Mueller Co. reports hefty gain in 2013 earnings

Bolstered by net income of $11.8 million in the fourth quarter, Paul Mueller Co. (OTC: MUEL) upped its 2013 earnings by roughly 861 percent to $18.9 million.

Officials noted in the fourth quarter, Mueller Co. experienced a reversal of a $10.1 million valuation allowance first established in 2010 as a reserve against deferred tax assets due to unprofitable performance. In 2010, the company recorded a pretax net loss of $5.6 million, after posting a loss of $1.5 million in 2009. Also contributing to the company's results were improvements to the funding status of its pension plans, according to a March 21 news release.

The Springfield-based stainless steel manufacturer's fourth-quarter earnings compare favorable to a net loss of $1.6 million in the same quarter of 2012. An arbitration with former President and CEO Matthew Detelich reached a settlement of $1.3 million in fourth-quarter 2012 and $2 million for the entire year, according to Springfield Business Journal archives.

Earnings per diluted share for the fourth quarter ended Dec. 31 totaled $9.58, up from a loss of $1.28 per share in fourth-quarter 2012. For the year, earnings per share increased to $15.45 from $1.59, or $2 million in net income, in 2012, according to a news release.

Sales improved to $181.3 million for the year, a nearly 1 percent rise, with domestic sales contributing roughly $120 million and European sales bringing in some $60 million.

As of Dec. 31, Mueller Co. held assets of $114.3 million and  an order backlog of $67.4 million, according to the release.

The company's over-the-counter stock price closed at $41.50 on March 27, compared to a 52-week range of $17.06 to $43.[[In-content Ad]]