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Mueller Industries公布2026年二季度业绩，营收增长但EPS仅小幅提升
公司二季度净销售额同比由11.38亿美元增至14.28亿美元，主要受铜价上涨、销量增长及并购贡献推动。
📄 原文MLI↗ 原文
Mueller Industries, Inc. Reports Second Quarter 2026 Earnings
Press Releases Mueller Industries, Inc. Reports Second Quarter 2026 Earnings July 21, 2026 7:00am EDT Download as PDF R…
不做 Mueller Industries（MLI.US）
例行财报披露，EPS同比仅约+1.8%，未确认相对一致预期的明显超预期或新增订单/指引上修，缺少短线正期望交易边界。
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研究档案
🔎 新鲜度:最早出现 2026-07-21 · 扩散 low · price-in 风险 medium ↗
关键理由
- 公司二季度净销售额同比由11.38亿美元增至14.28亿美元，主要受铜价上涨、销量增长及并购贡献推动。
- 净利润同比仅由2.459亿美元增至2.497亿美元，摊薄EPS由1.11美元增至1.13美元，盈利增幅很小。
- 剔除去年同期保险收益后经营利润有改善，但公告未给出明显超预期指引或足以触发短线重定价的新订单/资本回报增量。
主要风险
- 财报类事件默认需验证相对一致预期的超预期幅度；本信号仅披露同比数据，无法确认构成显著正向surprise。
- 营收增长部分来自铜价上涨和收购并表，利润弹性弱，容易被市场视为常规财报更新。
原文全文
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Press Releases
Mueller Industries, Inc. Reports Second Quarter 2026 Earnings
July 21, 2026 7:00am EDT
Download as PDF
Related Documents
COLLIERVILLE, Tenn.--(BUSINESS WIRE)--
Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2026. Comparisons are to the second quarter of 2025.
Net Sales increased to $1.43 billion versus $1.14 billion.
Net Income increased to $249.7 million versus $245.9 million.
Operating Income increased to $310.0 million versus $304.2 million.
Diluted EPS* increased to $1.13 versus $1.11.
Dividends per share* increased to $.175 versus $.125.
* Diluted EPS and dividends per share have been adjusted retroactively to reflect the two-for-one stock split that took effect on June 30, 2026.
Second Quarter Financial and Operating Highlights:
COMEX copper averaged $6.16 per pound during the quarter, a 30.6 percent increase over the prior year period.
Adjusting for the $36.3 million insurance gain ($28.1 million net of tax) recognized in the second quarter of 2025, we delivered a 15.7 percent increase in operating income.
Unit volume growth in each of our three reporting segments, combined with price increases related to the rise in material costs, contributed to the overall increase in net sales.
Net cash generated from operations was $212.3 million. We utilized $138.3 million during the quarter to acquire Bison Metals Technologies LLC.
Our cash and short-term investments balance at quarter end was $1.42 billion, and our current ratio remains strong at 4.8 to 1.
Regarding the results and outlook for the business, Greg Christopher, Mueller’s CEO said, “We delivered consistent year over year earnings growth and executed at a high level. Business demand continues to strengthen in our commercial, industrial and electrical markets. Backlogs are strong, and we are carrying out our 2030 strategic plan initiatives with a high sense of urgency. During the quarter, we completed two acquisitions in our core metals businesses — Bison Metals Technologies on March 30, 2026, and Chicago Extruded Metals on June 12, 2026. With Bison already having delivered a record second quarter, we expect both to meaningfully contribute in the near term.
We are optimistic that the U.S. residential construction markets will eventually improve, and look forward to a resolution of the conflict in Iran, leading to lower energy costs and reduced inflationary pressures. As such, we are anticipating continued strength in our business.”
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.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Quarter Ended
For the Six Months Ended
(In thousands, except per share data)
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
Net sales
$
1,427,923
$
1,138,173
$
2,620,928
$
2,138,338
Cost of goods sold
1,032,577
785,194
1,867,138
1,513,379
Depreciation and amortization
17,335
17,905
33,987
35,028
Selling, general, and administrative expense
67,850
67,521
134,635
130,581
Loss (gain) on disposal of assets, net
187
(337
)
1,720
(14,802
)
Gain on sale of business
—
—
(41,407
)
—
Asset impairments
—
—
2,653
—
Gain on insurance proceeds
—
(36,278
)
—
(36,278
)
Operating income
309,974
304,168
622,202
510,430
Interest expense
(134
)
(17
)
(134
)
(42
)
Interest income
10,978
8,222
22,848
18,123
Unrealized gains on short-term investments
6,545
13,212
4,508
8,202
Other expense, net
(1,127
)
(1,142
)
(2,359
)
(1,050
)
Income before income taxes
326,236
324,443
647,065
535,663
Income tax expense
(82,869
)
(78,857
)
(162,424
)
(130,332
)
Income from unconsolidated affiliates, net of foreign tax
6,920
2,897
7,035
2,439
Consolidated net income
250,287
248,483
491,676
407,770
Net income attributable to noncontrolling interests
(632
)
(2,559
)
(3,003
)
(4,414
)
Net income attributable to Mueller Industries, Inc.
