FT Markets Data
Mueller Industries Inc

Mueller Industries, Inc. Reports Second Quarter 2025 Earnings

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

  • Net Income of $245.9 million versus $160.2 million
  • Operating Income of $304.2 million versus $210.0 million
  • Net Sales of $1.14 billion versus $997.7 million
  • Diluted EPS of $2.22 versus $1.41

The results above include a $36.3 million gain ($28.1 million net of tax) in connection with an insurance claim related to the March 2023 tornado that impacted our operations in Covington, Tennessee. To date since the event, $50.0 million of insurance proceeds have been received, including $15.0 million received in 2025. The claim is not yet fully settled, and additional insurance recovery amounts are expected to be recorded in the future. Exclusive of the proceeds, second quarter results are as follows:

  • Net Income of $217.9 million versus $160.2 million
  • Operating Income of $267.9 million versus $210.0 million
  • Diluted EPS of $1.96 versus $1.41

Second Quarter Financial and Operating Highlights:

  • COMEX copper averaged $4.72 per pound during the quarter, which represents a 3.7% increase over the prior period.
  • The quarter over quarter increase in net sales was largely attributable to sales from the two businesses acquired in 2024, and to higher selling prices related to a rise in raw material costs across all businesses.
  • Net cash generated from operations was $190.6 million.
  • Our cash balance net of debt was $1.0 billion at quarter end, and our current ratio continues to be strong at 4.9 to 1.

Regarding the quarter performance and outlook, Greg Christopher, Mueller’s CEO said, “Excluding the recovery reported thus far on our tornado related insurance claim, we delivered a record quarter. Tremendous credit goes to our manufacturing operations and commercial teams for their outstanding execution and focus amidst complex market conditions. We are particularly pleased to see the positive progress and contributions made by Nehring and EPC, our 2024 acquisitions, and look forward to their continued improvement.

Business conditions have been unsettled and increasingly challenged for quite some time. Residential construction in the U.S. remains subdued and below levels generally deemed necessary to meet growing pent up demand. We anticipate that demand will increase when interest rates are reduced. Tariff policies are another source of uncertainty, but as a general matter, we believe that the imposition of trade protections will ultimately benefit most of our portfolio companies.”

He added, “We are optimistic about the future of our business. We have an excellent growth platform focused in three essential areas: water infrastructure, HVAC/R and electrical transmission. Moreover, we have a proven track record of taking advantage of opportunities coming out of periods of disruption like the present. As such, we continue to invest to increase our efficiency and capabilities, and to actively seek acquisitions that complement our portfolio and support our strategic growth plans.”

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 STATEMENTS OF INCOME

(Unaudited)

 

 

 

For the Quarter Ended

 

For the Six Months Ended

(In thousands, except per share data)

 

June 28, 2025

 

June 29, 2024

 

June 28, 2025

 

June 29, 2024

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,138,173

 

 

$

997,745

 

 

$

2,138,338

 

 

$

1,847,399

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

785,194

 

 

 

724,990

 

 

 

1,513,379

 

 

 

1,333,693

 

Depreciation and amortization

 

 

17,905

 

 

 

10,018

 

 

 

35,028

 

 

 

19,187

 

Selling, general, and administrative expense

 

 

67,521

 

 

 

52,731

 

 

 

130,581

 

 

 

101,088

 

Gain on disposal of assets, net

 

 

(337

)

 

 

—

 

 

 

(14,802

)

 

 

—

 

Gain on insurance proceeds

 

 

(36,278

)

 

 

—

 

 

 

(36,278

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

304,168

 

 

 

210,006

 

 

 

510,430

 

 

 

393,431

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(17

)

 

 

(107

)

 

 

(42

)

 

 

(222

)

Interest income

 

 

8,222

 

 

 

14,383

 

 

 

18,123

 

 

 

31,628

 

Realized and unrealized gains on short-term investments

 

 

13,212

 

 

 

—

 

 

 

8,202

 

 

 

365

 

Other expense, net

 

 

(1,142

)

 

 

(1,356

)

 

 

(1,050

)

 

 

(726

)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

324,443

 

 

 

222,926

 

 

 

535,663

 

 

 

424,476

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(78,857

)

 

 

(58,384

)

 

 

(130,332

)

 

 

(110,218

)

Income (loss) from unconsolidated affiliates, net of foreign tax

 

 

2,897

 

 

 

(1,095

)

 

 

2,439

 

 

 

(9,102

)

 

 

 

 

 

 

 

 

 

Consolidated net income

 

 

248,483

 

 

 

163,447

 

 

 

407,770

 

 

 

305,156

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

(2,559

)

 

 

(3,282

)

 

 

(4,414

)

 

 

(6,628

)

 

 

 

 

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

 

$

245,924

 

 

$

160,165

 

 

$

403,356

 

 

$

298,528

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

108,746

 

