$MLI · MUELLER INDUSTRIES INC
Mueller Industries filed its Q3 FY2026 10-Q, reporting net sales of $1.419B (+31.6% YoY), net income attributable to MLI of $221.2M, and diluted EPS of $1.00. For the nine months, revenue reached $4.04B with diluted EPS of $3.21. The quarter reflects broad-based strength across Piping Systems, Industrial Metals, and Climate segments, with operating margin at 19.8%.
- Q3 net sales of $1.419B, up 31.6% YoY from $1.078B, driven by Piping Systems and Industrial Metals segments
- Q3 diluted EPS of $1.00 vs $0.94 a year ago; nine-month diluted EPS of $3.21 vs $2.74
- Operating income of $281.6M in Q3, with operating margin at 19.8%
- Nine-month operating cash flow of $629.0M, up from $614.2M; cash and equivalents at $1.45B
- Share repurchases totaled $278.3M in the first nine months; quarterly dividend raised to $0.175 from $0.125
Extended-hours trading shows minimal movement (+0.01% vs filing-time price), suggesting the strong results were largely priced in or the market has not yet fully absorbed the quarter. The $12.73B market cap stock was already up 1.28% in the regular session.
A 31.6% revenue surge with 19.8% operating margins in a mature industrial manufacturer signals exceptional end-market demand and pricing power.
Mueller's 31.6% revenue growth far outpaces typical industrial/manufacturing peers, reflecting strong demand across HVAC, plumbing, and industrial metals end markets. The Piping Systems segment alone generated $890.6M in Q3 revenue.
Commodity price volatility remains a key risk, with the company using derivative hedges on copper and other metals. A $41.4M gain on the Sherwood sale boosted nine-month results and is non-recurring. Receivables jumped $253.6M in nine months, reflecting rapid growth that could pressure working-cap.
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