EX-99.1 2 exhibit991q12025earningsre.htm EX-99.1
Mueller Industries, Inc. Reports First Quarter 2025 Earnings
COLLIERVILLE, Tenn., April 22, 2025 -- 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 Qu arter Financial and Operating Highlights:
•COMEX copper ave raged $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.”
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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 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 |

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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 |

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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 |

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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 |

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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 |

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