Paul Mueller 3Q sales fuel modest income growth

The Springfield-based stainless steel equipment manufacturer posted net sales of $58.4 million, compared to $36.7 million in third-quarter 2006. Year-to-date sales as of Sept. 30 were $161.7 million, compared to $96.3 million in the same period last year.

The manufacturer saw a quarterly gross profit of $6.7 million, up from $5.8 million a year ago. Gross profit for the year to date was $24.4 million, compared to $16.6 million last year.

Net income for the quarter was $227,000, up from $198,000 in third-quarter 2006, and was $3.9 million for the year to date, up from $1.02 million last year.

Diluted earnings per share for the quarter were 19 cents, a 2-cent increase from the same quarter last year. Per-share earnings were $3.32 for the year to date, compared to 89 cents last year.

Assets as of Sept. 30 were $106.6 million, compared to $92.8 million at the end of 2006. Backlog was $114 million, compared to $116.9 million at the end of last year.

Company shares (OTC: MUEL.PK) closed Friday at $70, compared to a 52-week range of $35.75 to $75.70.