Insider Stock Moves - Las Vegas Sands CEO Robert Goldstein sold over 1 million shares for approximately $71 million, transitioning to a senior adviser role in March [1] - Mueller Industries CEO sold $350,000 shares for $36 million, reducing his stake by more than 20%, marking his largest sale as the stock reaches an all-time high [2] - Oracle director Jeffrey Berg sold nearly 50,000 shares for $14 million, reducing his holdings by about a quarter, with increased insider selling noted at Oracle [3] - Morgan Stanley CEO Ted Pick sold 100,000 shares for just over $16 million, reducing his stake by 11%, with Morgan Stanley shares up about 18% over the last three months [3]

Core Insights - Mueller Industries, Inc. (NYSE:MLI) is recognized among the 15 Dividend Growth Stocks with the highest growth rates, indicating strong performance in dividend growth [1] - The company reported resilient Q3 results, showcasing robust cash flow and a commitment to long-term growth despite challenges in the residential construction market [2][3] Financial Performance - In Q3 2025, Mueller Industries experienced a decline in unit volumes due to weakness in residential construction and increased imports ahead of rising tariffs, yet management highlighted a strong quarter overall [3] - The financial position remains strong, with net cash from operations of $310.1 million and a cash balance of $1.3 billion, resulting in a current ratio of 4.8 to 1, making it attractive for income-focused investors [4] - The company has a quarterly dividend of $0.25 per share, which was raised by 25% in February, marking the fifth consecutive year of dividend growth, with a current dividend yield of 0.95% as of October 30 [4]

Core Insights - Mueller Industries Inc (NYSE:MLI) is a prominent manufacturer in the copper, brass, aluminum, and plastic products sector, serving various industries including plumbing, refrigeration, and automotive [1] Financial Performance - In Q3 2025, Mueller Industries reported a net income of $208.1 million, up from $168.7 million in Q3 2024, indicating a strong year-over-year growth [3] - Operating income increased to $276.1 million from $206.7 million in the same period last year [3] - Net sales reached $1.08 billion, surpassing the $997.8 million recorded in Q3 2024, supported by a 14.3% rise in COMEX copper prices, averaging $4.83 per pound [4] - Diluted earnings per share (EPS) improved to $1.88 from $1.48 [4] Market Position - Mueller Industries has a market capitalization of approximately $11.57 billion, reflecting a robust market position [5] - The stock has experienced a 52-week high of $106.28 and a low of $66.84, with a trading volume of 922,534 shares indicating strong investor interest [5][6]

Financial Performance - Net income for Q3 2025 was $208.1 million, up from $168.7 million in Q3 2024, representing a 23.4% increase[6] - Operating income increased to $276.1 million from $206.7 million, a rise of 33.5% year-over-year[6] - Net sales reached $1.08 billion, compared to $997.8 million in the same quarter last year, marking an 8.2% increase[6] - Diluted EPS rose to $1.88, up from $1.48, reflecting a 27.0% increase[6] - Consolidated net income for the nine months ended September 27, 2025, was $618,018, an increase of 29.6% compared to $476,939 for the same period in 2024[18] - Net cash provided by operating activities increased to $614,233, up from $505,787, reflecting a growth of 21.5% year-over-year[18] Tax and Expenses - The effective income tax rate increased to 26% from 23% in the prior year, with an expected annualized rate of 25% for fiscal year 2025[6] - Depreciation and amortization expenses rose to $51,635, compared to $31,140 in the previous year, reflecting a 65.7% increase[18] Cash Flow and Liquidity - Cash generated from operations was $310.1 million, with a cash balance of $1.3 billion and no debt[6] - Cash, cash equivalents, and restricted cash at the end of the period reached $1,262,886, up from $965,605, indicating a growth of 30.9%[20] - Cash flows from investing activities showed a net cash used of $32,787, significantly improved from $571,250 in the previous year[18] - The effect of exchange rate changes on cash resulted in an increase of $9,836, contrasting with a decrease of $4,709 in the previous year[20] Dividends and Stock Repurchase - Dividends paid to stockholders increased to $81,723, compared to $66,796 in the prior year, marking a rise of 22.3%[20] - The company repurchased common stock amounting to $243,615, a substantial increase from $48,681 in the previous year[20] Segment Performance - The Piping Systems Segment reported net sales of $718.4 million, up from $653.9 million, a 9.9% increase[14] - The Industrial Metals Segment saw net sales of $248.9 million, compared to $238.0 million, a 4.0% increase[14] - The Climate Segment's net sales were $126.7 million, slightly down from $128.5 million, a decrease of 1.4%[14] Strategic Initiatives - Mueller Industries plans to enhance domestic manufacturing capabilities in response to market demand for locally produced products[7] Financial Management - Current liabilities increased significantly by $95,493, from $25,303 to $120,796, indicating a strategic shift in financial management[18] - The company reported a gain on disposals of properties amounting to $26,654, compared to a loss of $3,953 in the previous year[18]

