Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2026. Comparisons are to the third quarter of 2025.
- Net Sales increased to $1.42 billion versus $1.08 billion.
- Net Income increased to $221.2 million versus $208.1 million.
- Operating Income increased to $281.6 million versus $276.1 million.
- Diluted EPS* increased to $1.00 versus $0.94.
- Dividends per share* increased to $.175 versus $.125.
* Diluted EPS and dividends per share have been adjusted to reflect the two-for-one stock split that took effect on 6/30/2026.
Third Quarter Financial and Operating Highlights:
- COMEX copper averaged $6.48 per pound during the quarter, a 34.2 percent increase over the prior year period.
- Unit volume growth across most of our businesses, combined with price adjustments related to the rise in material costs, contributed to the increase in net sales.
- The results include $9.4 million in charges related to purchase accounting for recent acquisitions.
- Net cash generated from operations was $337.0 million, raising our cash and short-term investments at quarter end to $1.48 billion.
- During the quarter, we purchased 3.2 million shares of our common stock for a total of $201.9 million. Year-to-date, we have purchased 4.5 million shares.
- Our current ratio remains strong at 4.4 to 1.
Regarding the results, Greg Christopher, Mueller’s CEO said, “For the ninth consecutive quarter, we delivered year over year earnings growth driven by stronger performance across all three of our business segments. Throughout the quarter, demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. These results are particularly noteworthy given the protracted decline in the residential construction market. Our team has done an excellent job adjusting to shifts in demand and mix, as well as managing price relative to cost escalation.”
Regarding the outlook, he added “As we approach the finish line for 2026 and look ahead, we remain optimistic as we execute on our key strategic priorities. These include investments in our North American manufacturing operations to reduce costs and reshore production to support shifting demand, along with initiatives to increase our product offerings and expand distribution capabilities across multiple business segments. These actions will keep us well-positioned to capitalize on opportunities when residential building construction recovers in the U.S. and global economic conditions improve.”
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.
MUELLER INDUSTRIES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Quarter Ended | For the Nine Months Ended | |||||||||||||||
(In thousands, except per share data) | September 26, 2026 | September 27, 2025 | September 26, 2026 | September 27, 2025 | ||||||||||||
Net sales | $ | 1,418,598 | $ | 1,077,824 | $ | 4,039,526 | $ | 3,216,162 | ||||||||
Cost of goods sold | 1,057,156 | 738,148 | 2,924,294 | 2,251,527 | ||||||||||||
Depreciation and amortization | 21,173 | 16,607 | 55,160 | 51,635 | ||||||||||||
Selling, general, and administrative expense | 63,048 | 61,657 | 197,683 | 192,238 | ||||||||||||
(Gain) loss on disposal of assets, net | — | (11,852 | ) | 1,720 | (26,654 | ) | ||||||||||
Gain on sale of business | — | — | (41,407 | ) | — | |||||||||||
Asset impairments | — | 2,018 | 2,653 | 2,018 | ||||||||||||
Gain on insurance proceeds | (4,352 | ) | (4,869 | ) | (4,352 | ) | (41,147 | ) | ||||||||
Operating income | 281,573 | 276,115 | 903,775 | 786,545 | ||||||||||||
Interest expense | (136 | ) | (6 | ) | (270 | ) | (48 | ) | ||||||||
Interest income | 12,002 | 10,822 | 34,850 | 28,945 | ||||||||||||
