Mueller Co. posts net loss in 2023

Paul Mueller Co. (OTC: MUEL) swung to a net loss in 2023, with company officials citing expenses associated with retirement plan terminations.

The Springfield-based manufacturer's net loss for the year came to $9.9 million, according to a news release issued Friday. That compares with 2022 profits of $3.6 million.

In the company's 2023 shareholder letter, President and CEO David Moore cited expenses from the December terminations of both its contract and noncontract employee retirement plans.

"Excluding this settlement charge, net income would have been a record of $21 million," Moore wrote to shareholders. "In 2023, Paul Mueller Co. achieved the second-highest revenue in company history. Only the ethanol boom in 2007 led to higher revenue."

The company reported in the release that net sales were $229.2 million in 2023, compared with $191.5 million in 2022.

As of Dec. 31, Mueller Co.'s assets were $134.3 million, and its work backlog was $97.4 million. Mueller Co. announced separately on Friday that its board approved a share repurchase program of up to $10 million, with the ability to increase that by $5 million.

The company's over-the-counter stock hit a new 52-week high of $79.95 per share this morning. The stock's 52-week low is $42.10 per share.