Mueller Co. profits up 6.3% on higher sales

Bolstered by strong sales figures, Paul Mueller Co. (OTC: MUEL) boosted second-quarter profits 6.3 percent to $3.3 million, up from $3.2 million in the same quarter a year earlier.

The Springfield-based stainless steel equipment manufacturer produced sales of $52.8 million during the quarter, a 15.8 percent increase over sales figures of $45.6 million in second-quarter 2013. Domestic sales accounted for $34.8 million in the second quarter, while European sales via Mueller BV contributed $18.8 million, according to a news release.

In its financial report, Mueller Co. reported diluted earnings per share of $2.71, a 12-cent bump from last year.

Second-quarter financial notes:

• Mueller Co.'s cost of sales were $36.7 million during the quarter, bringing its gross profit to $16.1 million. That's up from a gross profit of $13.7 million in second-quarter 2013.
• The company's backlog was $70.4 million as of June 30.
• Provision for income taxes increased to $1.7 million from $420,000 a year earlier.

As of June 30, Mueller Co. held assets of $119.1 million, according to the release.

The company's over-the-counter stock was most recently trading at $46.50, compared to a 52-week range of $25.50 to $47.50.[[In-content Ad]]