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.

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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						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

View source version on businesswire.com: https://www.businesswire.com/news/home/20250721383742/en/

Jeffrey A. Martin

(901) 753-3226

Mueller Industries, Inc. Reports Second Quarter 2025 Earnings