Mueller Co.’s profits cut in half

Last edited 3:23 p.m., Oct. 29, 2018

Springfield-based stainless steel equipment manufacturer Paul Mueller Co. (OTC: MUEL) posted $824,000 in third-quarter net income, a 54 percent drop from $1.8 million a year earlier.

In the quarter, domestic profits dropped by 21.4 percent to $1.6 million and the net loss for the company’s European unit widened to $740,000 from a loss of $191,000 a year earlier, according to a news release.

Third-quarter financial notes:
    •    Revenue fell by 3 percent to $46.8 million.
    •    Expenses related to federal tax legislation came to $200,000.
    •    Order backlog was $78.3 million as of Sept. 30, compared with $94 million at the end of 2017.

Mueller Co.’s assets were $143 million as of Sept. 30, according to the release.

The company’s over-the-counter stock closed Oct. 26 at $30.50.