Executive Summary

Q4 2024 delivered strong year-over-year growth: net sales $923.5M (+26.1% YoY), operating income $170.3M (+26.0% YoY), and diluted EPS $1.21 (+15.2% YoY) driven by acquisitions, improved U.S. construction volumes, and higher copper prices; sequentially, revenue and EPS declined vs Q3 2024 as Q4 seasonality and acquisition purchase accounting weighed on results .
Cash generation remained robust: $140.1M cash from operations in Q4 and $645.9M for FY, with year-end cash + short-term investments totaling ~$1.06B and a current ratio of 5.1x, reinforcing balance sheet strength .
Management highlighted successful integration of Nehring Electrical Works and Elkhart Products and expects them to be meaningful contributors in 2025; outlook is constructive on U.S.-centric end markets and potential benefits from the new administration’s trade/regulatory posture .
Dividend cadence remains a tangible catalyst: Q4 dividend of $0.20 was paid in December, followed by a 25% increase to $0.25 for March 2025, marking the fifth consecutive year of double-digit dividend hikes .

What Went Well and What Went Wrong

What Went Well

YoY acceleration: Net sales +26.1% to $923.5M and operating income +26.0% to $170.3M; diluted EPS +15.2% to $1.21, supported by acquisitions and higher net selling prices as COMEX copper averaged $4.22/lb (+13% YoY) .
Strong cash generation and liquidity: $140.1M operating cash in Q4; year-end cash and short-term investments ~$1.06B; current ratio 5.1x .
Strategic progress: “We ended 2024 on a very positive note… our strongest [quarter-over-quarter] operating income performance of the year… we successfully completed the integration of our Nehring Electrical Works and Elkhart Products acquisitions… expect they will be important contributors in 2025.” — CEO Greg Christopher .

What Went Wrong

Sequential moderation: Revenue fell to $923.5M from $997.8M in Q3 2024; operating income declined to $170.3M from $206.7M; diluted EPS declined to $1.21 from $1.48, reflecting seasonal dynamics and acquisition-related accounting .
Non-cash acquisition impacts: Q4 results included $10.7M of non-cash purchase accounting adjustments for acquisitions, modestly pressuring reported earnings .
Climate Segment softness across the year: Climate operating income for FY 2024 declined vs FY 2023 ($146.1M vs $171.9M), indicating persistent end-market restraint despite Q4 improvement .

Financial Results

Summary Financials vs Prior Year and Prior Quarters

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Net Sales ($USD Millions)	$732.4	$997.7	$997.8	$923.5
Operating Income ($USD Millions)	$135.2	$210.0	$206.7	$170.3
Net Income Attributable to MLI ($USD Millions)	$119.2	$160.2	$168.7	$137.7
Diluted EPS ($)	$1.05	$1.41	$1.48	$1.21
Cost of Goods Sold ($USD Millions)	$536.4	$725.0	$722.5	$668.2
Gross Profit ($USD Millions)	$196.0	$272.8	$275.4	$255.4
Gross Margin (%)	26.8%	27.3%	27.6%	27.6%
Operating Margin (%)	18.5%	21.1%	20.7%	18.4%
Net Income Margin (%)	16.3%	16.1%	16.9%	14.9%
Cash from Operations ($USD Millions)	N/A	$100.8	$231.4	$140.1

Note: Consensus estimates from S&P Global were unavailable at the time of analysis, so estimate comparison cannot be shown (S&P Global data unavailable).

Segment Breakdown

Segment	Q4 2023 Net Sales ($MM)	Q3 2024 Net Sales ($MM)	Q4 2024 Net Sales ($MM)	Q4 2023 Op Income ($MM)	Q3 2024 Op Income ($MM)	Q4 2024 Op Income ($MM)
Piping Systems	$513.9	$653.9	$592.8	$113.6	$163.6	$148.9
Industrial Metals	$125.4	$238.0	$229.0	$15.0	$24.2	$14.4
Climate	$103.9	$128.5	$112.6	$26.0	$40.8	$33.7
Intersegment Elims / Unallocated	($10.9)	($22.5)	($10.9)	($19.3)	($21.9)	($26.8)
Total	$732.4	$997.8	$923.5	$135.2	$206.7	$170.3

KPIs and Operating Drivers

KPI / Driver	Q2 2024	Q3 2024	Q4 2024
COMEX Copper Avg ($/lb)	$4.55	$4.23	$4.22
Purchase Accounting (Non-cash)	N/A	Transaction expenses $2.7M; acquired op costs $3.9M	$10.7M non-cash purchase accounting
Cash + Short-term Investments ($MM)	$825.7	$969.6	~$1,060.0
Current Ratio (x)	4.7x	4.9x	5.1x
Cash from Operations ($MM)	$100.8	$231.4	$140.1

