COLLIERVILLE, Tenn., April 22, 2025--(BUSINESS WIRE)--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."

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.

Story Continues

*********************

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 29,
2025  March 30,
2024  Net sales  $ 1,000,165   $ 849,654   Cost of goods sold   728,185    608,703  Depreciation and amortization   17,123    9,169  Selling, general, and administrative expense   63,060    48,357  Gain on sale of assets   (14,465 )   —   Operating income   206,262    183,425   Interest expense   (25 )   (115 ) Interest income   9,901    17,245  Realized and unrealized (losses) gains on short-term investments   (5,010 )   365  Other income, net   92    630   Income before income taxes   211,220    201,550   Income tax expense   (51,475 )   (51,834 ) Loss from unconsolidated affiliates, net of foreign tax   (458 )   (8,007 )  Consolidated net income   159,287    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 share   110,739    111,416  Effect of dilutive stock-based awards   2,333    2,729   Adjusted weighted average shares for diluted earnings per share   113,072    114,145   Basic earnings per share  $ 1.42   $ 1.24   Diluted earnings per share  $ 1.39   $ 1.21   Dividends per share  $ 0.25   $ 0.20    MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED (Unaudited)  For the Quarter Ended (In thousands)  March 29, 2025  March 30, 2024  Summary Segment Data:   Net sales:  Piping Systems Segment  $ 639,683   $ 590,168  Industrial Metals Segment   251,913    156,067  Climate Segment   123,107    116,810  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 Segment   30,084    24,271  Climate Segment   35,624    32,575  Unallocated income (expenses)   (17,610 )   (16,101 )  Operating income  $ 206,262   $ 183,425

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 investments   43,497   21,874 Accounts receivable, net   553,106   450,113 Inventories   482,155   462,279 Other current assets   51,202   40,734  Total current assets   1,960,060   2,012,229  Property, plant, and equipment, net   515,208   515,131 Operating lease right-of-use assets   32,677   32,702 Other assets   723,359   730,844  Total assets  $ 3,231,304  $ 3,290,906  LIABILITIES AND STOCKHOLDERS’ EQUITY  Current portion of debt  $ 128  $ 1,094 Accounts payable   223,609   173,743 Current portion of operating lease liabilities   8,358   8,117 Other current liabilities   224,276   215,033  Total current liabilities   456,371   397,987  Pension and postretirement liabilities   8,425   11,199 Environmental reserves   15,374   15,423 Deferred income taxes   27,736   25,742 Noncurrent operating lease liabilities   24,430   24,547 Other noncurrent liabilities   11,869   11,600  Total liabilities   544,205   486,498  Total Mueller Industries, Inc. stockholders’ equity   2,666,437   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

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

For the Quarter Ended (In thousands)  March 29,
2025  March 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 amortization   17,123    9,250  Stock-based compensation expense   6,150    6,231  Provision for doubtful accounts receivable   99    1  Loss from unconsolidated affiliates   458    8,007  Dividends from unconsolidated affiliates   2,812    2,024  Insurance proceeds - noncapital related   —    15,000  Gain on disposals of properties   (14,465 )   (1,567 ) Unrealized loss on short-term investments   5,010    —  Gain on sales of securities   —    (365 ) Deferred income tax expense   1,651    940  Changes in assets and liabilities:  Receivables   (101,524 )   (75,200 ) Inventories   (18,542 )   22,502  Other assets   410    11,984  Current liabilities   57,702    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 properties   19,737    2,878  Investment received from noncontrolling interests   600    —   Net cash (used in) provided by investing activities  $ (23,440 )  $ 70,437    MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)  For the Quarter Ended (In thousands)  March 29,
2025  March 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 cash   392    (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 period   1,038,895    1,174,223   Cash, cash equivalents, and restricted cash at the end of the period  $ 841,739   $ 1,364,808

View source version on businesswire.com: https://www.businesswire.com/news/home/20250421016095/en/

Contacts

Jeffrey A. Martin
(901) 753-3226

View Comments