Core Insights - The Lazard US Systematic Small Cap Equity ETF (SYZ) has an annualized total return of 3.56% since its inception, outperforming the benchmark Russell 2000 Index, which has a return of -0.04% [1] - The ETF was converted from a mutual fund on September 12, 2023, and has been trading for 17 days as an ETF [1] - The ETF's portfolio consists of 427 small-cap stocks selected through a proprietary automated process, with market caps ranging from $54.5 million to $15.9 billion [6] Investment Opportunities - The ETF's valuation metrics show an average price-to-cash flow ratio of 9.93x, significantly lower than the Russell 2000's 15.07x, and a free cash flow yield of 6.57%, compared to the index's 1.98% [7] - Notable holdings in the ETF include Mueller Industries (MLI), which has nearly doubled its market cap from $5.5 billion to $10.9 billion in 22 months, and is trading at 14.6 times its 2025 earnings per share estimate of $6.75 [9] - Perimeter Solutions (PRM), the ETF's seventh-largest holding, has seen a 73% increase in its stock price in 2025, with sales growth of 26% to $234.7 million in the first half of 2025 [10][11] - Willdan Group (WLDN) has a market cap of $1.4 billion and reported a 27.5% increase in net revenues to $180.3 million in the first half of 2025, with a full-year revenue guidance of $345 million [17][19] Market Context - The ETF's recent performance is set against a backdrop where U.S. stocks experienced a decline for the first time in eight trading sessions, while gold prices reached a record high of over $4,000 [5] - The small-cap sector is gaining attention as large-cap stocks have become expensive, prompting a shift in focus towards smaller companies [4]

Core Viewpoint - Mueller Industries is positioned to benefit from three significant catalysts in the copper market, particularly due to the recent imposition of 50% tariffs on copper imports by the United States [1]. Group 1: Company Overview - Mueller Industries is a leading manufacturer of semi-finished copper products in the United States [1]. Group 2: Market Impact - The 50% tariffs on copper imports are expected to create a favorable environment for domestic producers like Mueller Industries, potentially enhancing their market position and profitability [1].

Core Viewpoint - Mueller Industries is positioned to benefit from three significant catalysts in the copper market, particularly due to the recent imposition of 50% tariffs on copper imports by the United States [1]. Group 1: Company Overview - Mueller Industries is a leading manufacturer of semi-finished copper products in the United States [1]. Group 2: Market Impact - The 50% tariffs on copper imports are expected to create a favorable environment for domestic producers like Mueller Industries [1].

