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The Springfield-based stainless steel equipment manufacturer’s revenue drops 9% in the first quarter.
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The Springfield-based stainless steel equipment manufacturer’s revenue drops 9% in the first quarter.

Mueller Co. swings to quarterly loss

Posted online

On lower sales, Paul Mueller Co. (OTC: MUEL) posted a $1.1 million net loss in the first quarter.

The Springfield-based stainless steel equipment manufacturer reported a 90-cent diluted share loss for the first three months of the year, compared with a 32-cent profit in first-quarter 2018. Earnings a year ago were $382,000, according to a news release.

Company officials cited a slowdown in its pharmaceutical business between two larger orders — the first in 2018 and another in 2019. An undisclosed insulin producer “is currently engaged in the design and planning work to begin manufacturing, later this year, of a large order which has been secured from a vaccine producer,” according to the release.

First-quarter financial notes:
• The company’s domestic unit accounted for the majority of the quarterly net loss, at $1.06 million. European profits via Mueller BV were $6,000.
• The company’s order backlog dropped to $89.9 million from $97.4 million at the end of 2018.
• Revenue declined 9% to $41.9 million, down from $46.1 million a year earlier.

Mueller Co. ended 2018 with a 213% increase in earnings to $2.6 million.

As of March 31, the company held $135.4 million in assets, according to the release.

Mueller Co.’s over-the-counter stock was trading at $29.52 as of 9:06 a.m., compared with a 52-week range of $23.15 to $35.

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