MUELLER INDUSTRIES INC (MLI)
SIC breadcrumb: Manufacturing > SIC Major Group 33 > SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals
SEC company page: https://www.sec.gov/edgar/browse/?CIK=89439. Latest filing source: 0000089439-26-000008.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 4,178,547,000 | USD | 2025 | 2026-02-25 |
| Net income | 765,191,000 | USD | 2025 | 2026-02-25 |
| Assets | 3,733,029,000 | USD | 2025 | 2026-02-25 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000089439.json. Derived margins are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,055,622,000 | 2,266,073,000 | 2,507,878,000 | 2,430,616,000 | 2,398,043,000 | 3,769,345,000 | 3,982,455,000 | 3,420,345,000 | 3,768,766,000 | 4,178,547,000 |
| Net income | 99,727,000 | 85,598,000 | 104,459,000 | 100,972,000 | 139,493,000 | 468,520,000 | 658,316,000 | 602,897,000 | 604,879,000 | 765,191,000 |
| Operating income | 154,401,000 | 150,807,000 | 172,969,000 | 191,403,000 | 245,838,000 | 655,845,000 | 877,149,000 | 756,053,000 | 770,389,000 | 958,542,000 |
| Diluted EPS | 1.74 | 1.49 | 1.82 | 1.79 | 2.47 | 4.12 | 5.82 | 5.30 | 5.31 | 6.86 |
| Assets | 1,447,476,000 | 1,320,173,000 | 1,369,549,000 | 1,370,940,000 | 1,528,568,000 | 1,728,936,000 | 2,242,399,000 | 2,759,301,000 | 3,290,906,000 | 3,733,029,000 |
| Liabilities | 511,039,000 | 784,145,000 | 806,289,000 | 708,804,000 | 727,508,000 | 471,973,000 | 428,435,000 | 400,585,000 | 486,498,000 | 497,123,000 |
| Stockholders' equity | 898,684,000 | 522,111,000 | 548,356,000 | 643,468,000 | 776,745,000 | 1,222,118,000 | 1,790,914,000 | 2,337,445,000 | 2,773,165,000 | 3,209,966,000 |
| Cash and cash equivalents | 351,317,000 | 120,269,000 | 72,616,000 | 97,944,000 | 119,075,000 | 87,924,000 | 461,018,000 | 1,170,893,000 | 1,037,229,000 | 1,367,003,000 |
| Net margin | 4.85% | 3.78% | 4.17% | 4.15% | 5.82% | 12.43% | 16.53% | 17.63% | 16.05% | 18.31% |
| Operating margin | 7.51% | 6.65% | 6.90% | 7.87% | 10.25% | 17.40% | 22.03% | 22.10% | 20.44% | 22.94% |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000089439.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-06-25 | 3.65 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-24 | 2.74 | reported discrete quarter | ||
| 2023-Q1 | 2023-04-01 | 3.07 | reported discrete quarter | ||
| 2023-Q2 | 2023-07-01 | 896,984,000 | 177,711,000 | 3.12 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 819,792,000 | 132,709,000 | 1.17 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 732,377,000 | 119,238,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-30 | 849,654,000 | 138,363,000 | 1.21 | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 997,745,000 | 160,165,000 | 1.41 | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 997,831,000 | 168,699,000 | 1.48 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 923,536,000 | 137,652,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-29 | 1,000,165,000 | 157,432,000 | 1.39 | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 1,138,173,000 | 245,924,000 | 2.22 | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 1,077,824,000 | 208,123,000 | 1.88 | reported discrete quarter |
| 2025-Q4 | 2025-12-27 | 962,385,000 | 153,712,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-28 | 1,193,005,000 | 239,018,000 | 2.16 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0000089439-26-000018.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations General Overview We are a leading manufacturer of copper, brass, and aluminum products. The range of products we manufacture is broad: copper tube and fittings; line sets; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; refrigeration valves and fittings; pressure vessels; steel nipples; insulated flexible duct systems; and high-quality wire and cable solutions. We also resell brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. Our operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China. Each of our reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows: •Piping Systems: The Piping Systems segment is composed of Domestic Piping Systems Group, Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (our South Korean joint venture), and Mueller Middle East 25 (our Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufactures copper tube in the United Kingdom, which is sold throughout Europe. The Trading Group manufactures pipe nipples and sources products for import distribution in North America. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs). •Industrial Metals: The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Electrical Group. The segment manufactures and sells brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; specialty copper, copper alloy, and aluminum tube; and high-quality wire and cable solutions. The segment manufactures and sells its products primarily to domestic OEMs and distributors, and utilities in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution markets. •Climate: The Climate segment is composed of Refrigeration Products, Westermeyer, Turbotec, Flex Duct, and Linesets, Inc. The segment manufactures and sells refrigeration valves and fittings, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, and line sets. The segment sells its products primarily to the heating, ventilation, air-conditioning, and refrigeration markets in the U.S. New housing starts and commercial construction are important determinants of our sales to the heating, ventilation, and air-conditioning, refrigeration, and plumbing markets because the principal end use of a significant portion of our products is in the construction of single and multi-family housing and commercial buildings. Repairs and remodeling projects are also important drivers of underlying demand for these products. In addition, our products are used in various transportation, automotive, and industrial applications. According to the U.S. Census Bureau, the January 2026 seasonally adjusted annual rate of new housing starts was 1.49 million, compared to the March 2025 rate of 1.36 million. The average 30-year fixed mortgage rate was 6.11 percent for the first quarter of 2026 and 6.60 percent for the year ended December 2025. The private non-residential construction sector includes offices, industrial, health care, and retail projects. According to the U.S. Census Bureau, the seasonally adjusted annual value of private nonresidential construction put in place was $728.2 billion in January 2026 compared to the January 2025 rate of $751.1 billion. Profitability of certain of our product lines depends upon the “spreads” between the cost of raw material and the selling prices of our products. The open market prices for copper cathode and copper and brass scrap, for example, influence the