Mueller Industries (MLI) Q1 2026 earnings summary

Executive summary

• Net sales increased 19.3% year-over-year to $1.19 billion, driven by higher selling prices, improved sales across key markets, and a gain on the sale of a business.

• Operating income rose 51.4% to $312.2 million, including a $41.4 million gain on the sale of Sherwood Valve LLC.

• Net income attributable to shareholders grew 51.8% to $239.0 million, with diluted EPS up to $2.16 from $1.39.

• Gross margin improved to 30.0% from 27.2% in the prior year quarter.

• Completed the acquisition of Bison Metals Technologies, expected to provide immediate synergies and increased copper tube manufacturing capacity.

Financial highlights

• Net sales: $1.19 billion (up from $1.00 billion year-over-year).

• Operating income: $312.2 million (up from $206.3 million year-over-year).

• Net income attributable to shareholders: $239.0 million (up from $157.4 million year-over-year).

• Gross margin: 30.0% (up from 27.2%).

• Dividends per share: $0.35 (up from $0.25 year-over-year), marking a 40% rise and the sixth consecutive annual double-digit increase.

Outlook and guidance

• Management expects cash from operations, available credit, and cash on hand to be sufficient for liquidity needs.

• $1.4 billion in cash on hand and $372.5 million available under the credit agreement as of quarter-end.

• Business conditions and outlook remain consistent with the annual report, with strong demand for higher-margin products due to construction trends and tariffs.

• Anticipates further improvement in production and shipments as product mix adjusts.

• Expects to benefit from recovery in U.S. residential and commercial construction markets.