Paul Mueller Co. reports 462% jump in Q3 profits

Paul Mueller Co. (OTC: MUEL) reported a large jump in its third-quarter profits.

The Springfield-based stainless steel manufacturer's net income was $5.5 million, up from $980,000 a year earlier, according to a news release. Diluted share earnings climbed to $5.07 from 90 cents per share year over year.

Company officials cited “an increased focus on improving margins.”

"In the U.S., the company continues to perform well against a strong backlog, which has contributed to excellent results for the first nine months of the year,” officials said in the release.

Net sales for the third quarter improved to $57.1 million from $45.8 million a year earlier. As of Sept. 30, Mueller Co.'s assets were $146.7 million.

The company's over-the-counter stock opened this morning at $53 per share, matching a 52-week high hit on Aug. 10. The 52-week low is $40.88 per share.