Mueller Industries Inc 10-Q for FY2025 Q1

Mueller Industries Inc (MLI)

10-Q 2025-04-23 For: 2025-03-29

Added on April 09, 2026

About this 10-Q

Mueller Industries Inc filed this 10-Q on April 23, 2025, covering the quarter ended March 29, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 29, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1B; up 17.7% from $849.65M a year earlier
Net income: $157.43M; up 13.8% from net income of $138.36M a year earlier
Diluted EPS: $1.39; up 14.9% from $1.21 a year earlier

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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 29, 2025
			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ______ to ______
			Commission file number 1-6770


Delaware			25-0790410
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


150 Schilling Boulevard	Suite 100
Collierville	Tennessee	38017
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock	MLI	NYSE


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page Number
Part I. Financial Information

	Item 1. – Financial Statements (Unaudited)

	a.) Condensed Consolidated Statements of Income	3

	b.) Condensed Consolidated Statements of Comprehensive Income	4

	c.) Condensed Consolidated Balance Sheets	5

	d.) Condensed Consolidated Statements of Cash Flows	7

	e.) Condensed Consolidated Statements of Changes in Equity	9

	f.) Notes to Condensed Consolidated Financial Statements	11

	Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations	26

	Item 3. – Quantitative and Qualitative Disclosures About Market Risk	34

	Item 4. – Controls and Procedures	36

Part II. Other Information

	Item 1. – Legal Proceedings	36

	Item 1A. – Risk Factors	36

	Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	37

	Item 5. – Other Information	37

	Item 6. – Exhibits	38

Signatures		39


	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


	For the Quarter Ended
(In thousands)		March 29, 2025		March 30, 2024

Consolidated net income		$	159,287	$	141,709

Other comprehensive income (loss), net of tax:
Foreign currency translation		2,919		(4,155)
Net change with respect to derivative instruments and hedging activities, net of tax of $(594) and $(93)		2,046		327
Net change in pension and postretirement obligation adjustments, net of tax of $(822) and $(17)		2,495		36
Attributable to unconsolidated affiliates, net of tax of $817 and $395		(2,814)		(1,362)

Total other comprehensive income (loss), net		4,646		(5,154)

Consolidated comprehensive income		163,933		136,555
Comprehensive income attributable to noncontrolling interests		(1,059)		(2,725)

Comprehensive income attributable to Mueller Industries, Inc.		$	162,874	$	133,830


	(Unaudited)
(In thousands, except share data)	March 29, 2025		December 28, 2024

Assets

Current assets:
Cash and cash equivalents	$	830,100	$	1,037,229
Short-term investments	43,497		21,874
Accounts receivable, less allowance for doubtful accounts of $2,562 in 2025 and $3,724 in 2024	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
Goodwill, net	311,380		311,165
Intangible assets, net	301,297		306,357
Investments in unconsolidated affiliates	80,779		88,037
Other assets	29,903		25,285

Total assets	$	3,231,304	$	3,290,906


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(In thousands, except share data)	March 29, 2025		December 28, 2024

Liabilities

Current liabilities:
Current portion of debt	$	128	$	1,094
Accounts payable	223,609		173,743
Accrued wages and other employee costs	35,622		60,136
Current portion of operating lease liabilities	8,358		8,117
Other current liabilities	188,654		154,897

Total current liabilities	456,371		397,987

Long-term debt, less current portion	—		—
Pension liabilities	223		3,059
Postretirement benefits other than pensions	8,202		8,140
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

Equity

Mueller Industries, Inc. stockholders' equity:
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding	—		—
Common stock - $.01 par value; shares authorized 250,000,000; issued 160,366,008; outstanding 110,646,538 in 2025 and 113,751,127 in 2024	1,604		1,604
Additional paid-in capital	337,445		330,532
Retained earnings	3,237,627		3,107,838
Accumulated other comprehensive loss	(74,837)		(80,279)
Treasury common stock, at cost	(835,402)		(586,530)

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

Commitments and contingencies	—		—

Total liabilities and equity	$	3,231,304	$	3,290,906


	For the Quarter Ended March 29, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	525,796	$	—	$	—	$	525,796
Brass rod, forgings, wire and cable	—		219,281		—		219,281
OEM components, tube and assemblies	—		18,215		31,260		49,475
Valves and plumbing specialties	113,887		—		—		113,887
Flex duct and other HVAC components	—		—		91,847		91,847
Other	—		14,417		—		14,417

	639,683		251,913		123,107		1,014,703

Intersegment sales							(14,538)

Net sales							$	1,000,165


	For the Quarter Ended March 30, 2024
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	478,476	$	—	$	—	$	478,476
Brass rod and forgings	—		124,059		—		124,059
OEM components, tube and assemblies	—		18,957		30,017		48,974
Valves and plumbing specialties	111,692		—		—		111,692
Flex duct and other HVAC components	—		—		86,793		86,793
Other	—		13,051		—		13,051

	590,168		156,067		116,810		863,045

Intersegment sales							(13,391)

Net sales							$	849,654


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(In thousands)	Balance Sheet Location	March 29, 2025		December 28, 2024		Balance Sheet Location	March 29, 2025		December 28, 2024

Commodity contracts - gains	Other current assets	$	2,219	$	235	Other current liabilities	$	152	$	42
Commodity contracts - losses	Other current assets	(3)		(62)		Other current liabilities	(6,214)		(405)

Total derivatives (1)		$	2,216	$	173		$	(6,062)	$	(363)


