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Mueller Industries (NYSE: MLI) Q1 profit surges on higher sales, gains

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Mueller Industries reported a very strong first quarter of 2026, with net sales rising to $1.19 billion from $1.00 billion a year earlier. Net income attributable to the company increased to $239.0 million from $157.4 million, and diluted EPS grew to $2.16 from $1.39.

Operating income rose to $312.2 million, including a $41.4 million gain on the sale of the Sherwood Valve business; excluding gains on asset and business sales in both periods, operating income increased about 41 percent. The company generated $79.7 million of net cash from operations, repurchased 650,000 shares for $75.0 million, and raised its quarterly dividend to $0.35 per share. Mueller ended the quarter with $1.38 billion in cash and cash equivalents and no debt, and highlighted the completed acquisition of Bison Metals Technologies to expand its North American copper tube platform.

Positive

  • Record first-quarter profitability: Net income attributable to Mueller Industries rose to $239.0 million from $157.4 million and diluted EPS increased to $2.16 from $1.39, described by management as the best first quarter earnings in the company’s history.
  • Strong balance sheet and capital returns: The company ended the quarter with $1.38 billion in cash and no debt, generated $79.7 million of operating cash flow, repurchased $75.0 million of stock, and raised its quarterly dividend 40% to $0.35 per share.

Negative

  • None.

Insights

Mueller delivered record Q1 earnings with strong cash, no debt, and ongoing buybacks.

Mueller Industries posted net sales of $1.19 billion and net income of $239.0 million for Q1 2026, both up sharply from the prior year. Diluted EPS climbed to $2.16, and management described this as the best first-quarter earnings in the company’s history.

Results benefited from higher COMEX copper prices averaging $5.80 per pound, improved demand in industrial, electrical, commercial, and mechanical markets, and a $41.4 million gain on the Sherwood Valve sale. Even excluding gains on asset and business sales in both periods, operating income rose about 41%, indicating stronger underlying profitability.

The balance sheet remains conservative, with $1.38 billion of cash and no debt as of March 28, 2026. Management used $75.0 million for share repurchases, increased the quarterly dividend by 40% to $0.35 per share, and completed the Bison Metals Technologies acquisition to enhance copper tube capacity. Future filings may detail how integration progress and end-market construction trends affect margins and volume mix.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net sales $1,193.0 million Quarter ended March 28, 2026 vs $1,000.2 million in 2025
Net income attributable to Mueller Industries, Inc. $239.0 million Quarter ended March 28, 2026 vs $157.4 million in 2025
Diluted EPS $2.16 per share Quarter ended March 28, 2026 vs $1.39 in 2025
Operating income $312.2 million Quarter ended March 28, 2026 vs $206.3 million in 2025
Gain on sale of Sherwood Valve business $41.4 million Included in Q1 2026 operating income
Net cash provided by operating activities $79.7 million Quarter ended March 28, 2026
Share repurchases $75.0 million / 650,000 shares Common stock repurchased in Q1 2026
Cash and cash equivalents $1,382.3 million Balance at March 28, 2026; no debt outstanding
operating income financial
"•Operating Income increased to $312.2 million versus $206.3 million."
Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.
current ratio financial
"Our cash balance at quarter end was $1.38 billion, with no debt, and our current ratio remains strong at 5.4 to 1."
The current ratio measures a company’s short-term ability to pay upcoming bills by comparing assets that can be turned into cash within a year (like cash, inventory, and receivables) to obligations due within the same period. Investors use it like a household budget check — a ratio above 1 suggests the company has more short-term resources than immediate debts, while a very low or very high ratio can signal liquidity risk or inefficient use of assets.
gain on sale of business financial
"Our reported operating income includes a gain of $41.4 million on the sale of our Sherwood Valve business."
net cash provided by operating activities financial
"Net cash provided by operating activities | $ | 79,741 | | | $ | 113,559"
Cash a company actually generates from its regular business activities during a reporting period, after accounting for day-to-day receipts and payments and excluding one-time financing or investing moves. Think of it as the cash left over from running a store each month after paying suppliers, wages and handling changes in inventory and customer payments, not counting loans or asset sales. Investors use it to judge whether the business can fund operations, pay debts and grow without relying on outside cash.
unrealized losses on short-term investments financial
"Unrealized losses on short-term investments | | | | | | (2,037) | | | (5,010)"
Net sales $1,193.0 million
Net income attributable to Mueller Industries, Inc. $239.0 million
Diluted EPS $2.16
Operating income $312.2 million
Understanding 8-K Material Events →
0000089439FALSE00000894392026-04-212026-04-21


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):April 21, 2026
mlilogo.jpg

MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)  
Delaware1-677025-0790410
(State or other jurisdiction(Commission File(IRS Employer
of incorporation)Number)Identification No.)
  
