Mueller Co.'s profits drop by half in Q1

Paul Mueller Co. (OTC: MUEL) cited delays on long-term projects in reporting first-quarter earnings that were down by more than half from a year earlier.

The Springfield-based stainless steel manufacturer recorded net income of $2.3 million, a 53.3% drop from $4.9 million in first-quarter 2025, according to a news release. Diluted share earnings fell to $2.56 from $5.26 year over year.

"The weak profitability in the first quarter was driven primarily by the industrial equipment segment due to very long-lived projects," company officials said in the release. "In a pattern similar to last summer, we fell behind schedule and incurred significant unplanned hours to maintain customer commitments. While the projects remain profitable over their full duration, the costs of these expedite activities were concentrated in the first quarter."

Net sales in the first quarter were $66.4 million, up from $58.9 million a year ago.

As of March 31, Mueller Co.'s assets were $233.8 million and its backlog was $235.6 million, according to the release.

The company's over-the-counter stock closed yesterday at $435, which compares with a 52-week range of $250.51 to $575.