Unrealized gains (losses) on short-term investments | 5,859 | (2,277 | ) | 10,367 | 5,925 | |||||||||||
Pension plan termination expense | — | (4,830 | ) | — | (4,830 | ) | ||||||||||
Other (expense) income, net | (62 | ) | 627 | (2,421 | ) | (423 | ) | |||||||||
Income before income taxes | 299,236 | 280,451 | 946,301 | 816,114 | ||||||||||||
Income tax expense | (76,607 | ) | (73,904 | ) | (239,031 | ) | (204,236 | ) | ||||||||
Income from unconsolidated affiliates, net of foreign tax | 1,688 | 3,701 | 8,723 | 6,140 | ||||||||||||
Consolidated net income | 224,317 | 210,248 | 715,993 | 618,018 | ||||||||||||
Net income attributable to noncontrolling interests | (3,117 | ) | (2,125 | ) | (6,120 | ) | (6,539 | ) | ||||||||
Net income attributable to Mueller Industries, Inc. | $ | 221,200 | $ | 208,123 | $ | 709,873 | $ | 611,479 | ||||||||
Weighted average shares for basic earnings per share (1) | 216,988 | 218,228 | 217,530 | 219,066 | ||||||||||||
Effect of dilutive stock-based awards (1) | 3,129 | 3,632 | 3,513 | 4,230 | ||||||||||||
Adjusted weighted average shares for diluted earnings per share (1) | 220,117 | 221,860 | 221,043 | 223,296 | ||||||||||||
Basic earnings per share (1) | $ | 1.02 | $ | 0.95 | $ | 3.26 | $ | 2.79 | ||||||||
Diluted earnings per share (1) | $ | 1.00 | $ | 0.94 | $ | 3.21 | $ | 2.74 | ||||||||
Dividends per share (1) | $ | 0.175 | $ | 0.125 | $ | 0.525 | $ | 0.375 | ||||||||
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026. | ||||||||||||||||
MUELLER INDUSTRIES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Quarter Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 26, 2026 | September 27, 2025 | September 26, 2026 | September 27, 2025 | ||||||||||||
Summary Segment Data: | ||||||||||||||||
Net sales: | ||||||||||||||||
Piping Systems Segment | $ | 890,610 | $ | 718,404 | $ | 2,597,713 | $ | 2,101,562 | ||||||||
Industrial Metals Segment | 409,377 | 248,939 | 1,085,652 | 771,450 | ||||||||||||
Climate Segment | 142,827 | 126,665 | 411,544 | 387,287 | ||||||||||||
Elimination of intersegment sales | (24,216 | ) | (16,184 | ) | (55,383 | ) | (44,137 | ) | ||||||||
Net sales | $ | 1,418,598 | $ | 1,077,824 | $ | 4,039,526 | $ | 3,216,162 | ||||||||
Operating income: | ||||||||||||||||
Piping Systems Segment | $ | 225,260 | $ | 216,159 | $ | 690,616 | $ | 624,619 | ||||||||
Industrial Metals Segment | 33,713 | 30,928 | 120,771 | 91,622 | ||||||||||||
Climate Segment | 46,270 | 38,900 | 122,232 | 117,152 | ||||||||||||
Unallocated expenses | (23,670 | ) | (9,872 | ) | (29,844 | ) | (46,848 | ) | ||||||||
Operating income | $ | 281,573 | $ | 276,115 | $ | 903,775 | $ | 786,545 | ||||||||
MUELLER INDUSTRIES, INC. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
(In thousands) | September 26, 2026 | December 27, 2025 | ||||
ASSETS | ||||||
Cash and cash equivalents | $ | 1,447,799 | $ | 1,367,003 | ||
Short-term investments | 33,100 | 22,733 | ||||
Accounts receivable, net | 723,993 | 475,566 | ||||
Inventories | 621,390 | 510,463 | ||||
Other current assets | 53,215 | 69,980 | ||||
Total current assets | 2,879,497 | 2,445,745 | ||||
Property, plant, and equipment, net | 602,787 | 536,466 | ||||
Operating lease right-of-use assets | 21,066 | 27,211 | ||||
Other assets | 794,244 | 723,607 | ||||
Total assets | $ | 4,297,594 | $ | 3,733,029 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Accounts payable | $ | 297,923 | $ | 180,577 | ||
Current portion of operating lease liabilities | 8,181 | 8,520 | ||||
Other current liabilities | 349,488 | 224,037 | ||||
Total current liabilities | 655,592 | 413,134 | ||||
Long-term debt | 5,243 | — | ||||
