Company Announcements

COLLIERVILLE, Tenn.--(BUSINESS WIRE)--Apr. 22, 2025-- Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2025. Comparisons are to the first quarter of 2024.

• Net Income of $157.4 million versus $138.4 million
• Operating Income of $206.3 million versus $183.4 million
• Net Sales of $1.0 billion versus $849.7 million
• Diluted EPS of $1.39 versus $1.21

First Quarter Financial and Operating Highlights:

• COMEX copper averaged $4.57 per pound during the quarter, 18.4% higher than the average price of $3.86 per pound during the first quarter of 2024.
• The increase in net sales was attributable to the inclusion of sales from two recently acquired businesses, and to higher selling prices related to the rise in raw material costs and tariffs. Modestly lower shipments in our Piping Systems segment, which largely stemmed from production challenges early in the quarter, combined with softer demand in some of our Industrial Metals businesses, partially offset the overall increase in net sales.
• The results included a $14.5 million gain on the sale of an idle property, as well as a $5.0 million unrealized loss on short-term investments.
• Net cash generated from operations was $113.6 million. We utilized $243.6 million during the period to repurchase just over 3 million shares of our common stock.
• Our cash balance was $830.1 million at quarter end, and our current ratio remains strong at 4.3 to 1.

Regarding the quarter performance, Greg Christopher, Mueller’s CEO said, “We delivered very good results in the first quarter despite certain manufacturing disruptions, which have since been resolved, and the general economic landscape. We were particularly pleased with the positive contributions that our Nehring Electrical Works and Elkhart Products acquisitions made to our business, and we look forward to their continued improvement.”

Regarding the outlook, Mr. Christopher continued, “While markets and demand are in line with our year end comments and outlook, the tariff and trade policies have presented new challenges. Although we largely manufacture our products in the countries where they are consumed, we are not immune to the effects of tariffs. Where required, our teams are proactively and diligently taking appropriate price actions, and will continue to do so as necessary. As we have consistently demonstrated resilience during past periods of disruption, we are confident in our ability to effectively navigate the current environment.”

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; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.

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.

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

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Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.