Paul Mueller Co.'s profits rise 32% in Q3

Springfield-based stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) improved its third-quarter profits by roughly 32%.

The company reported profits of $7.3 million, up from $5.5 million in third -quarter 2023, according to a news release. Diluted share earnings jumped to $7.77 from $5.07 per share.

Net sales during the third quarter rose to $62.1 million from $57.1 million a year earlier.

Mueller Co. broke ground in August on a $22 million expansion of its Springfield headquarters. Site preparation started Oct. 16, with completion slated for the end of 2025, according to the release.

In August, Mueller Co. President and CEO David Moore thanked the company's employees for the expansion.

"Our co-workers have made this possible by safely providing increased value to our customers, resulting in the largest backlog and highest profitability in our history," he said.

At the end of the third quarter, Mueller Co.'s backlog was $171.5 million, and its assets were $143.9 million, according to the release.

The company's over-the-counter stock closed yesterday at $168. Its 52-week range is $52.27 to $181 per share.