Mueller Industries, Inc. Reports First Quarter 2026 Earnings

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 2 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Quarter Ended (In thousands, except per share data) March 28, 2026 March 29, 2025 Net sales $ 1,193,005 $ 1,000,165 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 income 312,228 206,262 Interest expense — (25) Interest income 11,870 9,901 Unrealized losses on short-term investments (2,037) (5,010) Other (expense) income, net (1,232) 92 Income before income taxes 320,829 211,220 Income tax expense (79,555) (51,475) Income (loss) from unconsolidated affiliates, net of foreign tax 115 (458) Consolidated net income 241,389 159,287 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 share 109,094 110,739 Effect of dilutive stock-based awards 1,815 2,333 Adjusted weighted average shares for diluted earnings per share 110,909 113,072 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, 2026 March 29, 2025 Summary Segment Data: Net sales: Piping Systems Segment $ 760,528 $ 639,683 Industrial Metals Segment 321,277 251,913 Climate Segment 123,765 123,107 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 Segment 44,271 30,084 Climate Segment 33,379 35,624 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 investments 20,696 22,733 Accounts receivable, net 670,511 475,566 Inventories 545,451 510,463 Other current assets 53,037 69,980 Total current assets 2,672,040 2,445,745 Property, plant, and equipment, net 530,300 536,466 Operating lease right-of-use assets 22,868 27,211 Other assets 717,155 723,607 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 247,835 224,037 Total current liabilities 499,281 413,134 Pension and postretirement liabilities 8,373 8,393 Environmental reserves 15,501 15,684 Deferred income taxes 32,499 31,640 Noncurrent operating lease liabilities 14,917 18,970 Other noncurrent liabilities 10,960 9,302 Total liabilities 581,531 497,123 Total Mueller Industries, Inc. stockholders’ equity 3,334,451 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, 2026 March 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 amortization 16,652 17,123 Stock-based compensation expense 7,332 6,150 Provision for credit losses 861 99 (Income) loss from unconsolidated affiliates (115) 458 Dividends from unconsolidated affiliates 1,724 2,812 Loss (gain) on disposals of assets, net 1,533 (14,465) Gain on sale of business (41,407) — Unrealized losses on short-term investments 2,037 5,010 Impairment charges 2,653 — Deferred income tax expense 2,036 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 liabilities 88,912 57,702 Other liabilities 1,509 (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 sold 57,004 — Purchase of short-term investments — (26,633) Purchase of long-term investments (834) (552) Proceeds from sales of assets 5 19,737 Other — 600 Net cash provided by (used in) investing activities $ 38,939 $ (23,440) 6 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Quarter Ended (In thousands) March 28, 2026 March 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) Other 3,100 — 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 cash 1,645 (197,156) Cash, cash equivalents, and restricted cash at the beginning of the period 1,385,157 1,038,895 Cash, cash equivalents, and restricted cash at the end of the period $ 1,386,802 $ 841,739 7