150 Schilling BoulevardSuite 100
ColliervilleTennessee38017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(901)753-3200
Registrant’s Former Name or Address, if changed since last report:N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockMLINYSE
 
 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new of revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.

On April 21, 2026, the Registrant issued a press release announcing earnings for the quarter ended March 28, 2026. A copy of the press release announcing the first quarter 2026 earnings is attached as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits.
 
(d) Exhibits
 
 99.1
Press release, dated April 21, 2026 reporting first quarter 2026 earnings.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 MUELLER INDUSTRIES, INC.
  
 By:
/s/ ANTHONY J. STEINRIEDE
 
 Name:Anthony J. Steinriede
 Title:Vice President - Corporate Controller
   
April 21, 2026  

 


 




















3



Exhibit Index
 
Exhibit No.Description 
  
99.1
Press release, dated April 21, 2026


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















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Mueller Industries, Inc. Reports First Quarter 2026 Earnings

COLLIERVILLE, Tenn., April 21, 2026 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2026. Comparisons are to the first quarter of 2025.
•Net Sales increased to $1.19 billion versus $1.00 billion.
•Net Income increased to $239.0 million versus $157.4 million.
•Operating Income increased to $312.2 million versus $206.3 million.
•Diluted EPS increased to $2.16 versus $1.39.
•Dividends per share increased to $.35 versus $.25.

First Quarter Financial and Operating Highlights:
•COMEX copper averaged $5.80 per pound during the quarter, a 26.8 percent increase.
•Improved sales in our industrial, electrical, commercial and mechanical markets, combined with higher selling prices stemming from the rise in raw material costs, contributed to the overall increase in net sales.
•Our reported operating income includes a gain of $41.4 million on the sale of our Sherwood Valve business. The prior year period included a gain of $14.5 million on the sale of assets. Adjusting for these gains, our operating income increased 41 percent.
•Net cash generated from operations was $79.7 million. We utilized $75.0 million during the quarter to repurchase 650,000 shares of our common stock.
•Our cash balance at quarter end was $1.38 billion, with no debt, and our current ratio remains strong at 5.4 to 1.

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.”

1

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.

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 28, 2026March 29, 2025
Net sales$1,193,005 $1,000,165 
Cost of goods sold834,561728,185
Depreciation and amortization16,65217,123
Selling, general, and administrative expense66,78563,060
Loss (gain) on disposal of assets, net1,533 (14,465)
Gain on sale of business(41,407)— 
Asset impairments2,653 — 
Operating income312,228206,262
Interest expense— (25)
Interest income11,870 9,901 
Unrealized losses on short-term investments(2,037)(5,010)
Other (expense) income, net(1,232)92 
Income before income taxes320,829211,220 
Income tax expense(79,555)(51,475)
Income (loss) from unconsolidated affiliates, net of foreign tax115 (458)
Consolidated net income241,389 159,287 
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 share109,094110,739
Effect of dilutive stock-based awards1,8152,333
Adjusted weighted average shares for diluted earnings per share110,909113,072
Basic earnings per share$2.19 $1.42 
Diluted earnings per share$2.16 $1.39 
Dividends per share$0.35 $0.25 

3

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
(In thousands)March 28, 2026March 29, 2025
Summary Segment Data:
Net sales:
    Piping Systems Segment$760,528 $639,683 
    Industrial Metals Segment321,277251,913
    Climate Segment123,765123,107
    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 Segment44,27130,084
    Climate Segment33,37935,624
    Unallocated income (expenses)17,568 (17,610)
Operating income$312,228 $206,262 