$
249,655
$
245,924
$
488,673
$
403,356
Weighted average shares for basic earnings per share (1)
217,412
217,492
217,800
219,484
Effect of dilutive stock-based awards (1)
3,780
4,392
3,706
4,530
Adjusted weighted average shares for diluted earnings per share (1)
221,192
221,884
221,506
224,014
Basic earnings per share (1)
$
1.15
$
1.13
$
2.24
$
1.84
Diluted earnings per share (1)
$
1.13
$
1.11
$
2.21
$
1.80
Dividends per share (1)
$
0.175
$
0.125
$
0.350
$
0.250
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
For the Six Months Ended
(In thousands)
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
Summary Segment Data:
Net sales:
Piping Systems Segment
$
946,575
$
743,475
$
1,707,103
$
1,383,158
Industrial Metals Segment
354,998
270,598
676,275
522,511
Climate Segment
144,952
137,515
268,717
260,622
Elimination of intersegment sales
(18,602
)
(13,415
)
(31,167
)
(27,953
)
Net sales
$
1,427,923
$
1,138,173
$
2,620,928
$
2,138,338
Operating income:
Piping Systems Segment
$
248,346
$
250,296
$
465,356
$
408,460
Industrial Metals Segment
42,787
30,610
87,058
60,694
Climate Segment
42,583
42,628
75,962
78,252
Unallocated expenses
(23,742
)
(19,366
)
(6,174
)
(36,976
)
Operating income
$
309,974
$
304,168
$
622,202
$
510,430
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 27,
2026
December 27,
2025
ASSETS
Cash and cash equivalents
$
1,388,748
$
1,367,003
Short-term investments
27,241
22,733
Accounts receivable, net
761,869
475,566
Inventories
607,654
510,463
Other current assets
59,759
69,980
Total current assets
2,845,271
2,445,745
Property, plant, and equipment, net
557,196
536,466
Operating lease right-of-use assets
19,239
27,211
Other assets
835,562
723,607
Total assets
$
4,257,268
$
3,733,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable
$
295,767
$
180,577
Current portion of operating lease liabilities
7,589
8,520
Other current liabilities
292,468
224,037
Total current liabilities
595,824
413,134
Long-term debt
5,243
—
Pension and postretirement liabilities
8,389
8,393
Environmental reserves
15,689
15,684
Deferred income taxes
34,513
31,640
Noncurrent operating lease liabilities
11,852
18,970
Other noncurrent liabilities
11,742
9,302
Total liabilities
683,252
497,123
Total Mueller Industries, Inc. stockholders’ equity
3,547,750
3,209,966
Noncontrolling interests
26,266
25,940
Total equity
3,574,016
3,235,906
Total
Mueller Industries, Inc. Reports Second Quarter 2026 Earnings
July 21, 2026 7:00am EDT
Download as PDF
Related Documents
COLLIERVILLE, Tenn.--(BUSINESS WIRE)--
Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2026. Comparisons are to the second quarter of 2025.
Net Sales increased to $1.43 billion versus $1.14 billion.
Net Income increased to $249.7 million versus $245.9 million.
Operating Income increased to $310.0 million versus $304.2 million.
Diluted EPS* increased to $1.13 versus $1.11.
Dividends per share* increased to $.175 versus $.125.
* Diluted EPS and dividends per share have been adjusted retroactively to reflect the two-for-one stock split that took effect on June 30, 2026.
Second Quarter Financial and Operating Highlights:
COMEX copper averaged $6.16 per pound during the quarter, a 30.6 percent increase over the prior year period.
Adjusting for the $36.3 million insurance gain ($28.1 million net of tax) recognized in the second quarter of 2025, we delivered a 15.7 percent increase in operating income.
Unit volume growth in each of our three reporting segments, combined with price increases related to the rise in material costs, contributed to the overall increase in net sales.
Net cash generated from operations was $212.3 million. We utilized $138.3 million during the quarter to acquire Bison Metals Technologies LLC.
Our cash and short-term investments balance at quarter end was $1.42 billion, and our current ratio remains strong at 4.8 to 1.
