Mueller Co. sales slide, earnings nearly triple

Paul Mueller Co. (OTC: MUEL) boosted third-quarter profits 191 percent to $2.5 million, up from $852,000 earnings in the same quarter of 2012.

The Springfield-based stainless steel manufacturer reported diluted earnings per share of $2.03 for the quarter ended Sept. 30, an uptick of $1.33, according to a news release.

Though Mueller Co.'s sales were down 3.6 percent to $44.4 million during the latest quarter, cost of sales decreased 8.2 percent to $31.3 million, resulting in an increased gross profit of $13.1 million. The company also recorded operating income of $3.2 million, a 146 percent bump from $1.3 million in the same quarter last year.

Mueller Co.'s third-quarter financial notes:

• Company backlog was $67.1 million, as of Sept. 30.
• Provision for income taxes rose 177 percent to $446,000 from $161,000 a year ago.
• Domestic sales accounted for $31.3 million of the total, while European sales via Mueller BV were $14.2 million.

Mueller Co. manufactures stainless steel equipment used on dairy farms and various industrial applications. As of Sept. 30, the company's assets were $105.1 million, the release said.[[In-content Ad]]