Mueller Industries Inc 10-Q for FY2025 Q2

Mueller Industries Inc (MLI)

10-Q 2025-07-23 For: 2025-06-28

Added on April 09, 2026

About this 10-Q

Mueller Industries Inc filed this 10-Q on July 23, 2025, covering the quarter ended June 28, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 28, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.14B; up 14.1% from $997.75M a year earlier
Net income: $245.92M; up 53.5% from net income of $160.17M a year earlier
Diluted EPS: $2.22; up 57.4% from $1.41 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 June 28, 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	30

	Item 3. – Quantitative and Qualitative Disclosures About Market Risk	39

	Item 4. – Controls and Procedures	41

Part II. Other Information

	Item 1. – Legal Proceedings	41

	Item 1A. – Risk Factors	41

	Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	42

	Item 5. – Other Information	42

	Item 6. – Exhibits	43

Signatures		44


	For the Quarter Ended				For the Six Months Ended
(In thousands, except per share data)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024

Net sales	$	1,138,173	$	997,745	$	2,138,338	$	1,847,399

Cost of goods sold	785,194		724,990		1,513,379		1,333,693
Depreciation and amortization	17,905		10,018		35,028		19,187
Selling, general, and administrative expense	67,521		52,731		130,581		101,088
Gain on disposal of assets, net	(337)		—		(14,802)		—



Gain on insurance proceeds	(36,278)		—		(36,278)		—

Operating income	304,168		210,006		510,430		393,431

Interest expense	(17)		(107)		(42)		(222)
Interest income	8,222		14,383		18,123		31,628
Realized and unrealized gains on short-term investments	13,212		—		8,202		365
Other expense, net	(1,142)		(1,356)		(1,050)		(726)

Income before income taxes	324,443		222,926		535,663		424,476

Income tax expense	(78,857)		(58,384)		(130,332)		(110,218)
Income (loss) from unconsolidated affiliates, net of foreign tax	2,897		(1,095)		2,439		(9,102)

Consolidated net income	248,483		163,447		407,770		305,156
Net income attributable to noncontrolling interests	(2,559)		(3,282)		(4,414)		(6,628)

Net income attributable to Mueller Industries, Inc.	$	245,924	$	160,165	$	403,356	$	298,528

Weighted average shares for basic earnings per share	108,746		111,216		109,742		111,316
Effect of dilutive stock-based awards	2,196		2,763		2,265		2,746

Adjusted weighted average shares for diluted earnings per share	110,942		113,979		112,007		114,062

Basic earnings per share	$	2.26	$	1.44	$	3.68	$	2.68

Diluted earnings per share	$	2.22	$	1.41	$	3.60	$	2.62

Dividends per share	$	0.25	$	0.20	$	0.50	$	0.40


	For the Quarter Ended				For the Six Months Ended
(In thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024

Consolidated net income	$	248,483	$	163,447	$	407,770	$	305,156

Other comprehensive income (loss), net of tax:
Foreign currency translation	24,100		(7,871)		27,019		(12,026)
Net change with respect to derivative instruments and hedging activities, net of tax of $384, $214, $(210), and $121	(1,331)		(746)		715		(419)
Net change in pension and postretirement obligation adjustments, net of tax of $114, $38, $(708), and $21	(286)		(93)		2,209		(57)
Attributable to unconsolidated affiliates, net of tax of $(604), $65, $213, and $460	2,081		(221)		(733)		(1,583)

Total other comprehensive income (loss), net	24,564		(8,931)		29,210		(14,085)

Consolidated comprehensive income	273,047		154,516		436,980		291,071
Comprehensive income attributable to noncontrolling interests	(3,401)		(2,759)		(4,460)		(5,484)

Comprehensive income attributable to Mueller Industries, Inc.	$	269,646	$	151,757	$	432,520	$	285,587


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

Assets

Current assets:
Cash and cash equivalents	$	1,001,769	$	1,037,229
Short-term investments	56,709		21,874
Accounts receivable, less allowance for doubtful accounts of $2,931 in 2025 and $3,724 in 2024	592,564		450,113
Inventories	511,725		462,279
Other current assets	51,367		40,734

Total current assets	2,214,134		2,012,229

Property, plant, and equipment, net	532,970		515,131
Operating lease right-of-use assets	30,522		32,702
Goodwill, net	298,366		311,165
Intangible assets, net	297,536		306,357
Investments in unconsolidated affiliates	84,095		88,037
Other assets	29,819		25,285

Total assets	$	3,487,442	$	3,290,906


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

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

Liabilities

Current liabilities:
Current portion of debt	$	74	$	1,094
Accounts payable	212,476		173,743
Accrued wages and other employee costs	45,283		60,136
Current portion of operating lease liabilities	8,393		8,117
Other current liabilities	189,739		154,897

