Mueller Co. posts 21% jump in Q1 profits

Paul Mueller Co. (OTC: MUEL) reported a 21.3% increase in first-quarter earnings amid lower expenses.

The Springfield-based manufacturer's profits were $4.4 million, or $4.10 per diluted share, up from $3.7 million, or $3.38 per diluted share, in the same quarter of 2023, according to a news release.

While net sales dipped to $50.4 million from $56.4 million year over year, reduced expenses resulted in improved net income.

"One-time restructuring charges accrued in March 2023 and the subsequent efficiencies achieved from the restructuring, along with a price increase taken in the first quarter of 2023 on slightly higher volumes, led to the improved earnings," company officials said in the release.

Mueller Co.'s assets were $144.1 million and its work backlog was $95.2 million as of March 31. Mueller Co. separately announced that its board approved an increase in a prior share repurchase program to up to $15 million.

The company's over-the-counter stock closed April 26 at $78.90. Its 52-week range is $42.10 to $80.01 per share.