Mueller Industries' third-quarter profit rises to $1.00 a share as sales jump to $1.42 billion

Mueller Industries extended its earnings streak in the third quarter as higher copper prices and stronger volumes pushed sales up by more than $340 million. The Collierville, Tennessee-based industrial manufacturer said Tuesday net income rose to $221.2 million, or $1.00 a diluted share, from $208.1 million, or $0.94, a year earlier.

Net sales climbed to $1.42 billion from $1.08 billion, according to its earnings release filed with an 8-K. Operating income edged up to $281.6 million from $276.1 million. Per-share figures reflect the two-for-one stock split that took effect June 30, 2026.

The company tied the sales gain to unit volume growth across most of its businesses, along with price adjustments related to rising material costs. COMEX copper averaged $6.48 a pound in the quarter, up 34.2% from a year earlier.

The results include $9.4 million of charges related to purchase accounting for recent acquisitions. A year earlier, the quarter included an $11.9 million net gain on the disposal of assets, the income statement shows.

"For the ninth consecutive quarter, we delivered year over year earnings growth driven by stronger performance across all three of our business segments," CEO Greg Christopher said in the release. He said backlogs grew in each segment, "largely propelled by U.S. data center expansions and other commercial building activities," despite what he called "the protracted decline in the residential construction market."

Segments

Piping Systems, the largest unit, lifted net sales to $890.6 million from $718.4 million, and its operating income rose to $225.3 million from $216.2 million.

Industrial Metals posted the sharpest sales gain, with net sales of $409.4 million versus $248.9 million, while operating income increased to $33.7 million from $30.9 million. The Climate segment grew net sales to $142.8 million from $126.7 million and operating income to $46.3 million from $38.9 million.

Unallocated expenses rose to $23.7 million from $9.9 million a year earlier.

Cash and buybacks

Operations generated $337.0 million of cash in the quarter, lifting cash and short-term investments to $1.48 billion at quarter end. The current ratio stood at 4.4 to 1.

Mueller repurchased 3.2 million shares for $201.9 million during the quarter and has bought back 4.5 million shares so far this year. Dividends per share for the quarter rose to $0.175 from a split-adjusted $0.125.

For the first nine months, net income was $709.9 million, or $3.21 a diluted share, compared with $611.5 million, or $2.74, a year earlier, on net sales of $4.04 billion versus $3.22 billion.

The release did not include numerical financial guidance. Christopher said the company remains "optimistic" and is investing in its North American manufacturing operations to reduce costs and reshore production, while expanding product offerings and distribution.

By the numbers

• Diluted EPS: $1.00, vs. $0.94
• Net income: $221.2 million, vs. $208.1 million
• Net sales: $1.42 billion, vs. $1.08 billion
• Operating income: $281.6 million, vs. $276.1 million
• Third-quarter buybacks: 3.2 million shares for $201.9 million
• Cash and short-term investments: $1.48 billion

Sources

1. Mueller Industries, Inc., Form 8-K (Item 2.02) with Exhibit 99.1 press release reporting third quarter 2026 earnings, filed Oct. 20, 2026, accession 0000089439-26-000038

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