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Mueller Industries Inc

Mueller Industries, Inc. Reports Third Quarter 2025 Earnings

COLLIERVILLE, Tenn.--(BUSINESS WIRE)--Oct. 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 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.

*********************

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 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

 

 

 

 

 

 

 

 

 

 

 

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

 

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

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

)

 

 

 

 

 

 

 

 

 

 

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

 

 

Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.