Mueller Industries Forecasts Favorable Copper Market as Prices Rise

Mueller Industries

Mueller Industries, a leading US-based copper manufacturer, remains optimistic about the future of the copper market. The Tennessee-based company anticipates that declining interest rates, moderating inflation, and post-election stability will create a more favorable market environment.

Copper Prices and Sales Growth

Copper prices on the Comex market averaged $4.23/lb in the third quarter, marking a 12% year-on-year increase. This price surge contributed significantly to Mueller's revenue growth, alongside the benefits of its recent acquisition of Elkhart Products.

• Piping Systems: Sales rose to $688 million, up from $638 million in the same period last year.
• Industrial Metals: Sales surged to $238 million, a notable increase from $141 million.
• Climate Segment: Revenue improved slightly to $128 million, compared to $120 million a year ago.

Strategic Expansion and Recovery

Mueller's acquisition of Elkhart, a brass parts supplier, in August was a strategic move to expand its copper operations. This acquisition follows the tornado damage sustained by Mueller’s Covington, Tennessee factory, demonstrating the company’s resilience and focus on operational growth.

Strong Financial Performance

Mueller reported $167 million in profits on $998 million in sales during the third quarter, a significant improvement compared to the $133 million profit on $820 million in sales during the same period in 2023.

Positive Outlook

With copper prices stabilizing and market conditions improving, Mueller is well-positioned to capitalize on growing demand for copper products across various sectors, including piping systems and industrial metals. The company’s strategic acquisitions and operational resilience continue to drive growth in a competitive market.