Mueller Industries, Inc. (NYSE: MLI) has announced a two-for-one forward stock split, set to take effect at the end of June. The copper products manufacturer revealed the move after reporting its strongest first-quarter earnings in company history, driven by robust demand and disciplined cost management.
Under the split, shareholders of record as of June 25 will receive one additional share for each share they own. The new split-adjusted shares are expected to begin trading on the New York Stock Exchange at the market open on July 1, pending final approval from the exchange and shareholder ratification of a charter amendment. The split will approximately double the company's outstanding common shares to about 221.1 million, while leaving each investor's proportional ownership unchanged.
The stock split comes on the heels of a stellar first quarter. Mueller reported net sales of $1.19 billion for the three months ended March 31, 2026, up from $1.00 billion in the same period last year. Net income surged to $239.0 million, compared with $157.4 million a year ago, while diluted earnings per share rose to $2.16 from $1.39. The company ended the quarter with $1.38 billion in cash and no debt, underscoring its strong financial position.
Chairman and CEO Gregory Christopher hailed the results as the "best first quarter earnings" in Mueller's history, attributing the performance to effective raw material and price management, cost discipline, and a favorable product mix across end markets. The company also spent $75.0 million during the quarter to repurchase 650,000 shares of its common stock.
In addition to the split, Mueller announced a regular quarterly cash dividend of $0.35 per share, payable on June 19 to shareholders of record as of June 5. The dividend is independent of the stock split and reflects the company's ongoing commitment to returning capital to shareholders.
Mueller has also been expanding its operational footprint. In March, the company acquired Bison Metals Technologies, a copper tube manufacturer based in Shawnee, Oklahoma. Christopher noted that the acquisition will enhance domestic copper tube production capacity and reduce tariff costs on feedstock imported from foreign subsidiaries for U.S. manufacturing.
The company serves a diverse range of industries, including plumbing, HVAC, industrial, medical, aerospace, and automotive markets. Its product portfolio includes copper tube and fittings, brass rod, forgings, valves, refrigeration components, pressure vessels, and wire and cable products. Mueller identifies Cerro Flow Products and Cambridge-Lee Industries as its primary U.S. competitors in copper tube, and Wieland Chase in brass rod.
While the split is scheduled for July 1, Mueller cautioned that the start of split-adjusted trading remains subject to NYSE approval and shareholder consent for the charter amendment. The company also highlighted potential risks, including fluctuations in raw material prices, energy costs, demand variability, and competitive pressures. Mueller plans to file a Form 8-K with the SEC after the charter amendment is finalized, providing details on the new authorized share count.
