Mueller Co. more than doubles annual earnings

Springfield-based stainless steel equipment manufacturer Paul Mueller Co. (OTC: MUEL) more than doubled its net income in 2019, even though sales decreased slightly.

For the year, profits rose 150% to $6.6 million, up from $2.6 million in 2018, according to a news release. The company yesterday reported its fourth-quarter and full-year earnings.

While 2019 revenue dipped 2% to $197 million, cost of sales dropped 5.2% to $142.4 million, resulting in a greater gross profit and net income. Additionally, fourth-quarter earnings of $3.6 million were up from a net loss of $140,000 in the same quarter of 2018.

In an annual report, Mueller Co. President and CEO David Moore wrote to shareholders that "we have the pleasure of reporting good results, at a time when it is difficult to celebrate them."

"In 2019, the company generated its highest earnings since 2014," he said in the report. "The stronger performance was achieved due to operational improvements in the industrial product lines and on the strength of the pharmaceutical market, and despite the weak demand for dairy farm products."

Mueller Co. recently announced the company was staying operational during the coronavirus pandemic, as its work aligns with essential businesses outlined in the city of Springfield's stay-at-home order, as well as U.S. Department of Homeland Security guidelines.

In the shareholder letter this month, Moore said "unprecedented uncertainty" is facing the company as it works through the coronavirus pandemic. He said none of the company's employees have contracted COVID-19.

Mueller Co.'s over-the-counter stock was trading at $21.99 per share this morning. Like many other publicly traded companies, its shares have waned amid the coronavirus pandemic.