Total current liabilities	455,965		397,987

Long-term debt, less current portion	—		—
Pension liabilities	229		3,059
Postretirement benefits other than pensions	8,510		8,140
Environmental reserves	15,156		15,423
Deferred income taxes	32,212		25,742
Noncurrent operating lease liabilities	22,461		24,547
Other noncurrent liabilities	12,286		11,600

Total liabilities	546,819		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 110,693,369 in 2025 and 113,751,127 in 2024	1,604		1,604
Additional paid-in capital	344,906		330,532
Retained earnings	3,455,935		3,107,838
Accumulated other comprehensive loss	(51,115)		(80,279)
Treasury common stock, at cost	(834,770)		(586,530)

Total Mueller Industries, Inc. stockholders' equity	2,916,560		2,773,165
Noncontrolling interests	24,063		31,243

Total equity	2,940,623		2,804,408

Commitments and contingencies	—		—

Total liabilities and equity	$	3,487,442	$	3,290,906


	For the Quarter Ended June 28, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	615,352	$	—	$	—	$	615,352
Brass rod, forgings, wire and cable	—		233,756		—		233,756
OEM components, tube and assemblies	—		20,723		37,381		58,104
Valves and plumbing specialties	128,123		—		—		128,123
Flex duct and other HVAC components	—		—		100,134		100,134
Other	—		16,119		—		16,119

	743,475		270,598		137,515		1,151,588

Intersegment sales							(13,415)

Net sales							$	1,138,173


	For the Quarter Ended June 29, 2024
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	568,849	$	—	$	—	$	568,849
Brass rod, forgings, wire and cable	—		162,296		—		162,296
OEM components, tube and assemblies	—		20,418		30,569		50,987
Valves and plumbing specialties	119,620		—		—		119,620
Flex duct and other HVAC components	—		—		99,963		99,963
Other	—		12,627		—		12,627

	688,469		195,341		130,532		1,014,342

Intersegment sales							(16,597)

Net sales							$	997,745


	For the Six Months Ended June 28, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	1,141,148	$	—	$	—	$	1,141,148
Brass rod, forgings, wire and cable	—		453,037		—		453,037
OEM components, tube & assemblies	—		38,938		68,641		107,579
Valves and plumbing specialties	242,010		—		—		242,010
Flex duct and other HVAC components	—		—		191,981		191,981
Other	—		30,536		—		30,536

	1,383,158		522,511		260,622		2,166,291

Intersegment sales							(27,953)

Net sales							$	2,138,338


	For the Six Months Ended June 29, 2024
(In thousands)	Piping Systems	Industrial Metals	Climate	Total

Tube and fittings	1,047,325	—	—	1,047,325
Brass rod, forgings, wire and cable	—	286,355	—	286,355
OEM components, tube & assemblies	—	39,375	60,586	99,961
Valves and plumbing specialties	231,312	—	—	231,312
Flex duct and other HVAC components	—	—	186,756	186,756
Other	—	25,678	—	25,678

	1,278,637	351,408	247,342	1,877,387

Intersegment sales				(29,988)

Net sales				$	1,847,399


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

Commodity contracts - gains	Other current assets	$	485	$	235	Other current liabilities	$	—	$	42
Commodity contracts - losses	Other current assets	—		(62)		Other current liabilities	(1,236)		(405)

Total derivatives (1)		$	485	$	173		$	(1,236)	$	(363)


	For the Six Months Ended
(In thousands)	June 28, 2025		June 29, 2024

Cash flows from investing activities
Capital expenditures	$	(30,691)	$	(25,603)
Acquisition of businesses, net of cash acquired	—		(566,577)
Investments in unconsolidated affiliates	—		(8,700)
Insurance proceeds - capital related	2,655		—
Purchase of short-term investments	(26,633)		—
Purchase of long-term investments	(552)		(7,976)

Proceeds from the sale of securities	—		96,465
Issuance of notes receivable with unconsolidated affiliates	—		(3,800)
Proceeds from sales of assets	21,135		3,976
Investment received from noncontrolling interests	600		—

Net cash used in investing activities	$	(33,486)	$	(512,215)

Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	$	(54,398)	$	(44,488)
Dividends paid to noncontrolling interests	(12,240)		—
Repurchase of common stock	(243,615)		(42,994)


Repayments of debt	(111)		(111)
Issuance of debt by consolidated joint ventures, net	—		11
Net cash used to settle stock-based awards	(4,189)		(2,002)


Net cash used in financing activities	$	(314,553)	$	(89,584)

Effect of exchange rate changes on cash	11,718		(4,784)

Decrease in cash, cash equivalents, and restricted cash	(32,160)		(332,208)
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	$	1,006,735	$	842,015


