - noncapital related						15,469						15,000
Gain on disposals of properties						(26,654)						(3,953)
Unrealized gains on short-term investments						(5,925)						(164)
Gain on sales of securities						—						(365)
Impairment charges						2,018						—
Gain on insurance proceeds						(41,147)						—
Deferred income tax expense						10,627						1,837
Changes in assets and liabilities, net of effects of businesses acquired:
Receivables						(100,830)						(99,281)
Inventories						(40,669)						34,027
Other assets						(8,756)						(3,175)
Current liabilities						120,796						25,303
Other liabilities						286						(2,467)
Other, net						(330)						1,217
Net cash provided by operating activities						$	614,233					$	505,787
Cash flows from investing activities
Capital expenditures						$	(48,982)					$	(51,288)
Acquisition of businesses, net of cash acquired						—						(602,692)
Investments in unconsolidated affiliates						—						(8,700)
Insurance proceeds - capital related						4,531						—
Purchase of short-term investments						(26,633)						(4,285)
Purchase of long-term investments						(781)						(7,976)
Proceeds from the sale of securities						—						98,465
Issuance of notes receivable with unconsolidated affiliates						—						(3,800)
Proceeds from sales of properties						38,478						9,026
Investment received from noncontrolling interests						600						—
Net cash used in investing activities						$	(32,787)					$	(571,250)

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						For the Nine Months Ended
(In thousands)						September 27, 2025						September 28, 2024
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.						$	(81,723)					$	(66,796)
Repurchase of common stock						(243,615)						(48,681)
Repayments of debt						(185)						(167)
Issuance of debt by consolidated joint ventures, net						—						144
Net cash used to settle stock-based awards						(29,528)						(22,946)
Dividends paid to noncontrolling interests						(12,240)						—
Net cash used in financing activities						$	(367,291)					$	(138,446)
Effect of exchange rate changes on cash						9,836						(4,709)
Increase (decrease) in cash, cash equivalents, and restricted cash						223,991						(208,618)
Cash, cash equivalents, and restricted cash at the beginning of the period						1,038,895						1,174,223
Cash, cash equivalents, and restricted cash at the end of the period						$	1,262,886					$	965,605

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