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Springfield-based stainless steel equipment manufacturer Paul Mueller Co. posts first-quarter net income of $382,000.
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Springfield-based stainless steel equipment manufacturer Paul Mueller Co. posts first-quarter net income of $382,000.

Mueller Co. swings to a profit

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Paul Mueller Co. (OTC: MUEL) rebounded to post profits in the first quarter following a net loss in the same period a year earlier.

The Springfield-based stainless steel equipment manufacturer increased its net income by 367 percent to $382,000, or 32 cents per diluted share, according to a news release.

Officials cited a 22.5 percent increase in revenue to $46.1 million. The company's pharmaceutical division led the growth, increasing its sales by $6.6 million in the first quarter after an order began to ship.

First-quarter financial notes:
    •    Domestic earnings more than covered a net loss of $497,000 recorded within Mueller Co.'s European division.
    •    Backlog was largely unchanged at $94 million.
    •    Gross profit rose 16 percent to $12.3 million.

As of March 31, Mueller Co.'s assets were $151.2 million, according to the release.

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