Mueller Co. posts earnings bump despite decreased revenue

Paul Mueller Co. (OTC: MUEL) boosted first-quarter net income by 29.3 percent to $1.6 million on fewer costs related to sales.

Though first-quarter revenue was down 3 percent to $44.6 million, the Springfield-based stainless steel equipment manufacturer posted diluted share earnings of $1.30 for the quarter ended March 31, a 29-cent uptick, according to a news release.

The earnings bump can largely be attributed to a 6.7 percent decrease in selling, general and administrative expenses to $9.8 million. Cost of sales also dropped 3.7 percent to $32.4 million.

While domestic sales were up 3.7 percent to $30 million, European sales were down 12.2 percent to $15.5 million, according to the release.

As of March 31, Mueller Co.’s assets were $123 million and its backlog was $53.5 million, according to the release.

MUEL shares were trading at $31.52 as of 9:31 a.m., compared to a 52-week range of $30 to $54.