Mueller Co. swings to a profit in Q1

Paul Mueller Co. (OTC: MUEL) posted first-quarter profits after recording a net loss a year earlier.

The Springfield-based stainless steel manufacturer's net income more than tripled to $3.7 million, compared with a net loss of $1.1 million in first-quarter 2022, according to a news release.

"Strong backlog in the U.S. has contributed to strong first-quarter results," officials said in the release.

The company's work backlog was $122.8 million as of March 31, compared with $130.8 million at the same time last year.

During the quarter, Mueller Co.'s revenue rose by 38.2% to $56.4 million, according to the release.

The company's over-the-counter stock closed April 28 at $46, compared with a 52-week range of $40.88 to $48 per share.