selling price of copper tube and brass rod, two principal products manufactured by the Company. We attempt to minimize the effects on profitability from fluctuations in material costs by passing through these costs to our customers; however, margins of our businesses that account for inventory on a FIFO basis may be impacted in periods of significant fluctuations in material costs. Our earnings and cash flow are dependent upon these spreads that fluctuate based upon market conditions. Earnings and profitability are also impacted by unit volumes that are subject to market trends, such as substitute products, imports, technologies, and market share. We intensively manage our pricing structure while attempting to maximize profitability. From time-to-time, this practice results in lost sales opportunities and lower volume. For plumbing systems, plastics are the primary substitute product; these products represent an increasing share of consumption. For certain air-conditioning and refrigeration applications, aluminum-based systems are the primary substitution threat. We cannot predict the acceptance or the rate of switching that may occur. U.S. consumption of copper tube and brass rod is still predominantly supplied by U.S. manufacturers. In recent years, brass rod consumption in the U.S. has declined due to the outsourcing of many manufactured products to offshore regions. 26 Results of Operations Consolidated Results The following table compares summary operating results for the first quarters of 2026 and 2025: For the Quarter Ended Percent Change (In thousands) March 28, 2026 March 29, 2025 2026 vs. 2025 Net sales $ 1,193,005 $ 1,000,165 19.3 % Operating income 312,228 206,262 51.4 Net income attributable to Mueller Industries, Inc. 239,018 157,432 51.8 The increase in net sales during the first quarter of 2026 was primarily due to (i) higher net selling prices of $219.1 million in our core product lines, primarily copper tube, brass rod, and high-quality wire and cable, related to the rise in raw material costs, and (ii) an increase in sales of $16.8 million in our non-core product lines. These increases were partially offset by (i) lower unit sales volume of $33.4 million in our core product lines, primarily copper tube, and (ii) a decrease in sales of $9.7 million as a result of the sale of Sherwood during the first quarter of 2026. Net selling prices generally fluctuate with changes in raw material costs. Changes in raw material costs are generally passed through to customers by adjustments to selling prices. The following graph shows the Comex average copper price per pound by quarter for the current and prior fiscal years: 27 The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for the first quarters of 2026 and 2025: For the Quarter Ended (In thousands) March 28, 2026 March 29, 2025 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 expenses $ 880,777 $ 793,903 For the Quarter Ended March 28, 2026 March 29, 2025 Cost of goods sold 70.0 % 72.8 % Depreciation and amortization 1.4 1.7 Selling, general, and administrative expense 5.6 6.3 Loss (gain) on disposal of assets, net 0.1 (1.4) Gain on sale of business (3.5) — Asset impairments 0.2 — Operating expenses 73.8 % 79.4 % Cost of goods sold increased in the first quarter of 2026 primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 30.0 percent compared with 27.2 percent in the prior year quarter. Depreciation and amortization was consistent with the first quarter of 2025. Selling, general, and administrative expense increased in the first quarter of 2026 primarily as a result of (i) higher employment costs, including incentive compensation, of $6.8 million and (ii) higher legal and professional fees of $3.5 million. These increases were partially offset by (i) lower product-related costs of $4.7 million, (ii) lower taxes and insurance of $0.5 million, (iii) the absence of $0.5 million of expenses associated with Sherwood, and (iv) higher foreign currency transaction gains of $0.4 million. In addition, during the first quarter of 2026, we recognized a gain of $41.4 million on the sale of our Sherwood business as well as fixed asset impairment charges on idled equipment of $2.7 million. During the first quarter of 2026 we recognized net losses on the disposal of assets of $1.5 million, compared to net gains on the disposal of assets of $14.5 million recognized during the first quarter of 2025. Interest income was higher in the first quarter of 2026 primarily as a result of higher interest rates. During the first quarter of 2026, we recognized unrealized losses on short-term investments of $2.0 million compared to unrealized losses of $5.0 million in the first quarter of 2025. We recognized other expense, net, of $1.2 million in the first quarter of 2026 compared to other income, net, of $0.1 million in the first quarter of 2025. This change was primarily due to higher environmental remediation expense for our non-operating properties in 2026. Our effective tax rate for the first quarter of 2026 was 25 percent compared with 24 percent for the same period last year. The primary items impacting the effective tax rate were (i) increases related to the provision for state income taxes, net of the federal benefit, of $10.7 million and (ii) the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $2.2 million. This was partially offset by decreases to other items of $0.7 million. For the first quarter of 2025, the difference between the effective tax rate and the amount computed using the U.S. federal statutory rate was primarily attributable to (i) increases related to the provision for state income taxes, net of the federal benefit, of 28 $6.8 million and (ii) the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $2.1 million. These were partially offset by other adjustments of $1.9 million. During the first quarters of 2026 and 2025, we recognized net income of $0.1 million and net losses of $0.5 million, respectively, on our investments in unconsolidated affiliates. Piping Systems Segment The following table compares summary operating results for the first quarters of 2026 and 2025 for the businesses comprising our Piping Systems segment: For the Quarter Ended Percent Change (In thousands) March 28, 2026 March 29, 2025 2026 vs. 2025 Net sales $ 760,528 $ 639,683 18.9 % Operating income 217,010 158,164 37.2 The increase in net sales during the first quarter of 2026 was primarily attributable to (i) higher net selling prices in the segment’s core product lines, primarily copper tube, of $162.6 million and (ii) an increase in sales of $15.4 million in the segment’s non-core product lines. These increases were partially offset by lower unit sales volu [Excerpt truncated for page length; source filing is linked above.]