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Mueller Industries, Inc. Reports First Quarter 2025 Earnings

COLLIERVILLE, Tenn., April 22, 2025 -- 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.”
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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.

CONTACT
Jeffrey A. Martin
(901) 753-3226
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter Ended
(In thousands, except per share data)March 29, 2025March 30, 2024
Net sales$1,000,165 $849,654 
Cost of goods sold728,185608,703
Depreciation and amortization17,1239,169
Selling, general, and administrative expense63,06048,357
Gain on sale of assets(14,465)— 
Operating income206,262183,425
Interest expense(25)(115)
Interest income9,901 17,245 
Realized and unrealized (losses) gains on short-term investments(5,010)365 
Other income, net92 630 
Income before income taxes211,220201,550 
Income tax expense(51,475)(51,834)
Loss from unconsolidated affiliates, net of foreign tax(458)(8,007)
Consolidated net income159,287 141,709 
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 share110,739111,416
Effect of dilutive stock-based awards2,3332,729
Adjusted weighted average shares for diluted earnings per share113,072114,145
Basic earnings per share$1.42 $1.24 
Diluted earnings per share$1.39 $1.21 
Dividends per share$0.25 $0.20 

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
(In thousands)March 29, 2025March 30, 2024
Summary Segment Data:
Net sales:
    Piping Systems Segment$639,683 $590,168 
    Industrial Metals Segment251,913156,067
    Climate Segment123,107116,810
    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 Segment30,08424,271
    Climate Segment35,62432,575
    Unallocated income (expenses)(17,610)(16,101)
Operating income$206,262 $183,425 


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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 investments43,49721,874
Accounts receivable, net
553,106450,113
Inventories482,155462,279
Other current assets
51,20240,734
    Total current assets1,960,0602,012,229
Property, plant, and equipment, net515,208515,131
Operating lease right-of-use assets
32,67732,702 
Other assets
723,359730,844
Total assets$3,231,304 $3,290,906 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt$128 $1,094 
Accounts payable223,609173,743
Current portion of operating lease liabilities
8,358 8,117 
Other current liabilities
224,276215,033
    Total current liabilities456,371397,987
Pension and postretirement liabilities8,42511,199
Environmental reserves15,37415,423
Deferred income taxes27,73625,742
Noncurrent operating lease liabilities24,43024,547 
Other noncurrent liabilities
11,86911,600
    Total liabilities
544,205486,498
Total Mueller Industries, Inc. stockholders’ equity2,666,437 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 








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

For the Quarter Ended
 (In thousands)
March 29, 2025March 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 amortization17,123 9,250 
Stock-based compensation expense6,150 6,231 
Provision for doubtful accounts receivable99 1 
Loss from unconsolidated affiliates458 8,007 
Dividends from unconsolidated affiliates2,812 2,024 
Insurance proceeds - noncapital related— 15,000 
Gain on disposals of properties(14,465)(1,567)
Unrealized loss on short-term investments5,010 — 
Gain on sales of securities— (365)
Deferred income tax expense1,651 940 
Changes in assets and liabilities:
Receivables(101,524)(75,200)
Inventories(18,542)22,502 
Other assets410 11,984 
Current liabilities57,702 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)$(16,406)
Purchase of short-term investments(26,633)— 
Purchase of long-term investments(552)— 
Proceeds from the sale of securities— 96,465 
Issuance of notes receivable with unconsolidated affiliates— (12,500)
Proceeds from sales of properties19,737 2,878 
Investment received from noncontrolling interests600 — 
Net cash (used in) provided by investing activities$(23,440)$70,437 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Quarter Ended
 (In thousands)March 29, 2025March 30, 2024
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.$(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 cash392 (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 period1,038,895 1,174,223 
Cash, cash equivalents, and restricted cash at the end of the period$841,739 $1,364,808 
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