Mueller Industries (NYSE:MLI) delivered a record-breaking performance for the first quarter of 2026, characterized by double-digit growth across its primary financial metrics.
The Collierville, Tennessee-based manufacturer capitalized on rising raw material costs and strong demand across its industrial and commercial markets to post its best first-quarter earnings in company history.
Net sales for the quarter climbed to $1.19 billion, a 19% increase compared to the $1 billion reported in the first quarter of 2025.
This growth was largely supported by a 26.8% rise in COMEX copper prices, which averaged $5.80 per pound during the period, allowing the company to realize higher selling prices.
Net income rose substantially to $239 million, or $2.16 per diluted share, up from $157.4 million, or $1.39 per share, in the prior-year period.
Operating income for the quarter reached $312.2 million, which included a $41.4 million gain from the sale of the company's Sherwood Valve business.
Excluding this divestiture and the asset sale gains from the previous year, adjusted operating income grew by 41%.
Mueller Industries also maintained a robust balance sheet, ending the quarter with $1.38 billion in cash and zero debt.
The company’s current ratio remains a strong 5.4 to 1.
During the quarter, the firm generated $79.7 million in net cash from operations and utilized $75 million to repurchase 650,000 shares of its common stock.
In a further sign of confidence, the Board of Directors increased the quarterly dividend by 40% to $0.35 per share, marking the company's sixth consecutive year of double-digit dividend growth.
Additionally, the company closed the acquisition of Bison Metals Technologies on March 30, 2026, aiming to further bolster its copper tube manufacturing capacity.