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The stainless steel equipment manufacturer produces a 20 percent increase in sales during 2018.
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The stainless steel equipment manufacturer produces a 20 percent increase in sales during 2018.

Mueller Co. rebounds in 2018

Posted online

After reporting a net loss in 2017, Paul Mueller Co. (OTC: MUEL) put profits in the black to close out 2018.

The Springfield-based stainless steel equipment manufacturer reported net income for 2018 of $2.6 million, a 213 percent jump from a loss of $2.3 million in the previous year. Diluted earnings came to $2.21 per share last year, compared with a loss of $1.94 per share in 2017, according to a news release issued last week.

The prior year was adversely impacted by $4.2 million in expenses related to U.S. tax reform legislation.

2018 financial notes:
• Sales grew roughly 20 percent to $201 million compared with 2017. Domestic sales rose 14 percent to $137 million and European revenue via Mueller BV increased by 35.7 percent to $65.3 million.
• The company’s backlog grew to $97.4 million from $94 million at the end of 2017.
• Mueller Co.’s fourth-quarter net loss of $140,000 compared with a quarterly loss of $4.6 million a year earlier.

Mueller Co.’s assets were $130.2 million as of Dec. 31, 2018, according to the release. The company is scheduled to host its annual shareholder meeting on May 17 at its Springfield headquarters, 1600 W. Phelps St.

Mueller Co.’s over-the-counter stock closed March 22 at $29.29. Its 52-week range is $23.15 to $35.

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