Core Viewpoint - Mueller Industries (NYSE: MLI) shares are currently undervalued, leading to a Buy rating for the stock [1] Company Analysis - The company operates in markets that are experiencing challenges, yet it remains a strong investment opportunity [1] Investment Thesis - The analysis suggests that despite market difficulties, the intrinsic value of Mueller Industries is not reflected in its current stock price, indicating potential for growth [1]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Introduction and Key Adjustments](index=1&type=section&id=Introduction%20and%20Key%20Adjustments) Mueller Industries reported Q2 2025 earnings, including a **$36.3 million pre-tax gain** from a March 2023 tornado insurance claim, with partial proceeds received and more expected - Mueller Industries, Inc. (NYSE: MLI) announced its second quarter 2025 results, with comparisons made to the second quarter of 2024[2](index=2&type=chunk) - The results include a **$36.3 million gain** (**$28.1 million net of tax**) from an insurance claim related to a March 2023 tornado, with **$15.0 million received in 2025** and additional insurance recovery amounts expected[3](index=3&type=chunk) [Second Quarter Financial and Operating Highlights](index=1&type=section&id=Second%20Quarter%20Financial%20and%20Operating%20Highlights) Mueller Industries achieved a record quarter, excluding insurance recovery, with **net sales up 14.1%** from acquisitions and higher prices, maintaining a strong cash position Q2 2025 Financial Highlights (vs Q2 2024) | Metric | Q2 2025 (GAAP) | Q2 2024 | Change | Q2 2025 (Excl. Insurance Gain) | | :-------------------------------- | :------------- | :-------- | :----- | :----------------------------- | | Net Income | $245.9 million | $160.2 million | +53.5% | $217.9 million | | Operating Income | $304.2 million | $210.0 million | +44.9% | $267.9 million | | Net Sales | $1.14 billion | $997.7 million | +14.1% | N/A | | Diluted EPS | $2.22 | $1.41 | +57.4% | $1.96 | - The quarter-over-quarter increase in net sales was largely attributable to sales from the two businesses acquired in 2024 (Nehring and EPC) and to higher selling prices related to a rise in raw material costs across all businesses[5](index=5&type=chunk)[6](index=6&type=chunk) - COMEX copper averaged **$4.72 per pound** during the quarter, representing a **3.7% increase** over the prior period[6](index=6&type=chunk) - Net cash generated from operations was **$190.6 million**, with a cash balance net of debt of **$1.0 billion** at quarter end, and a strong current ratio of **4.9 to 1**[6](index=6&type=chunk) [CEO Commentary and Business Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Business%20Outlook) CEO Greg Christopher praised a record quarter, noting acquisition benefits and optimism for future growth despite market uncertainties - CEO Greg Christopher stated that, excluding the tornado-related insurance recovery, the company delivered a record quarter, crediting manufacturing operations and commercial teams for outstanding execution[5](index=5&type=chunk) - Positive progress and contributions were observed from the 2024 acquisitions, Nehring and EPC, with expectations for continued improvement[5](index=5&type=chunk) - Business conditions are unsettled, with U.S. residential construction subdued; demand is expected to increase when interest rates are reduced, and trade protections are believed to ultimately benefit most portfolio companies[7](index=7&type=chunk) - The company is optimistic about its future, focusing on a growth platform in water infrastructure, HVAC/R, and electrical transmission, and continues to invest in efficiency and capabilities while actively seeking strategic acquisitions[7](index=7&type=chunk) [Company Overview](index=2&type=section&id=Company%20Overview) Mueller Industries is an industrial corporation manufacturing vital goods for diverse markets globally - 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; energy transmission; medical; aerospace; and automotive[7](index=7&type=chunk) - The company includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section outlines potential risks and uncertainties associated with forward-looking statements, advising caution - Statements in this release that are not strictly historical may be 'forward-looking' statements, involving risks and uncertainties such as economic and currency conditions, raw material availability, market demand, pricing, competitive