Paul Mueller net income up 29% in 2007

The Springfield-based steel-product manufacturer had $9.1 million in 2007 net income, up by 29 percent from $7 million in 2006. Diluted earnings per share closed the year at $7.74, compared to $6.04 at the end of 2006.

Net sales for the year were $241.1 million, up from $152.9 million the year before, and gross profit grew $13 million to $40.3 million.

The company did not fare as well in the fourth quarter, ended Dec. 31, though sales were up 40 percent to $79.4 million compared to the same quarter the year before. A 39 percent increase in cost of sales was partly to blame for an overall 13 percent decline in net income, which was $5.2 million.

The quarter’s diluted earnings per share were $4.42, down from $5.12 in fourth-quarter 2006.

Shares (Pink Sheets: MUEL) closed Tuesday at $53 and were trading at $61 as of 3 p.m. The 52-week range is $43 to $75.70.