Mueller Industries (MLI) investor relations material

Executive summary

• Q3 net sales rose 31.6% YoY to $1.419B; operating income increased 2.0% to $281.6M and attributable net income rose 6.3% to $221.2M.

• 9M net sales increased 25.6% to $4.040B, operating income rose 14.9% to $903.8M and attributable net income rose 16.1% to $709.9M.

• Higher selling prices and Bison sales drove much of revenue growth, while lower gross margins constrained operating income; earnings increased YoY for a ninth consecutive quarter.

Financial highlights

• Q3 diluted EPS was $1.00 versus $0.94 YoY; 9M diluted EPS was $3.21 versus $2.74, with per-share figures adjusted for the June 2026 two-for-one split.

• Gross margin fell to 25.5% from 31.5% in Q3 and to 27.6% from 30.0% in 9M.

• Q3 interest income was $12.0M and unrealized investment gains were $5.9M; 9M figures were $34.9M and $10.4M, respectively.

• Q3 dividends per share rose to $0.175 from $0.125; 9M dividends per share increased to $0.525 from $0.375, split-adjusted.

Outlook and guidance

• Optimistic entering year-end and 2027; priorities include North American manufacturing investment, reshoring production, broader product offerings and expanded distribution capabilities.

• Strategic initiatives target opportunities from a recovery in U.S. residential construction and improved global economic conditions.

• Cash from operations, available credit and cash on hand are expected to cover working capital, capital expenditures and debt obligations.

• Environmental remediation spending is expected to be $3.3M over the next 12 months; $2.1M was spent in 9M 2026.