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Quarterly Dividend per Share	Q4 2024	$0.20 (declared Nov 8, 2024; paid Dec 20, 2024)	$0.25 (declared Feb 21, 2025; payable Mar 28, 2025)	Raised (+25%)
Revenue/Margins/Tax/Opex/Segment Guidance	Q4 2024 / FY 2025	Not provided	Not provided	Maintained (no formal numerical guidance)

Earnings Call Themes & Trends

Note: The Q4 2024 earnings call transcript was not available in our document set, so themes are derived from management’s press-release commentary across quarters.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Acquisitions & Integration	Nehring acquired; platform for energy infrastructure; internal investments paying off	“Substantial progress” integrating two acquisitions; contributed positively	Nehring & Elkhart integration completed; expected contributors in 2025	Positive execution; near-term accounting costs, growing 2025 impact
Copper Price Tailwinds	COMEX $4.55/lb (+18.4% YoY) supported pricing	COMEX $4.23/lb (+12% YoY)	COMEX $4.22/lb (+13% YoY)	Stable tailwind YoY; sequentially flat/slightly down
Macro/Interest Rates	Anticipated declining rates/moderating inflation to help	Same as Q3 commentary	New admin policies seen as ultimately beneficial; strong U.S. end-market positioning	Constructive U.S.-centric outlook
Cash Generation/Liquidity	Cash from ops $100.8M; strong balance sheet	Cash from ops $231.4M; current ratio 4.9x	Cash from ops $140.1M; current ratio 5.1x; cash+ST inv ~$1.06B	Sustained strength
Segment Mix	Climate softer YoY; Piping & Industrial supported by pricing/volumes	Piping and Industrial improved; Climate moderated	Piping led Q4 operating income; Industrial stable; Climate improved vs Q4 2023	Piping resilient; Climate mixed

Management Commentary

“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… we successfully completed the integration of our Nehring Electrical Works and Elkhart Products acquisitions… expect they will be important contributors in 2025.” — Greg Christopher, CEO .
“We enter 2025 with a number of promising initiatives underway… continue to search for acquisitions that will expand our infrastructure products platforms… particularly in nonferrous metals manufacturing… [new administration’s] trade and regulatory policies will ultimately prove beneficial… we maintain a positive outlook for our Company in 2025 and beyond.” — Greg Christopher .
Prior quarter perspective: “We continued to deliver very good results, and generated significant cash despite generally restrained business conditions… substantial progress toward integrating our two recently acquired businesses…” — Greg Christopher, Q3 2024 .
Q2 2024 strategic emphasis: “Our businesses continue to perform well despite persistent heightened inflation and restrained construction activity… our acquisition of Nehring Electrical Works… provides a substantial platform for expansion in the energy infrastructure space.” — Greg Christopher .

Q&A Highlights

The Q4 2024 earnings call transcript was not available in our document library, so Q&A highlights and any intra-quarter guidance clarifications cannot be provided at this time. Management’s press-release commentary indicates completed integrations and anticipated 2025 contributions from acquired businesses, with a constructive outlook on U.S. end markets and policy environment .

Estimates Context

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable due to data access limits at the time of analysis; therefore, we cannot evaluate beat/miss vs estimates. This limits near-term estimate comparison and requires subsequent validation when consensus becomes available (S&P Global data unavailable).

Key Takeaways for Investors

Sequential moderation but strong YoY growth: Q4 revenue $923.5M (+26.1% YoY) and EPS $1.21 (+15.2% YoY), though down vs Q3 on seasonality and acquisition accounting costs; gross margin held ~27.6% .
Balance sheet and cash flow remain a differentiator: $140.1M operating cash in Q4; ~$1.06B cash+ST investments; current ratio 5.1x, enabling continued reinvestment and M&A optionality .
Acquisition integration is a 2025 earnings lever: Nehring and Elkhart integrations are complete; management expects contributions in 2025, with infrastructure platforms targeted for expansion .
Dividend policy is a tangible return driver: Q4 dividend paid at $0.20; raised to $0.25 (+25%) for March 2025—fifth straight year of double-digit increases, supporting total return profile .
Pricing tailwinds from copper: COMEX averaged $4.22/lb in Q4 (flat vs Q3, above prior year), sustaining pricing power and net selling prices; watch copper volatility for 2025 gross margin dynamics .
Segment lens: Piping Systems remains the profit engine; Climate mixed but improved YoY in Q4; Industrial Metals steady—segment-level execution should drive margin resilience amidst macro shifts .
Actionable: With estimates unavailable, focus on the 2025 contribution ramp from acquisitions, cash deployment (dividends/buybacks/M&A), and copper price trajectory; re-run consensus comparison when available to calibrate near-term expectations.

All figures and statements sourced from company press releases and 8-K filings as cited.

MUELLER INDUSTRIES INC (MLI)·Q4 2024 Earnings Summary