	For the Quarter Ended June 28, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

External net sales	$	735,194	$	265,808	$	137,171	$	1,138,173
Internal net sales	8,281		4,790		344		13,415

	743,475		270,598		137,515		1,151,588

Reconciliation of net sales:
Elimination of intersegment net sales							(13,415)

Total net sales							1,138,173

Less: (1)
Manufacturing costs (2)	495,170		230,058		85,967		811,195
Sales and marketing expense	8,053		1,336		3,661		13,050
Distribution expense	11,370		742		550		12,662
Other segment items (3)	(21,414)		7,852		4,709		(8,853)

Segment operating income	250,296		30,610		42,628		323,534

Reconciliation of segment operating income:
Corporate expenses							(19,366)
Interest expense							(17)
Interest income							8,222
Unrealized gains on short-term investments							13,212



Other expense, net							(1,142)

Income before income taxes							$	324,443

(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 proceeds (as applicable).


	For the Quarter Ended June 29, 2024
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Unallocated		Total

Depreciation and amortization (4)	$	4,932	$	2,368	$	1,646	$	1,072	$	10,018

Expenditures for long-lived assets (including those resulting from business acquisitions)	3,853		102,828		1,349		(14)		108,016
Segment assets	1,112,550		821,011		275,872		856,752		3,066,185


(In thousands)	June 28, 2025		December 28, 2024

Raw materials and supplies	$	153,834	$	147,964
Work-in-process	85,567		74,684
Finished goods	283,770		251,447
Valuation reserves	(11,446)		(11,816)

Inventories	$	511,725	$	462,279


	For the Quarter Ended June 28, 2025
(In thousands)	(Loss) 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	$	(329)	Cost of goods sold	$	(1,012)
Other	10		Other	—

Total	$	(319)	Total	$	(1,012)


	For the Quarter Ended June 29, 2024
(In thousands)	Gain (Loss) 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	$	462	Cost of goods sold	$	(1,197)
Other	(11)		Other	—

Total	$	451	Total	$	(1,197)


	For the Six Months Ended June 28, 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	$	3,072	Cost of goods sold	$	(2,368)
Other	11		Other	—

Total	$	3,083	Total	$	(2,368)


	For the Six Months Ended June 28, 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	26,973		3,083		2,229		(733)		31,552
Amounts reclassified from AOCI	—		(2,368)		(20)		—		(2,388)

Net current-period other comprehensive income (loss)	26,973		715		2,209		(733)		29,164


Balance as of June 28, 2025	$	(48,953)	$	524	$	(4,073)	$	1,387	$	(51,115)


	Amount reclassified from AOCI
	For the Quarter Ended				For the Six Months Ended
(In thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024		Affected line item

Unrealized gains on derivative commodity contracts	$	(1,306)	$	(1,531)	$	(3,055)	$	(2,014)	Cost of goods sold

	294		334		687		444		Income tax expense

	$	(1,012)	$	(1,197)	$	(2,368)	$	(1,570)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans	$	(23)	$	(67)	$	(41)	$	(132)	Other expense, net
	12		19		21		38		Income tax expense

	$	(11)	$	(48)	$	(20)	$	(94)	Net of tax and noncontrolling interests


	For the Quarter Ended				Percent Change		For the Six Months Ended				Percent Change
(In thousands)	June 28, 2025		June 29, 2024		2025 vs. 2024		June 28, 2025		June 29, 2024		2025 vs. 2024

Net sales	$	1,138,173	$	997,745	14.1	%	$	2,138,338	$	1,847,399	15.7	%
Operating income	304,168		210,006		44.8		510,430		393,431		29.7
Net income attributable to Mueller Industries, Inc.	245,924		160,165		53.5		403,356		298,528		35.1


(In thousands)	2025		2024

Increase (decrease) in:
Cash, cash equivalents, and restricted cash	$	(32,160)	$	(332,208)
Short-term investments	34,835		(98,146)
Property, plant, and equipment, net	17,839		86,278
Goodwill and intangible assets, net	(21,620)		454,357
Total debt	(1,020)		(122)
Working capital, net of cash and current debt	178,367		39,907

Net cash provided by operating activities	304,161		274,375
Net cash used in investing activities	(33,486)		(512,215)
Net cash used in financing activities	(314,553)		(89,584)


	(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)


March 30, 2025 - April 26, 2025	606	$	72.89	—	21,030,195
April 27, 2025 - May 24, 2025	3,067	$	56.18	—	21,030,195
May 25, 2025 - June 28, 2025	—	$	—	—	21,030,195
Total	3,673			—


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
July 23, 2025			Chief Financial Officer and Treasurer
Date			(Principal Financial and Accounting Officer)


			/s/ Anthony J. Steinriede
July 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: July 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
July 23, 2025