Paul Mueller Co. profits fall 12.5% despite sales bump

Paul Mueller Co. (OTC: MUEL) posted first-quarter earnings of $1.2 million, a 12.5 percent decrease compared to net income of $1.4 million in the same quarter a year earlier.

The Springfield-based stainless steel manufacturer reported diluted earnings per share of $1.01 for the quarter ended March 31, a 17-cent drop from first-quarter 2013, according to a news release.

Sales tallied $46 million in the first quarter, a 10.8 percent bump over $41.5 million sales for the same three months last year. Cost of sales rose to $33.7 million over $29.3 million, resulting in a gross profit of $12.3 million, nearly flat from a year ago. As the company's financials filter toward the bottom line, operating income shows at $1.8 million - down from $2 million a year ago - and provision for income taxes increases to $446,000 from $340,000.

Within its sales numbers, domestic sales increased 5.7 percent to $28.9 million, European sales via Mueller BV rose 21.3 percent to $17.7 million and eliminations erased $532,000 of total sales, according to the release.

As of March 31, Mueller Co. held assets of $117.1 million and an order backlog of $69.9 million, according to the release.

The company's over-the-counter stock price was trading at $36.75 this morning, compared to a 52-week range of $19 to $47.50.