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Mueller Industries, Inc. Reports Second Quarter 2025 Earnings

COLLIERVILLE, Tenn., July 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.

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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.

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

For the Quarter EndedFor the Six Months Ended
(In thousands, except per share data)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Net sales$1,138,173 $997,745 $2,138,338 $1,847,399 
Cost of goods sold785,194724,9901,513,3791,333,693
Depreciation and amortization17,90510,01835,02819,187
Selling, general, and administrative expense67,52152,731130,581101,088
Gain on disposal of assets, net(337)— (14,802)— 
Gain on insurance proceeds(36,278)— (36,278)— 
Operating income304,168210,006510,430393,431
Interest expense(17)(107)(42)(222)
Interest income8,222 14,383 18,123 31,628 
Realized and unrealized gains on short-term investments13,212 — 8,202 365 
Other expense, net(1,142)(1,356)(1,050)(726)
Income before income taxes324,443222,926 535,663424,476 
Income tax expense(78,857)(58,384)(130,332)(110,218)
Income (loss) from unconsolidated affiliates, net of foreign tax2,897 (1,095)2,439 (9,102)
Consolidated net income248,483 163,447 407,770 305,156 
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 share108,746111,216109,742111,316
Effect of dilutive stock-based awards2,1962,7632,2652,746
Adjusted weighted average shares for diluted earnings per share110,942113,979112,007114,062
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 

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter EndedFor the Six Months Ended
(In thousands)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Summary Segment Data:
Net sales:
    Piping Systems Segment$743,475 $688,469 $1,383,158 $1,278,637 
    Industrial Metals Segment270,598195,341522,511351,408
    Climate Segment137,515130,532260,622247,342
    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 Segment30,61029,69360,69453,964
    Climate Segment42,62838,99378,25271,568
    Unallocated income (expenses)(19,366)(20,938)(36,976)(37,039)
Operating income$304,168 $210,006 $510,430 $393,431 


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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 investments56,70921,874
Accounts receivable, net
592,564450,113
Inventories511,725462,279
Other current assets
51,36740,734
    Total current assets2,214,1342,012,229
Property, plant, and equipment, net532,970515,131
Operating lease right-of-use assets
30,52232,702 
Other assets
709,816730,844
Total assets$3,487,442 $3,290,906 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt$74 $1,094 
Accounts payable212,476173,743
Current portion of operating lease liabilities
8,393 8,117 
Other current liabilities
235,022215,033
    Total current liabilities455,965397,987
Pension and postretirement liabilities8,73911,199
Environmental reserves15,15615,423
Deferred income taxes32,21225,742
Noncurrent operating lease liabilities22,46124,547 
Other noncurrent liabilities
12,28611,600
    Total liabilities
546,819486,498
Total Mueller Industries, Inc. stockholders’ equity2,916,560 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 








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

For the Six Months Ended
 (In thousands)
June 28, 2025June 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 amortization35,028 19,349 
Stock-based compensation expense13,940 13,476 
Provision for doubtful accounts receivable73 (67)
(Income) loss from unconsolidated affiliates(2,439)9,102 
Dividends from unconsolidated affiliates2,812 3,541 
Insurance proceeds - noncapital related12,345 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 liabilities72,259 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)$(25,603)
Acquisition of businesses, net of cash acquired— (566,577)
Investments in unconsolidated affiliates— (8,700)
Insurance proceeds - capital related2,655 — 
Purchase of short-term investments(26,633)— 
Purchase of long-term investments(552)(7,976)
Proceeds from the sale of securities— 96,465 
Issuance of notes receivable with unconsolidated affiliates— (3,800)
Proceeds from sales of properties21,135 3,976 
Investment received from noncontrolling interests600 — 
Net cash used in investing activities$(33,486)$(512,215)
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
 (In thousands)June 28, 2025June 29, 2024
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.$(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 cash11,718 (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 period1,038,895 1,174,223 
Cash, cash equivalents, and restricted cash at the end of the period$1,006,735 $842,015 
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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 ProceedsAs Adjusted (Non-GAAP)
Operating income$304,168 $(36,278)$267,890 
Interest expense(17)— (17)
Interest income8,222 — 8,222 
Realized and unrealized gains on short-term investments13,212 — 13,212 
Other expense, net(1,142)— (1,142)
Income before income taxes324,443 (36,278)288,165 
Income tax expense(78,857)8,213 (70,644)
Income (loss) from unconsolidated affiliates, net of foreign tax2,897 — 2,897 
Consolidated net income248,483 (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 
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