	For the Quarter Ended March 29, 2025
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Gain Reclassified from AOCI (Effective Portion), Net of Tax

Cash flow hedges:
Commodity contracts	$	3,401	Cost of goods sold	$	(1,356)
Other	1		Other	—

Total	$	3,402	Total	$	(1,356)


	For the Quarter Ended March 29, 2025
(In thousands)	Cumulative Translation Adjustment		Unrealized (Loss) Gain on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates		Total

Balance as of December 28, 2024	$	(75,926)	$	(191)	$	(6,282)	$	2,120	$	(80,279)

Other comprehensive income (loss) before reclassifications	3,715		3,402		2,504		(2,814)		6,807
Amounts reclassified from AOCI	—		(1,356)		(9)		—		(1,365)

Net current-period other comprehensive income (loss)	3,715		2,046		2,495		(2,814)		5,442


Balance as of March 29, 2025	$	(72,211)	$	1,855	$	(3,787)	$	(694)	$	(74,837)


	For the Quarter Ended
(In thousands)	March 29, 2025		March 30, 2024

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 assets	19,737		2,878
Investment received from noncontrolling interests	600		—

Net cash (used in) provided by investing activities	$	(23,440)	$	70,437

Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	$	(27,262)	$	(22,255)
Dividends paid to noncontrolling interests	(12,240)		—
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)


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


	For the Quarter Ended March 29, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

External net sales	$	629,359	$	247,790	$	123,016	$	1,000,165
Internal net sales	10,324		4,123		91		14,538

	639,683		251,913		123,107		1,014,703

Reconciliation of net sales:
Elimination of intersegment net sales							(14,538)

Total net sales							1,000,165

Less: (1)
Manufacturing costs (2)	462,465		211,741		79,996		754,202
Sales and marketing expense	8,254		1,224		3,309		12,787
Distribution expense	11,154		704		472		12,330
Other segment items (3)	(354)		8,160		3,706		11,512

Segment operating income	158,164		30,084		35,624		223,872

Reconciliation of segment operating income:
Corporate expenses							(17,610)
Interest expense							(25)
Interest income							9,901
Unrealized losses on short-term investments							(5,010)



Other income, net							92

Income before income taxes							$	211,220

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(2) Manufacturing costs include material, manufacturing conversion costs, and freight.
(3) Other segment items include administrative employee compensation expense, professional fees, foreign currency exchange gains/losses, other overhead costs, and other items such as gains/losses on sale of assets, impairment charges, and gains on insurance settlements (as applicable).


(In thousands)	March 29, 2025		December 28, 2024

Raw materials and supplies	$	138,035	$	147,964
Work-in-process	70,335		74,684
Finished goods	285,108		251,447
Valuation reserves	(11,323)		(11,816)

Inventories	$	482,155	$	462,279


		Amount reclassified from AOCI
	For the Quarter Ended
(In thousands)			March 29, 2025		March 30, 2024		Affected line item

Unrealized gains on derivative commodity contracts			$	(1,749)	$	(393)	Cost of goods sold

			393		20		Income tax expense

			$	(1,356)	$	(373)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans			$	(18)	$	(65)	Other income, net
			9		19		Income tax expense

			$	(9)	$	(46)	Net of tax and noncontrolling interests


	For the Quarter Ended			Percent Change
(In thousands)		March 29, 2025		March 30, 2024		2025 vs. 2024

Net sales		$	1,000,165	$	849,654	17.7	%
Operating income		206,262		183,425		12.5
Net income attributable to Mueller Industries, Inc.		157,432		138,363		13.8


(In thousands)	2025		2024

Increase (decrease) in:
Cash, cash equivalents, and restricted cash	$	(197,156)	$	190,585
Short-term investments	21,623		(98,146)
Property, plant, and equipment, net	77		5,352
Goodwill and intangible assets, net	(4,845)		(2,061)
Total debt	(966)		(146)
Working capital, net of cash and current debt	95,610		(86,708)

Net cash provided by operating activities	113,559		173,625
Net cash (used in) provided by investing activities	(23,440)		70,437
Net cash used in financing activities	(287,667)		(52,807)


	(a) Total Number of Shares Purchased (1)	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2)


December 29, 2024 - January 25, 2025	17,925	$	17.54	—	24,075,033
January 26, 2025 - February 22, 2025	696,490	$	80.01	691,767	23,383,266
February 23, 2025 - March 29, 2025	2,445,541	$	79.14	2,353,071	21,030,195
Total	3,159,956			3,044,838


31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1			Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2			Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase

101.INS			Inline XBRL Instance Document

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase

101.PRE			Inline XBRL Presentation Linkbase Document

101.SCH			Inline XBRL Taxonomy Extension Schema

104			Cover Page Interactive Data File (embedded within the Inline XBRL document and included in exhibit 101)


			MUELLER INDUSTRIES, INC.


			/s/ Jeffrey A. Martin
			Jeffrey A. Martin
April 23, 2025			Chief Financial Officer and Treasurer
Date			(Principal Financial and Accounting Officer)


			/s/ Anthony J. Steinriede
April 23, 2025			Anthony J. Steinriede
Date			Vice President – Corporate Controller


1.	I have reviewed this quarterly report on Form 10-Q of Mueller Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: April 23, 2025
			/s/ Gregory L. Christopher
			Gregory L. Christopher
			Chief Executive Officer


(1)			The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)			The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



/s/ JEFFREY A. MARTIN
Jeffrey A. Martin
Chief Financial Officer
April 23, 2025