Mueller enjoys rise in sales and income

Mueller Industries Inc., Collierville, Tennessee, has reported double-digit increases in sales and income for the fourth quarter of 2024 compared with the prior year.

Mueller produces metal and metals products with an emphasis on copper and brass and operates a brass mill in Port Huron, Michigan as well as additional downstream facilities. The company has reported net income of $137.7 million for last year’s fourth quarter, a 15.4 percent rise from the $119.2 million it earned in late 2023.

Mueller's fourth quarter 2024 sales of $923.5 million jumped by 26.1 percent compared with the same time frame in 2023, and its operating income rose by 26 percent year on year.

For the full year 2024, Mueller’s $3.8 billion in net sales represented a 10.2 percent increase from $3.4 billion in sales in 2023. Last year, the firm’s operating income rose by 1.9 percent and its net income by just 0.3 percent.

“The quarter over quarter increase in net sales of $191.2 million was primarily attributable to sales recorded by businesses acquired during the second half of 2024 and improved unit volume in our United States construction-related products," the firm says about its 2024 fourth quarter.

Mueller also points to higher net selling prices as contributing to its increase in net sales, with the Comex copper averaging $4.22 per pound during the fourth quarter of 2024, 13 percent higher than in late 2023.

“We ended 2024 on a very positive note, and in terms of quarter over quarter operating income performance, the fourth quarter was our strongest of the year,” Mueller CEO Greg Christopher says.

“Despite subdued conditions, 2024 was a very solid year, as evidenced by our strong operational cash generation. Moreover, by year end, we successfully completed the integration of our Nehring Electrical Works and Elkhart Products acquisitions. Although they did not contribute to our fourth quarter operating income, we are excited about their progress and market position and expect they will be important contributors in 2025.”

Looking at the year now underway, Christopher says, “We enter 2025 with a number of promising initiatives underway, and are committed to reinvesting to strengthen and improve our core operations. In addition, we continue to search for acquisitions that will expand our infrastructure products platforms and provide opportunities to increase our capabilities, particularly in nonferrous metals manufacturing.

“We believe that while the impact of the new administration’s trade and regulatory policies will take time, they will ultimately prove beneficial to our business. Our concentration in the U.S. and status as a leading manufacturer position us well, as the U.S. remains one of the most secure end markets. All in all, we maintain a positive outlook for our company in 2025 and beyond.”

In an investor presentation from late last year, Mueller Industries indicates its copper alloy products contain 59 percent recycled content. The firm recently made a $20 million investment at a copper tube mill it operates in the United Kingdom to install a refinery that will enable the mill to melt and recycle scrap. “Recycled content of this business has increased to nearly 100 percent,” Mueller says.