Regarding the results and outlook for the business, Greg Christopher, Mueller’s CEO said, “We delivered consistent year over year earnings growth and executed at a high level. Business demand continues to strengthen in our commercial, industrial and electrical markets. Backlogs are strong, and we are carrying out our 2030 strategic plan initiatives with a high sense of urgency. During the quarter, we completed two acquisitions in our core metals businesses — Bison Metals Technologies on March 30, 2026, and Chicago Extruded Metals on June 12, 2026. With Bison already having delivered a record second quarter, we expect both to meaningfully contribute in the near term.
We are optimistic that the U.S. residential construction markets will eventually improve, and look forward to a resolution of the conflict in Iran, leading to lower energy costs and reduced inflationary pressures. As such, we are anticipating continued strength in our business.”
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.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Quarter Ended
For the Six Months Ended
(In thousands, except per share data)
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
Net sales
$
1,427,923
$
1,138,173
$
2,620,928
$
2,138,338
Cost of goods sold
1,032,577
785,194
1,867,138
1,513,379
Depreciation and amortization
17,335
17,905
33,987
35,028
Selling, general, and administrative expense
67,850
67,521
134,635
130,581
Loss (gain) on disposal of assets, net
187
(337
)
1,720
(14,802
)
Gain on sale of business
—
—
(41,407
)
—
Asset impairments
—
—
2,653
—
Gain on insurance proceeds
—
(36,278
)
—
(36,278
)
Operating income
309,974
304,168
622,202
510,430
Interest expense
(134
)
(17
)
(134
)
(42
)
Interest income
10,978
8,222
22,848
18,123
Unrealized gains on short-term investments
6,545
13,212
4,508
8,202
Other expense, net
(1,127
)
(1,142
)
(2,359
)
(1,050
)
Income before income taxes
326,236
324,443
647,065
535,663
Income tax expense
(82,869
)
(78,857
)
(162,424
)
(130,332
)
Income from unconsolidated affiliates, net of foreign tax
6,920
2,897
7,035
2,439
Consolidated net income
250,287
248,483
491,676
407,770
Net income attributable to noncontrolling interests
(632
)
(2,559
)
(3,003
)
(4,414
)
Net income attributable to Mueller Industries, Inc.
$
249,655
$
245,924
$
488,673
$
403,356
Weighted average shares for basic earnings per share (1)
217,412
217,492
217,800
219,484
Effect of dilutive stock-based awards (1)
3,780
4,392
3,706
4,530
Adjusted weighted average shares for diluted earnings per share (1)
221,192
221,884
221,506
224,014
Basic earnings per share (1)
$
1.15
$
1.13
$
2.24
$
1.84
Diluted earnings per share (1)
$
1.13
$
1.11
$
2.21
$
1.80
Dividends per share (1)
$
0.175
$
0.125
$
0.350
$
0.250
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter Ended
For the Six Months Ended
(In thousands)
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
Summary Segment Data:
Net sales:
Piping Systems Segment
$
946,575
$
743,475
$
1,707,103
$
1,383,158
Industrial Metals Segment
354,998
270,598
676,275
522,511
Climate Segment
144,952
137,515
268,717
260,622
Elimination of intersegment sales
(18,602
)
(13,415
)
(31,167
)
(27,953
)
Net sales
$
1,427,923
$
1,138,173
$
2,620,928
$
2,138,338
Operating income:
Piping Systems Segment
$
248,346
$
250,296
$
465,356
$
408,460
Industrial Metals Segment
42,787
30,610
87,058
60,694
Climate Segment
42,583
42,628
75,962
78,252
Unallocated expenses
(23,742
)
(19,366
)
(6,174
)
(36,976
)
Operating income
$
309,974
$
304,168
$
622,202
$
510,430
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 27,
2026
December 27,
2025
ASSETS
Cash and cash equivalents
$
1,388,748
$
1,367,003
Short-term investments
27,241
22,733
Accounts receivable, net
761,869
475,566
Inventories
607,654
510,463
Other current assets
59,759
69,980
Total current assets
2,845,271
2,445,745
Property, plant, and equipment, net
557,196
536,466
Operating lease right-of-use assets
19,239
27,211
Other assets
835,562
723,607
Total assets
$
4,257,268
$
3,733,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable
$
295,767
$
180,577
Current portion of operating lease liabilities
7,589
8,520
Other current liabilities
292,468
224,037
Total current liabilities
595,824
413,134
Long-term debt
5,243
—
Pension and postretirement liabilities
8,389
8,393
Environmental reserves
15,689
15,684
Deferred income taxes
34,513
31,640
Noncurrent operating lease liabilities
11,852
18,970
Other noncurrent liabilities
11,742
9,302
Total liabilities
683,252
497,123
Total Mueller Industries, Inc. stockholders’ equity
3,547,750
3,209,966
Noncontrolling interests
26,266
25,940
Total equity
3,574,016
3,235,906
Total
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