 

 

111,216

 

 

 

109,742

 

 

 

111,316

 

Effect of dilutive stock-based awards

 

 

2,196

 

 

 

2,763

 

 

 

2,265

 

 

 

2,746

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares for diluted earnings per share

 

 

110,942

 

 

 

113,979

 

 

 

112,007

 

 

 

114,062

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

2.26

 

 

$

1.44

 

 

$

3.68

 

 

$

2.68

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

2.22

 

 

$

1.41

 

 

$

3.60

 

 

$

2.62

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.25

 

 

$

0.20

 

 

$

0.50

 

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

For the Six Months Ended

(In thousands)

 

June 28, 2025

 

June 29, 2024

 

June 28, 2025

 

June 29, 2024

 

 

 

 

 

 

 

 

 

Summary Segment Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

Piping Systems Segment

 

$

743,475

 

 

$

688,469

 

 

$

1,383,158

 

 

$

1,278,637

 

Industrial Metals Segment

 

 

270,598

 

 

 

195,341

 

 

 

522,511

 

 

 

351,408

 

Climate Segment

 

 

137,515

 

 

 

130,532

 

 

 

260,622

 

 

 

247,342

 

Elimination of intersegment sales

 

 

(13,415

)

 

 

(16,597

)

 

 

(27,953

)

 

 

(29,988

)

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,138,173

 

 

$

997,745

 

 

$

2,138,338

 

 

$

1,847,399

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

Piping Systems Segment

 

$

250,296

 

 

$

162,258

 

 

$

408,460

 

 

$

304,938

 

Industrial Metals Segment

 

 

30,610

 

 

 

29,693

 

 

 

60,694

 

 

 

53,964

 

Climate Segment

 

 

42,628

 

 

 

38,993

 

 

 

78,252

 

 

 

71,568

 

Unallocated income (expenses)

 

 

(19,366

)

 

 

(20,938

)

 

 

(36,976

)

 

 

(37,039

)

 

 

 

 

 

 

 

 

 

Operating income

 

$

304,168

 

 

$

210,006

 

 

$

510,430

 

 

$

393,431

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(Unaudited)

 

 

(In thousands)

 

June 28,
2025

 

December 28,
2024

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

1,001,769

 

$

1,037,229

Short-term investments

 

 

56,709

 

 

21,874

Accounts receivable, net

 

 

592,564

 

 

450,113

Inventories

 

 

511,725

 

 

462,279

Other current assets

 

 

51,367

 

 

40,734

 

 

 

 

 

Total current assets

 

 

2,214,134

 

 

2,012,229

 

 

 

 

 

Property, plant, and equipment, net

 

 

532,970

 

 

515,131

Operating lease right-of-use assets

 

 

30,522

 

 

32,702

Other assets

 

 

709,816

 

 

730,844

 

 

 

 

 

Total assets

 

$

3,487,442

 

$

3,290,906

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current portion of debt

 

$

74

 

$

1,094

Accounts payable

 

 

212,476

 

 

173,743

Current portion of operating lease liabilities

 

 

8,393

 

 

8,117

Other current liabilities

 

 

235,022

 

 

215,033

 

 

 

 

 

Total current liabilities

 

 

455,965

 

 

397,987

 

 

 

 

 

Pension and postretirement liabilities

 

 

8,739

 

 

11,199

Environmental reserves

 

 

15,156

 

 

15,423

Deferred income taxes

 

 

32,212

 

 

25,742

Noncurrent operating lease liabilities

 

 

22,461

 

 

24,547

Other noncurrent liabilities

 

 

12,286

 

 

11,600

 

 

 

 

 

Total liabilities

 

 

546,819

 

 

486,498

 

 

 

 

 

Total Mueller Industries, Inc. stockholders’ equity

 

 

2,916,560

 

 

2,773,165

Noncontrolling interests

 

 

24,063

 

 

31,243

 

 

 

 

 

Total equity

 

 

2,940,623

 

 

2,804,408

 

 

 

 

 

Total liabilities and equity

 

$

3,487,442

 

$

3,290,906

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Six Months Ended

(In thousands)

 

June 28, 2025

 

June 29, 2024

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Consolidated net income

 

$

407,770

 

 

$

305,156

 

Reconciliation of consolidated net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

35,028

 

 

 

19,349

 

Stock-based compensation expense

 

 

13,940

 

 

 

13,476

 

Provision for doubtful accounts receivable

 

 

73

 

 

 

(67

)

(Income) loss from unconsolidated affiliates

 

 

(2,439

)

 

 

9,102

 

Dividends from unconsolidated affiliates

 

 

2,812

 

 

 

3,541

 

Insurance proceeds - noncapital related

 

 

12,345

 

 

 

15,000

 

Gain on disposals of properties

 

 

(14,802

)

 

 

(1,286

)

Unrealized gains on short-term investments

 

