Mueller Industries, Inc. Reports First Quarter 2026 Earnings
COLLIERVILLE, Tenn.--( BUSINESS WIRE)--Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2026. Comparisons are to the first quarter of 2025.
First Quarter Financial and Operating Highlights:
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.”
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.
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
(In thousands, except per share data)
March 28,
2026
March 29,
2025
Net sales
$
1,193,005
$
1,000,165
Cost of goods sold
834,561
728,185
Depreciation and amortization
16,652
17,123
Selling, general, and administrative expense
66,785
63,060
Loss (gain) on disposal of assets, net
1,533
(14,465
)
Gain on sale of business
(41,407
)
—
Asset impairments
2,653
—
Operating income
312,228
206,262
Interest expense
—
(25
)
Interest income
11,870
9,901
Unrealized losses on short-term investments
(2,037
)
(5,010
)
Other (expense) income, net
(1,232
)
92
Income before income taxes
320,829
211,220
Income tax expense
(79,555
)
(51,475
)
Income (loss) from unconsolidated affiliates, net of foreign tax
115
(458
)
Consolidated net income
241,389
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 share
109,094
110,739
Effect of dilutive stock-based awards
1,815
2,333
Adjusted weighted average shares for diluted earnings per share
110,909
113,072
Basic earnings per share
$
2.19
$
1.42
Diluted earnings per share
$
2.16
$
1.39
Dividends per share
$
0.35
$
0.25
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
(In thousands)
March 28,
2026
March 29,
2025
Summary Segment Data:
Net sales:
Piping Systems Segment
$
760,528
$
639,683
Industrial Metals Segment
321,277
251,913
Climate Segment
123,765
123,107
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 Segment
44,271
30,084
Climate Segment
33,379
35,624
Unallocated income (expenses)
17,568
(17,610
)
Operating income
$
312,228
$
206,262
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 investments
20,696
22,733
Accounts receivable, net
670,511
475,566
Inventories
545,451
510,463
Other current assets
53,037
69,980
Total current assets
2,672,040
2,445,745
Property, plant, and equipment, net
530,300
536,466
Operating lease right-of-use assets
22,868
27,211
Other assets
717,155
723,607
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
247,835
224,037
Total current liabilities
499,281
413,134
Pension and postretirement liabilities
8,373
8,393
Environmental reserves
15,501
15,684
Deferred income taxes
32,499
31,640
Noncurrent operating lease liabilities
14,917
18,970
Other noncurrent liabilities
10,960
9,302
Total liabilities
581,531
497,123
Total Mueller Industries, Inc. stockholders’ equity
3,334,451
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
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Quarter Ended
(In thousands)
March 28,
2026
March 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 amortization
16,652
17,123
Stock-based compensation expense
7,332
6,150
Provision for credit losses
861
99
(Income) loss from unconsolidated affiliates
(115
)
458
Dividends from unconsolidated affiliates
1,724
2,812
Loss (gain) on disposals of assets, net
1,533
(14,465
)
Gain on sale of business
(41,407
)
—
Unrealized losses on short-term investments
2,037
5,010
Impairment charges
2,653
—
Deferred income tax expense
2,036
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 liabilities
88,912
57,702
Other liabilities
1,509
(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 sold
57,004
—
Purchase of short-term investments
—
(26,633
)
Purchase of long-term investments
(834
)
(552
)
Proceeds from sales of assets
5
19,737
Other
—
600
Net cash provided by (used in) investing activities
$
38,939
$
(23,440
)
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Quarter Ended
(In thousands)
March 28,
2026
March 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
)
Other
3,100
—
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 cash
1,645
(197,156
)
Cash, cash equivalents, and restricted cash at the beginning of the period
1,385,157
1,038,895
Cash, cash equivalents, and restricted cash at the end of the period
$
1,386,802
$
841,739