After ending 2021 in the black, Paul Mueller Co. (OTC: MUEL) started 2022 with a net loss.
The Springfield-based stainless steel manufacturer reported a first-quarter net loss of $1.1 million, a 186% decrease from profits of $1.3 million in the same three-month period of 2021, according to a news release.
"The year has started out slower than expected," company officials said in the release, noting a "shortage or delay of key components and cost increases against older backlog have contributed to this slow start and lower margins."
Inflation was another measure cited.
During the first quarter, Mueller Co.'s net sales were down nearly 10% to $40.8 million, according to the release.
As of March 31, Mueller Co.'s assets were $122.4 million and backlog was $130.8 million.
Mueller Co.'s over-the-counter stock has a 52-week range of $36.37 to $52 per share.
Research firm Mordor Intelligence reports the worldwide corrugated board packaging market was valued at nearly $173 billion in 2021, and it’s expected to reach $212 billion in 2027.