and technological factors, and financing availability[8](index=8&type=chunk) - Readers should not place undue reliance on forward-looking statements, which speak only as of the report date, and the Company has no obligation to publicly update or revise these statements[8](index=8&type=chunk) [Contact Information](index=2&type=section&id=Contact%20Information) For inquiries, please contact Jeffrey A. Martin - For inquiries, contact Jeffrey A. Martin at (901) 753-3226[9](index=9&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The consolidated income statement for Q2 2025 and YTD 2025 shows significant increases in net sales, operating income, and net income, driven by higher sales and operating performance, including an insurance proceeds gain Consolidated Income Statement Condensed Consolidated Statements of Income (Q2 2025 vs Q2 2024) | Metric (in thousands) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------------------- | :-------- | :-------- | :--------- | :--------- | | Net sales | $1,138,173 | $997,745 | $2,138,338 | $1,847,399 | | Cost of goods sold | $785,194 | $724,990 | $1,513,379 | $1,333,693 | | Operating income | $304,168 | $210,006 | $510,430 | $393,431 | | Income before income taxes | $324,443 | $222,926 | $535,663 | $424,476 | | Net income attributable to Mueller Industries, Inc. | $245,924 | $160,165 | $403,356 | $298,528 | | Diluted earnings per share | $2.22 | $1.41 | $3.60 | $2.62 | | Dividends per share | $0.25 | $0.20 | $0.50 | $0.40 | - The Q2 2025 income statement includes a **$36,278 thousand gain** on insurance proceeds, which contributed to the reported operating income and net income[11](index=11&type=chunk) Summary Segment Data Net Sales by Segment (Q2 2025 vs Q2 2024) | Segment (in thousands) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--------------------- | :-------- | :-------- | :--------- | :--------- | | Piping Systems Segment | $743,475 | $688,469 | $1,383,158 | $1,278,637 | | Industrial Metals Segment | $270,598 | $195,341 | $522,511 | $351,408 | | Climate Segment | $137,515 | $130,532 | $260,622 | $247,342 | | Total Net Sales | $1,138,173 | $997,745 | $2,138,338 | $1,847,399 | Operating Income by Segment (Q2 2025 vs Q2 2024) | Segment (in thousands) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--------------------- | :-------- | :-------- | :--------- | :--------- | | Piping Systems Segment | $250,296 | $162,258 | $408,460 | $304,938 | | Industrial Metals Segment | $30,610 | $29,693 | $60,694 | $53,964 | | Climate Segment | $42,628 | $38,993 | $78,252 | $71,568 | | Total Operating Income | $304,168 | $210,006 | $510,430 | $393,431 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 28, 2025, total assets increased due to higher accounts receivable and inventories, while total liabilities and stockholders' equity also saw healthy rises Condensed Consolidated Balance Sheets (as of June 28, 2025 vs Dec 28, 2024) | Metric (in thousands) | June 28, 2025 | December 28, 2024 | | :-------------------------- | :-------------- | :---------------- | | Total current assets | $2,214,134 | $2,012,229 | | Total assets | $3,487,442 | $3,290,906 | | Total current liabilities | $455,965 | $397,987 | | Total liabilities | $546,819 | $486,498 | | Total Mueller Industries, Inc. stockholders' equity | $2,916,560 | $2,773,165 | - Cash and cash equivalents decreased slightly from

Core Insights - Mueller Streamline Co. is investing over $7 million to expand its manufacturing facility in Wynne, Arkansas, which is expected to create 60 new jobs over the next two years [1][4]. Company Expansion - The investment will enhance distribution and packaging operations, initially adding 40 jobs, increasing total employment at the Wynne campus to approximately 170 [3]. - The company has a history of supporting local economies since acquiring Halstead Industries in 1998, including building a new distribution center and acquiring operations in Springdale and Fayetteville [2]. Economic Impact - The expansion aligns with the Arkansas government's commitment to community support and economic recovery following a tornado in 2023 [4]. - Local officials, including the Mayor of Wynne and the executive director of the Arkansas Economic Development Commission, emphasize the importance of this investment for economic growth and job creation in eastern Arkansas [5][6]. Job Opportunities - Mueller will be hiring for various positions in Wynne, with applications currently open [6].