Mueller Co.’s profits grow 129%

Despite lower revenue, Paul Mueller Co. (OTC: MUEL) produced a 129% increase in second-quarter net income.

The Springfield-based stainless steel equipment manufacturer reported net income of roughly $3 million, compared with $1.6 million in the same three-month period of 2018. Diluted share earnings nearly doubled to $2.48 from $1.31, according to a news release.

Second-quarter financial notes:
• Officials pointed to lower expenses as the catalyst for the higher profits. For example, sales costs were down 19% to $38.9 million.
• Revenue was about $54 million, a nearly 14% decrease.
• Order backlog was $100.7 million as of June 30, compared with $97.4 million at the end of 2018.

Mueller Co.’s assets were $135.8 million as of June 30, according to the release.

Mueller Co.’s over-the-counter stock was trading at $30.75 as of 10:25 a.m., compared with a 52-week range of $22.60 to $35.