 

(8,202

)

 

 

—

 

Gain on sales of securities

 

 

—

 

 

 

(365

)

Gain on insurance proceeds

 

 

(36,278

)

 

 

—

 

Deferred income tax expense (benefit)

 

 

4,420

 

 

 

(1,509

)

Changes in assets and liabilities, net of effects of businesses acquired:

 

 

 

 

Receivables

 

 

(134,535

)

 

 

(132,012

)

Inventories

 

 

(41,190

)

 

 

6,706

 

Other assets

 

 

(4,371

)

 

 

8,511

 

Current liabilities

 

 

72,259

 

 

 

30,276

 

Other liabilities

 

 

(2,420

)

 

 

(2,375

)

Other, net

 

 

(249

)

 

 

872

 

 

 

 

 

 

Net cash provided by operating activities

 

$

304,161

 

 

$

274,375

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

$

(30,691

)

 

$

(25,603

)

Acquisition of businesses, net of cash acquired

 

 

—

 

 

 

(566,577

)

Investments in unconsolidated affiliates

 

 

—

 

 

 

(8,700

)

Insurance proceeds - capital related

 

 

2,655

 

 

 

—

 

Purchase of short-term investments

 

 

(26,633

)

 

 

—

 

Purchase of long-term investments

 

 

(552

)

 

 

(7,976

)

Proceeds from the sale of securities

 

 

—

 

 

 

96,465

 

Issuance of notes receivable with unconsolidated affiliates

 

 

—

 

 

 

(3,800

)

Proceeds from sales of properties

 

 

21,135

 

 

 

3,976

 

Investment received from noncontrolling interests

 

 

600

 

 

 

—

 

 

 

 

 

 

Net cash used in investing activities

 

$

(33,486

)

 

$

(512,215

)

 

 

 

 

 

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

For the Six Months Ended

(In thousands)

 

June 28, 2025

 

June 29, 2024

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Dividends paid to stockholders of Mueller Industries, Inc.

 

$

(54,398

)

 

$

(44,488

)

Repurchase of common stock

 

 

(243,615

)

 

 

(42,994

)

Repayments of debt

 

 

(111

)

 

 

(111

)

Issuance of debt by consolidated joint ventures, net

 

 

—

 

 

 

11

 

Net cash used to settle stock-based awards

 

 

(4,189

)

 

 

(2,002

)

Dividends paid to noncontrolling interests

 

 

(12,240

)

 

 

—

 

 

 

 

 

 

Net cash used in financing activities

 

$

(314,553

)

 

$

(89,584

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

11,718

 

 

 

(4,784

)

 

 

 

 

 

Decrease in cash, cash equivalents, and restricted cash

 

 

(32,160

)

 

 

(332,208

)

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

 

$

1,006,735

 

 

$

842,015

 

MUELLER INDUSTRIES, INC.

Reconciliation of Net Income as Reported to Non-GAAP Financial Measures Without Gain on Insurance Proceeds

(Unaudited)

 

Earnings attributable to normal operations without the impact of the gain on insurance proceeds is a measurement not derived in accordance with generally accepted accounting principles (GAAP). Excluding the gain is useful as it measures the operating results that are the outcome of daily operating decisions made in the normal course of business. Reconciliation of earnings attributable to normal operations without the gain to net income as reported is as follows:

 

(In thousands, except per share data)

 

For the Quarter Ended June 28, 2025

 

 

As Reported
(GAAP)

 

Gain on Insurance
Proceeds

 

As Adjusted
(Non-GAAP)

 

 

 

 

 

 

 

Operating income

 

$

304,168

 

 

$

(36,278

)

 

$

267,890

 

 

 

 

 

 

 

 

Interest expense

 

 

(17

)

 

 

—

 

 

 

(17

)

Interest income

 

 

8,222

 

 

 

—

 

 

 

8,222

 

Realized and unrealized gains on short-term investments

 

 

13,212

 

 

 

—

 

 

 

13,212

 

Other expense, net

 

 

(1,142

)

 

 

—

 

 

 

(1,142

)

 

 

 

 

 

 

 

Income before income taxes

 

 

324,443

 

 

 

(36,278

)

 

 

288,165

 

 

 

 

 

 

 

 

Income tax expense

 

 

(78,857

)

 

 

8,213

 

 

 

(70,644

)

Income (loss) from unconsolidated affiliates, net of foreign tax

 

 

2,897

 

 

 

—

 

 

 

2,897

 

 

 

 

 

 

 

 

Consolidated net income

 

 

248,483

 

 

 

(28,065

)

 

 

220,418

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

(2,559

)

 

 

—

 

 

 

(2,559

)

 

 

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

 

$

245,924

 

 

$

(28,065

)

 

$

217,859

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

2.22

 

 

 

 

$

1.96

 

 

 

 

 

 

 

 

 

Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.