4

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 investments20,69622,733
Accounts receivable, net
670,511475,566
Inventories545,451510,463
Other current assets
53,03769,980
    Total current assets2,672,0402,445,745
Property, plant, and equipment, net530,300536,466
Operating lease right-of-use assets
22,86827,211 
Other assets
717,155723,607
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
247,835224,037
    Total current liabilities499,281413,134
Pension and postretirement liabilities8,3738,393
Environmental reserves15,50115,684
Deferred income taxes32,49931,640
Noncurrent operating lease liabilities14,91718,970 
Other noncurrent liabilities
10,9609,302
    Total liabilities
581,531497,123
Total Mueller Industries, Inc. stockholders’ equity3,334,451 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 









5

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

For the Quarter Ended
 (In thousands)
March 28, 2026March 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 amortization16,652 17,123 
Stock-based compensation expense7,332 6,150 
Provision for credit losses861 99 
(Income) loss from unconsolidated affiliates(115)458 
Dividends from unconsolidated affiliates1,724 2,812 
Loss (gain) on disposals of assets, net1,533 (14,465)
Gain on sale of business(41,407)— 
Unrealized losses on short-term investments2,037 5,010 
Impairment charges2,653 — 
Deferred income tax expense2,036 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 liabilities88,912 57,702 
Other liabilities1,509 (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 sold57,004 — 
Purchase of short-term investments— (26,633)
Purchase of long-term investments(834)(552)
Proceeds from sales of assets5 19,737 
Other— 600 
Net cash provided by (used in) investing activities$38,939 $(23,440)
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Quarter Ended
 (In thousands)March 28, 2026March 29, 2025
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.$(38,043)$(27,262)
Repurchase of common stock(74,981)(243,615)
Repayments of debt— (56)
Net cash used to settle stock-based awards(535)(4,494)
Dividends paid to noncontrolling interests(4,766)(12,240)
Other3,100 — 
Net cash used in financing activities$(115,225)$(287,667)
Effect of exchange rate changes on cash(1,810)392 
Increase (decrease) in cash, cash equivalents, and restricted cash1,645 (197,156)
Cash, cash equivalents, and restricted cash at the beginning of the period1,385,157 1,038,895 
Cash, cash equivalents, and restricted cash at the end of the period$1,386,802 $841,739 
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Source: View Original Filing on SEC EDGAR

FAQ

How did Mueller Industries (MLI) perform in the first quarter of 2026?

Mueller Industries delivered significantly stronger Q1 2026 results, with net sales rising to $1.19 billion from $1.00 billion and net income attributable to the company increasing to $239.0 million from $157.4 million, driving diluted EPS up to $2.16.

What drove Mueller Industries’ earnings growth in Q1 2026?

Earnings growth reflected higher sales in industrial, electrical, commercial and mechanical markets, increased selling prices tied to a 26.8% rise in COMEX copper to $5.80 per pound, and a $41.4 million gain on the sale of the Sherwood Valve business, boosting operating income.

What is Mueller Industries’ cash and debt position after Q1 2026?

Mueller Industries ended Q1 2026 with a strong liquidity profile, holding $1.38 billion in cash and cash equivalents and reporting no debt. Management also noted a solid current ratio of 5.4 to 1, underscoring balance sheet strength and financial flexibility.

How did Mueller Industries (MLI) return capital to shareholders in Q1 2026?

In Q1 2026, Mueller Industries paid a higher quarterly dividend of $0.35 per share, up from $0.25, and repurchased 650,000 shares of common stock for $75.0 million. Management highlighted this as part of its overall capital allocation strategy.

What acquisition did Mueller Industries complete during Q1 2026?

Mueller Industries completed the acquisition of Bison Metals Technologies on March 30, 2026. The company expects immediate synergies that will benefit its North American copper tube products platform and increase collective copper tube manufacturing capacities, with leadership describing integration as seamless and successful so far.

How did each segment contribute to Mueller Industries’ Q1 2026 results?

In Q1 2026, the Piping Systems segment generated net sales of $760.5 million and operating income of $217.0 million. Industrial Metals produced $321.3 million of sales and $44.3 million of operating income, while the Climate segment delivered $123.8 million in sales and $33.4 million of operating income.

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