Local manufacturers post earnings drops

Southwest Missouri manufacturers Paul Mueller Co. (OTC: MUEL) and Leggett & Platt Inc. (NYSE: LEG) both reported lower second-quarter net income compared with the prior year.

Mueller Co.
The Springfield-based stainless steel equipment maker posted net income of $653,000 for the three months ended June 30. That’s a 14 percent decrease from $762,000 in the same quarter of 2016.

Diluted share earnings dipped 8 cents to 55 cents per share, according to a news release.

Second-quarter financial notes:
    •    Sales dropped 13 percent to $39.6 million.
    •    Cost of sales moved down 15 percent to roughly $28 million.
    •    Revenue in Europe fell 29 percent to $12.8 million.

As of June 30, Mueller Co. held $123.8 million in assets, according to the release.

The company’s over-the-counter stock closed yesterday at $32, tying a 52-week high set last week. The 52-week low is $26.60.

Leggett & Platt
The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles made $87.6 million in second-quarter profits, a 28 percent drop from $121.2 million during the same period a year earlier.

Earnings per diluted share fell 12 cents to 64 cents, according to a news release.

Second-quarter financial notes:
    •    Net sales ticked up 3 percent to $989.3 million.
    •    Same-location sales grew 4 percent.
    •    The company lowered its full-year sales guidance range by $50 million, or about 1 percent, to $3.9-$4 billion.

Leggett & Platt recorded assets of $3.3 billion at the end of June and employed 21,000 at 130 manufacturing plants in 19 countries, according to the release.

LEG shares were trading at $47.83 as of 8:52 a.m., compared with a 52-week range of $44.02 to $54.97.