Paul Mueller posts $1M profit increase

Paul Mueller Co. (OTC: MUEL) posted a 76 percent increase in earnings for the third quarter, moving up to $2.3 million from $1.3 million a year earlier.

The Springfield-based stainless steel equipment manufacturer recorded diluted share earnings of $1.85 for the three months ended Sept. 30, an 80-cent bump from third-quarter 2014, according to a news release.

The results were adversely affected by one-time expenses, including a $2.9 million reserve established after a September 2014 accident related to the construction of a fabricated tank. However, the company’s third-quarter sales costs were $27.1 million, well below the same quarter of last year’s $39.5 million, which resulted in a heightened gross profit.

Third-quarter financial notes:
    •    Net sales declined 22 percent to $40.1 million from $51.3 million a year earlier.
    •    Domestic sales dropped to $28.3 million from $35.1 million, while European sales decreased to $12.2 million from $16.9 million.
    •    The company’s backlog was nearly $56 million at quarter’s end.

As of Sept. 30, Mueller Co. held assets of $127.4 million, according to the release.

The company’s over-the-counter stock was trading at $30 this morning, compared to a 52-week range of $27 to $50.