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Mueller Industries, Inc. Reports First Quarter 2026 Earnings

COLLIERVILLE, Tenn., April 21, 2026 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2026. Comparisons are to the first quarter of 2025.
•Net Sales increased to $1.19 billion versus $1.00 billion.
•Net Income increased to $239.0 million versus $157.4 million.
•Operating Income increased to $312.2 million versus $206.3 million.
•Diluted EPS increased to $2.16 versus $1.39.
•Dividends per share increased to $.35 versus $.25.

First Quarter Financial and Operating Highlights:
•COMEX copper averaged $5.80 per pound during the quarter, a 26.8 percent increase.
•Improved sales in our industrial, electrical, commercial and mechanical markets, combined with higher selling prices stemming from the rise in raw material costs, contributed to the overall increase in net sales.
•Our reported operating income includes a gain of $41.4 million on the sale of our Sherwood Valve business. The prior year period included a gain of $14.5 million on the sale of assets. Adjusting for these gains, our operating income increased 41 percent.
•Net cash generated from operations was $79.7 million. We utilized $75.0 million during the quarter to repurchase 650,000 shares of our common stock.
•Our cash balance at quarter end was $1.38 billion, with no debt, and our current ratio remains strong at 5.4 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “Solid operational execution, including effective raw material and price management and prudent cost controls, along with our diverse end market portfolio, all contributed to the best first quarter earnings in our Company’s history. In addition, our continued strong cash generation supported components of our overall capital allocation strategy, including the stock buyback and a 40 percent increase in our quarterly dividend, our sixth consecutive annual double-digit increase.

We also were excited to complete the acquisition of Bison Metals Technologies on March 30th, and to welcome Bison’s experienced and talented leadership team. The acquisition will immediately provide important synergies that will benefit our entire North American copper tube products platform and enable us to increase our collective copper tube manufacturing capacities. Out of the gate, the integration has been seamless and successful.”

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Regarding the outlook he added, “Business conditions and our outlook remain consistent with those described in our recently published annual report. Shifts in patterns of construction and market effects from tariffs have strengthened demand for higher margin products, and as we adjust to the changes in mix, we expect our production and shipments to further improve. We also look forward to an improvement in economic conditions abroad, and particularly, an improvement in the residential and commercial construction markets in the U.S. Once those markets recover, we are exceedingly well positioned to benefit.”


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.

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 28, 2026March 29, 2025
Net sales$1,193,005 $1,000,165 
Cost of goods sold834,561728,185
Depreciation and amortization16,65217,123
Selling, general, and administrative expense66,78563,060
Loss (gain) on disposal of assets, net1,533 (14,465)
Gain on sale of business(41,407)— 
Asset impairments2,653 — 
Operating income312,228206,262
Interest expense— (25)
Interest income11,870 9,901 
Unrealized losses on short-term investments(2,037)(5,010)
Other (expense) income, net(1,232)92 
Income before income taxes320,829211,220 
Income tax expense(79,555)(51,475)
Income (loss) from unconsolidated affiliates, net of foreign tax115 (458)
Consolidated net income241,389 159,287 
Net income attributable to noncontrolling interests(2,371)(1,855)
Net income attributable to Mueller Industries, Inc.$239,018 $157,432 
Weighted average shares for basic earnings per share109,094110,739
Effect of dilutive stock-based awards1,8152,333
Adjusted weighted average shares for diluted earnings per share110,909113,072
Basic earnings per share$2.19 $1.42 
Diluted earnings per share$2.16 $1.39 
Dividends per share$0.35 $0.25 

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
(In thousands)March 28, 2026March 29, 2025
Summary Segment Data:
Net sales:
    Piping Systems Segment$760,528 $639,683 
    Industrial Metals Segment321,277251,913
    Climate Segment123,765123,107
    Elimination of intersegment sales(12,565)(14,538)
Net sales
$1,193,005 $1,000,165 
Operating income:
    Piping Systems Segment$217,010 $158,164 
    Industrial Metals Segment44,27130,084
    Climate Segment33,37935,624
    Unallocated income (expenses)17,568 (17,610)
Operating income$312,228 $206,262 


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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
(In thousands)
March 28,
2026		December 27, 2025
ASSETS
Cash and cash equivalents$1,382,345 $1,367,003 
Short-term investments20,69622,733
Accounts receivable, net
670,511475,566
Inventories545,451510,463
Other current assets
53,03769,980
    Total current assets2,672,0402,445,745
Property, plant, and equipment, net530,300536,466
Operating lease right-of-use assets
22,86827,211 
Other assets
717,155723,607
Total assets$3,942,363 $3,733,029 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable$243,539 $180,577 
Current portion of operating lease liabilities
7,907 8,520 
Other current liabilities
247,835224,037
    Total current liabilities499,281413,134
Pension and postretirement liabilities8,3738,393
Environmental reserves15,50115,684
Deferred income taxes32,49931,640
Noncurrent operating lease liabilities14,91718,970 
Other noncurrent liabilities
10,9609,302
    Total liabilities
581,531497,123
Total Mueller Industries, Inc. stockholders’ equity3,334,451 3,209,966
Noncontrolling interests
26,381 25,940
    Total equity
3,360,832 3,235,906
Total liabilities and equity$3,942,363 $3,733,029 









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

For the Quarter Ended
 (In thousands)
March 28, 2026March 29, 2025
Cash flows from operating activities
Consolidated net income$241,389 $159,287 
Reconciliation of consolidated net income to net cash provided by operating activities:  
Depreciation and amortization16,652 17,123 
Stock-based compensation expense7,332 6,150 
Provision for credit losses861 99 
(Income) loss from unconsolidated affiliates(115)458 
Dividends from unconsolidated affiliates1,724 2,812 
Loss (gain) on disposals of assets, net1,533 (14,465)
Gain on sale of business(41,407)— 
Unrealized losses on short-term investments2,037 5,010 
Impairment charges2,653 — 
Deferred income tax expense2,036 1,651 
Changes in assets and liabilities, net of effects of business sold:
Receivables(200,192)(101,524)
Inventories(43,936)(18,542)
Other assets(612)410 
Current liabilities88,912 57,702 
Other liabilities1,509 (2,598)
Other, net(635)(14)
Net cash provided by operating activities$79,741 $113,559 
Cash flows from investing activities
Capital expenditures$(17,236)$(16,592)
Proceeds from sale of business, net of cash sold57,004 — 
Purchase of short-term investments— (26,633)
Purchase of long-term investments(834)(552)
Proceeds from sales of assets5 19,737 
Other— 600 
Net cash provided by (used in) investing activities$38,939 $(23,440)
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Quarter Ended
 (In thousands)March 28, 2026March 29, 2025
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.$(38,043)$(27,262)
Repurchase of common stock(74,981)(243,615)
Repayments of debt— (56)
Net cash used to settle stock-based awards(535)(4,494)
Dividends paid to noncontrolling interests(4,766)(12,240)
Other3,100 — 
Net cash used in financing activities$(115,225)$(287,667)
Effect of exchange rate changes on cash(1,810)392 
Increase (decrease) in cash, cash equivalents, and restricted cash1,645 (197,156)
Cash, cash equivalents, and restricted cash at the beginning of the period1,385,157 1,038,895 
Cash, cash equivalents, and restricted cash at the end of the period$1,386,802 $841,739 
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