Exhibit 99.1 MUELLER INDUSTRIES, INC. REPORTS RECORD THIRD QUARTER RESULTS MEMPHIS, Tenn., Oct. 24 /PRNewswire-FirstCall/ -- Quarterly and Year-to-Date Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the third quarter of 2006. Net income for the third quarter was $51.6 million, or $1.38 per diluted share, which compares with income from continuing operations of $21.0 million, or 57 cents per diluted share, for the third quarter of fiscal 2005. Net sales for the three months ended September 30, 2006 were $636.0 million, compared with net sales of $434.1 million for the third quarter of 2005. This increase in net sales is primarily due to the increased cost of copper, the Company's principal raw material, which is generally passed through to customers by changes in selling prices. During the third quarter of 2006, the Company recorded additional state income tax benefits, the majority of which relate to certain state income tax credit carryforwards that were previously unrecognized. The total benefit related to these matters was $10.4 million, or 28 cents per diluted share, and resulted in reducing the overall effective tax rate to 11.3 percent for the third quarter of 2006. Year-to-date, the Company earned $143.7 million, or $3.86 per diluted share, on net sales of $1.97 billion. This compares with net income from continuing operations of $53.4 million, or $1.44 per diluted share, on net sales of $1.25 billion for the same period of 2005. Financial and Operating Highlights Regarding the third quarter of 2006, Mr. Karp said: - "The COMEX average price of copper was $3.54 per pound in the third quarter of 2006, which compares with $1.70 per pound in the third quarter of 2005. - "Mueller ended the quarter with $170.5 million in cash. - "Our current ratio remains excellent at 2.7 to 1 and our working capital is $513.6 million. - "Our Plumbing & Refrigeration segment posted operating earnings of $56.9 million on net sales of $426.3 million which compares with operating earnings of $31.0 million on net sales of $322.5 million in the third quarter of 2005. Unit volumes in our core product lines, particularly copper tube, were down substantially compared with the preceding quarter and the third quarter of 2005. The impact of these volume decreases on net sales was offset by rising copper prices. Overall, operating results remained strong despite lower volumes and margin pressures on our Trading Group. - "Our OEM segment posted operating earnings of $9.9 million during the third quarter of 2006 on net sales of $218.4 million, which compared with operating earnings of $5.7 million on net sales of $114.3 million for the same period in 2005. Included in the OEM segment is our Chinese joint venture which reported total operating income of $1.8 million. The OEM segment also was impacted by lower unit volumes. - "Capital expenditures during the first nine months of 2006 totaled $33.0 million of which $15.8 million relates to our Chinese joint venture. We expect to invest between $40 and $45 million for capital expenditures during 2006." Business Outlook Mr. Karp said, "The housing market is in the midst of a much anticipated 'correction'. Housing starts for the third quarter of 2006 were 18.7 percent less than for the same quarter last year. Also, the inventory of new unsold homes has risen to a 6.6 months supply. The downturn in housing is likely to continue into next year, but may be moderated by prevailing low mortgage rates and positive demographic factors. The non-residential construction market continues to strengthen and the home improvement sector has shown steady growth. "Mueller will continue to react to changing market conditions which present opportunities as well as challenges." Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products. Mueller's operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. Mueller's business is importantly linked to (1) the construction of new homes; (2) the improvement and reconditioning of existing homes and structures; and (3) the commercial construction market which includes, office buildings, factories, hotels, hospitals, etc. 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," 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 (In thousands, except per share data)