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.

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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 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

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Jeffrey A. Martin

(901) 753-3226

Mueller Industries, Inc. Reports Third Quarter 2025 Earnings