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Paul Mueller Co. records $7 million in earnings during 2021.
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Paul Mueller Co. records $7 million in earnings during 2021.

Mueller Co. swings to a profit in 2021

Posted online

Paul Mueller Co. (OTC: MUEL) reported positive profits in 2021 after a net loss in 2020.

In a news release issued late last week, the Springfield-based stainless steel manufacturer announced $7 million in 2021 earnings, compared with a $2.6 million net loss in the prior 12-month period. For its 2020 report, officials cited a $14.4 million goodwill impairment charge related to its 2008 acquisition of European subsidiary Mueller BV, according to past reporting.

The latest year included Mueller Co.'s December sale of its Mueller Field Operations Inc. subsidiary for $3.5 million, Springfield Business Journal previously reported.

In its annual report, Mueller Co. President and CEO David Moore said the business is positioned well for 2022, with a backlog of more than $100 million at the end of February.

"This is good news. The starting backlog for 2022 is higher than the starting backlog of 2020," he said in the report. "The backlog now contains significant pharmaceutical projects and increases in nearly every other area of business. We are optimistic about this opportunity and are now focused on managing increasing input prices, the availability of materials and on recruiting."

In December, Mueller Co. paid out its first quarterly dividend since 2008, Moore added. The company also repurchased $4.4 million worth of its stock in 2021.

As of Dec. 31, the company's assets were $116.3 million, according to the release.

Mueller Co.'s over-the-counter stock has a 52-week range of $36.37 to $53 per share.

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