Pension and postretirement liabilities | 8,748 | 8,393 | ||||
Environmental reserves | 15,758 | 15,684 | ||||
Deferred income taxes | 46,345 | 31,640 | ||||
Noncurrent operating lease liabilities | 13,097 | 18,970 | ||||
Other noncurrent liabilities | 10,493 | 9,302 | ||||
Total liabilities | 755,276 | 497,123 | ||||
Total Mueller Industries, Inc. stockholders’ equity | 3,511,451 | 3,209,966 | ||||
Noncontrolling interests | 30,867 | 25,940 | ||||
Total equity | 3,542,318 | 3,235,906 | ||||
Total liabilities and equity | $ | 4,297,594 | $ | 3,733,029 | ||
MUELLER INDUSTRIES, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
For the Nine Months Ended | ||||||||
(In thousands) | September 26, 2026 | September 27, 2025 | ||||||
Cash flows from operating activities | ||||||||
Consolidated net income | $ | 715,993 | $ | 618,018 | ||||
Reconciliation of consolidated net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 55,160 | 51,635 | ||||||
Stock-based compensation expense | 23,307 | 20,328 | ||||||
Provision for credit losses | 802 | 67 | ||||||
Income from unconsolidated affiliates | (8,723 | ) | (6,140 | ) | ||||
Dividends from unconsolidated affiliates | 5,701 | 5,440 | ||||||
Insurance proceeds - noncapital related | — | 15,469 | ||||||
Loss (gain) on disposals of assets, net | 1,720 | (26,654 | ) | |||||
Gain on sale of business | (41,407 | ) | — | |||||
Unrealized gains on short-term investments | (10,367 | ) | (5,925 | ) | ||||
Impairment charges | 2,653 | 2,018 | ||||||
Gain on insurance proceeds | (4,352 | ) | (41,147 | ) | ||||
Deferred income tax expense | 17,282 | 10,627 | ||||||
Changes in assets and liabilities, net of effects of businesses acquired and sold: | ||||||||
Receivables | (253,596 | ) | (100,830 | ) | ||||
Inventories | (95,916 | ) | (40,669 | ) | ||||
Other assets | 3,466 | (8,756 | ) | |||||
Current liabilities | 219,818 | 120,796 | ||||||
Other liabilities | 1,376 | 286 | ||||||
Other, net | (3,952 | ) | (330 | ) | ||||
Net cash provided by operating activities | $ | 628,965 | $ | 614,233 | ||||
Cash flows from investing activities | ||||||||
Capital expenditures | $ | (60,764 | ) | $ | (48,982 | ) | ||
Acquisition of business, net of cash acquired | (135,752 | ) | — | |||||
Proceeds from sale of business, net of cash sold | 57,004 | — | ||||||
Insurance proceeds - capital related | 4,352 | 4,531 | ||||||
Purchase of short-term investments | — | (26,633 | ) | |||||
Purchase of long-term investments | (5,834 | ) | (781 | ) | ||||
Proceeds from sales of assets | 62 | 38,478 | ||||||
Other | — | 600 | ||||||
Net cash used in investing activities | $ | (140,932 | ) | $ | (32,787 | ) | ||
MUELLER INDUSTRIES, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
For the Nine Months Ended | ||||||||
(In thousands) | September 26, 2026 | September 27, 2025 | ||||||
Cash flows from financing activities | ||||||||
Dividends paid to stockholders of Mueller Industries, Inc. | $ | (113,869 | ) | $ | (81,723 | ) | ||
Repurchase of common stock | (278,297 | ) | (243,615 | ) | ||||
Repayments of debt | — | (185 | ) | |||||
Net cash used to settle stock-based awards | (24,882 | ) | (29,528 | ) | ||||
Dividends paid to noncontrolling interests | (5,051 | ) | (12,240 | ) | ||||
Other | 3,100 | — | ||||||
Net cash used in financing activities | $ | (418,999 | ) | $ | (367,291 | ) | ||
Effect of exchange rate changes on cash | (4,214 | ) | 9,836 | |||||
Increase in cash, cash equivalents, and restricted cash | 64,820 | 223,991 | ||||||
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 | $ | 1,449,977 | $ | 1,262,886 | ||||
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