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.

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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.

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

	For the Quarter Ended
(In thousands, except per share data)	March 29, 2025			March 30, 2024

Net sales	$	1,000,165		$	849,654

Cost of goods sold		728,185			608,703
Depreciation and amortization		17,123			9,169
Selling, general, and administrative expense		63,060			48,357
Gain on sale of assets		(14,465	)		—

Operating income		206,262			183,425

Interest expense		(25	)		(115	)
Interest income		9,901			17,245
Realized and unrealized (losses) gains on short-term investments		(5,010	)		365
Other income, net		92			630

Income before income taxes		211,220			201,550

Income tax expense		(51,475	)		(51,834	)
Loss from unconsolidated affiliates, net of foreign tax		(458	)		(8,007	)

Consolidated net income		159,287			141,709

Net income attributable to noncontrolling interests		(1,855	)		(3,346	)

Net income attributable to Mueller Industries, Inc.	$	157,432		$	138,363

Weighted average shares for basic earnings per share		110,739			111,416
Effect of dilutive stock-based awards		2,333			2,729

Adjusted weighted average shares for diluted earnings per share		113,072			114,145

Basic earnings per share	$	1.42		$	1.24

Diluted earnings per share	$	1.39		$	1.21

Dividends per share	$	0.25		$	0.20


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)

	For the Quarter Ended
(In thousands)	March 29, 2025			March 30, 2024

Summary Segment Data:

Net sales:
Piping Systems Segment	$	639,683		$	590,168
Industrial Metals Segment		251,913			156,067
Climate Segment		123,107			116,810
Elimination of intersegment sales		(14,538	)		(13,391	)

Net sales	$	1,000,165		$	849,654

Operating income:
Piping Systems Segment	$	158,164		$	142,680
Industrial Metals Segment		30,084			24,271
Climate Segment		35,624			32,575
Unallocated income (expenses)		(17,610	)		(16,101	)

Operating income	$	206,262		$	183,425

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(In thousands)	March 29, 2025		December 28, 2024
ASSETS
Cash and cash equivalents	$	830,100	$	1,037,229
Short-term investments		43,497		21,874
Accounts receivable, net		553,106		450,113
Inventories		482,155		462,279
Other current assets		51,202		40,734

Total current assets		1,960,060		2,012,229

Property, plant, and equipment, net		515,208		515,131
Operating lease right-of-use assets		32,677		32,702
Other assets		723,359		730,844

Total assets	$	3,231,304	$	3,290,906

LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of debt	$	128	$	1,094
Accounts payable		223,609		173,743
Current portion of operating lease liabilities		8,358		8,117
Other current liabilities		224,276		215,033

Total current liabilities		456,371		397,987

Pension and postretirement liabilities		8,425		11,199
Environmental reserves		15,374		15,423
Deferred income taxes		27,736		25,742
Noncurrent operating lease liabilities		24,430		24,547
Other noncurrent liabilities		11,869		11,600

Total liabilities		544,205		486,498

Total Mueller Industries, Inc. stockholders' equity		2,666,437		2,773,165
Noncontrolling interests		20,662		31,243

Total equity		2,687,099		2,804,408

Total liabilities and equity	$	3,231,304	$	3,290,906

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Quarter Ended
(In thousands)	March 29, 2025			March 30, 2024

Cash flows from operating activities
Consolidated net income	$	159,287		$	141,709
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization		17,123			9,250
Stock-based compensation expense		6,150			6,231
Provision for doubtful accounts receivable		99			1
Loss from unconsolidated affiliates		458			8,007
Dividends from unconsolidated affiliates		2,812			2,024
Insurance proceeds - noncapital related		—			15,000
Gain on disposals of properties		(14,465	)		(1,567	)
Unrealized loss on short-term investments		5,010			—
Gain on sales of securities		—			(365	)
Deferred income tax expense		1,651			940
Changes in assets and liabilities:
Receivables		(101,524	)		(75,200	)
Inventories		(18,542	)		22,502
Other assets		410			11,984
Current liabilities		57,702			33,948
Other liabilities		(2,598	)		(907	)
Other, net		(14	)		68

Net cash provided by operating activities	$	113,559		$	173,625

Cash flows from investing activities
Capital expenditures	$	(16,592	)	$	(16,406	)
Purchase of short-term investments		(26,633	)		—
Purchase of long-term investments		(552	)		—
Proceeds from the sale of securities		—			96,465
Issuance of notes receivable with unconsolidated affiliates		—			(12,500	)
Proceeds from sales of properties		19,737			2,878
Investment received from noncontrolling interests		600			—

Net cash (used in) provided by investing activities	$	(23,440	)	$	70,437


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

	For the Quarter Ended
(In thousands)	March 29, 2025			March 30, 2024

Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	$	(27,262	)	$	(22,255	)
Repurchase of common stock		(243,615	)		(27,930	)
Repayments of debt		(56	)		(56	)
Repayment of debt by consolidated joint ventures, net		—			(77	)
Net cash used to settle stock-based awards		(4,494	)		(2,489	)
Dividends paid to noncontrolling interests		(12,240	)		—

Net cash used in financing activities	$	(287,667	)	$	(52,807	)

Effect of exchange rate changes on cash		392			(670	)

(Decrease) increase in cash, cash equivalents, and restricted cash		(197,156	)		190,585
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	$	841,739		$	1,364,808

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Jeffrey A. Martin

(901) 753-3226

Mueller Industries, Inc. Reports First Quarter 2025 Earnings