MLI · Mueller Industries, Inc.

Mueller Industries delivered its best first quarter earnings in company history, with net sales reaching $1.19 billion and net income of $239.0 million. The strong performance was driven by a 26.8% increase in COMEX copper prices to an average of $5.80 per pound, which allowed for higher selling prices, combined with improved sales across industrial, electrical, commercial and mechanical markets. Operating income of $312.2 million included a $41.4 million gain from the sale of the Sherwood Valve business, while the prior year period included a $14.5 million gain on asset sales. Adjusting for these gains, operating income increased 41% year-over-year, reflecting solid operational execution and effective cost controls. The Piping Systems Segment contributed $760.5 million in sales and $217.0 million in operating income, while Industrial Metals and Climate segments also showed growth. The company generated $79.7 million in operating cash flow and utilized $75.0 million to repurchase 650,000 shares. CEO Greg Christopher highlighted the company's diverse end market portfolio and capital allocation strategy, including a 40% dividend increase to $0.35 per share - the sixth consecutive annual double-digit increase. The company completed the acquisition of Bison Metals Technologies on March 30, 2026, which is expected to provide immediate synergies and increase copper tube manufacturing capacities. Looking ahead, management noted that business conditions remain consistent with their annual report, with strengthened demand for higher margin products due to construction pattern shifts and tariff effects, and they expect production and shipments to further improve as they adjust to changing market mix.