Paul Mueller Co. posts 128% earnings increase

Paul Mueller Co. (OTC: MUEL) posted $3.2 million second-quarter net income, a 128 percent boost compared to $1.4 million in the same quarter a year ago.

The Springfield-based stainless steel manufacturer recorded diluted earnings per share of $2.60 for the three months ending June 30, more than double that of second-quarter 2012 per-share earnings of $1.13, according to a news release.

Mueller Co. increased sales 4.9 percent to $46.6 million, led by domestic sales of $32.1 million, an 8 percent bump. European sales via Mueller BV decreased 3 percent to $14.2 million from $14.7 million a year ago.

Second-quarter financial highlights:

• Of Mueller Co.'s $3.2 million net income for the quarter, the company's domestic earnings were $2.2 million, a 419 percent increase from $424,000 profits in second-quarter 2012. Mueller BV earnings dropped 0.7 percent to $949,000 from $956,000.
• Company backlog increased 15 percent to $55.1 million from $47.9 million.
• Provision for income taxes moved up 16 percent to $420,000 from $362,000.

As of June 30, Mueller Co.'s assets were $102.6 million, according to the release.

Mueller Co.'s pink sheet stock was trading at $28 as of 9:08 a.m., compared to a 52-week range of $16 to $29.75.