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The Springfield-based stainless steel equipment manufacturer records a $2.33 million net loss in 2017.
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The Springfield-based stainless steel equipment manufacturer records a $2.33 million net loss in 2017.

Mueller Co.’s net loss widens

Posted online

Paul Mueller Co. (OTC: MUEL) cited U.S. tax law changes and international expenses for a larger net loss in 2017.

The Springfield-based stainless steel equipment manufacturer recorded a $2.33 million net loss for the 12 months ended Dec. 31, 2017. That’s 2 percent worse than the $2.28 million loss posted a year earlier, according to a news release.

The company took a large hit in the fourth quarter, when its net loss was $4.6 million, compared with a loss of $755,000 in the same quarter of 2016.

Mueller Co. officials indicated 2017 net income was adversely affected by $4.2 million in expenses related to U.S. tax overhaul, as well as costs to consolidate its four Dutch plants into a single center in the Netherlands. Consolidation costs included severance payments, lease terminations and losses on the sale of assets, according to the release.

Full-year financial notes:
    •    Net sales were down slightly to $167.96 million from $168 million a year earlier.
    •    Mueller Co.’s job backlog as of Dec. 31 was $94 million, a 113 percent increase from the same time in 2016.
    •    Domestic revenue rose 8.4 percent to $120.3 million.

As of Dec. 31, Mueller Co. had $139.9 million in assets, according to the release.

Mueller Co.’s over-the-counter stock was trading at $34.50 as of 9:34 a.m., compared with a 52-week range of $26.60 to $40.

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