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The stainless steel manufacturer's profits come in at nearly $4 million during the third quarter.
SBJ file photo
The stainless steel manufacturer's profits come in at nearly $4 million during the third quarter.

Mueller Co.'s earnings jump

Posted online

Springfield-based stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) reported a 250% increase in third quarter profits, largely brought on by a work backlog.

The company's net income rose to nearly $4 million, or $3.34 per diluted share, from $1.1 million, or 95 cents per diluted share, a year earlier, according to a news release.

Mueller Co. officials cited a strong order backlog – from the pharmaceutical industry and a juice storage facility – coming into 2020 for continued net income improvement during the year.

"However, the uncertainty in the economy has slowed order entry," officials said in the release. "Looking forward, we face the uncertainty of lower pharmaceutical and field backlog, the increasing risk of COVID-19-related disruptions and increased costs after the aggressive cost cutting during the beginning of the pandemic.”

The company's third quarter results also included a roughly 12% increase in net sales to $51.6 million, as well as a provision for income taxes that was up 236% to $1.3 million.

As of Sept. 30, the company's assets were $136 million and its backlog was $75.3 million, according to the release.

Mueller Co.'s over-the-counter stock traded as high as $28.70 per share this morning, compared with a 52-week range of $18 to $31.

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