Paul Mueller Co. board approves $15M share repurchase program

Springfield-based stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) this week announced a new multimillion-dollar share repurchase program along with its latest financial report.

Stock program
The board approved a tender offer to repurchase up to 60,000 of its shares at $250 apiece, according to a news release.

That gives the company authorization to invest up to $15 million on the share repurchase program starting March 31 and expiring May 7.

"The board believes that this offer reinforces the company’s commitment to return excess cash and provide a supplemental source of liquidity to its shareholders," company officials said in the release.

The release notes Computershare Inc. and its Computershare Trust Company NA affiliate are serving as the depositary for the tender offer.

Financial results
Mueller Co. reported net income in the black for the full year and fourth quarter ended Dec. 31 after posting losses in the corresponding periods a year earlier.

For the year, the company's net income was $29.7 million, up from a $9.9 million net loss in 2023, according to a separate news release. Fourth-quarter profits were $11.1 million, compared with a $23.9 million net loss in the same three-month period a year earlier.

Sales increased to $248.6 million from $229.2 million during 2024. Quarterly sales increased to $70.5 million from $55.8 million.

The company's over-the-counter stock closed yesterday at $244.01 per share. Its 52-week range is $76.77 to $255 per share.