Mueller Extends Earnings Growth Streak to Nine Quarters

The Tip Desk · October 22, 2026 · 2 min read

Net sales reached $1.42 billion as Industrial Metals sales rose 64.5% and copper averaged $6.48 a pound.

Mueller Industries (MLI), the Collierville, Tennessee industrial manufacturer, reported net sales of $1.42 billion for the third quarter of 2026, up 31.6% from $1.08 billion a year earlier, after a 25.4% year-over-year rise in the second quarter.

Net income attributable to Mueller Industries was $221.2 million, or $1.00 a share on a diluted basis, compared with $208.1 million, or $0.94 a share, a year earlier. Both per-share figures were adjusted for a two-for-one stock split that took effect on June 30, 2026. Operating income was $281.6 million.

Chief executive Greg Christopher said the company delivered year-over-year earnings growth for a ninth consecutive quarter, with stronger performance across all three reporting segments. He said demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data-center expansions and other commercial building activity, and that the results were noteworthy given a protracted decline in residential construction.

COMEX copper averaged $6.48 a pound in the quarter, a 34.2% increase over the year-ago period. The company said unit-volume growth across most of its businesses, combined with price adjustments related to higher material costs, contributed to the increase in net sales. Results included $9.4 million in charges related to purchase accounting for recent acquisitions.

Piping Systems was the largest contributor to the year-over-year sales increase. Segment net sales were $890.6 million, up 24.0% from $718.4 million. Piping Systems operating income was $225.3 million. Industrial Metals net sales were $409.4 million, up 64.5% from $248.9 million. Industrial Metals operating income was $33.7 million. Climate net sales were $142.8 million, and Climate operating income was $46.3 million. Intersegment eliminations reduced consolidated sales by $24.2 million. Unallocated expenses were $23.7 million.

Net cash generated from operations in the quarter was $337.0 million, raising cash and short-term investments at quarter-end to $1.48 billion. The company purchased 3.2 million shares of common stock for $201.9 million during the quarter. Year-to-date, it had purchased 4.5 million shares. The current ratio was 4.4 to 1.

Christopher said the company remains optimistic as it approaches the finish line for 2026 and looks ahead, citing investments in North American manufacturing to reduce costs and reshore production, along with initiatives to increase product offerings and expand distribution across multiple segments. He said those actions would keep the company positioned to capitalize on opportunities when U.S. residential building construction recovers and global economic conditions improve.