Paul Mueller profit grows in 3Q, falls for year-to-date

Paul Mueller Co. saw its profit nearly triple in the third quarter but sink about 30 percent for the first nine months of the year, the company reported Tuesday.

The Springfield-based stainless steel equipment manufacturer posted net income up 189 percent for the quarter at $656,000, compared to $227,000 in third-quarter 2007. Profit figures for the year to date, however, are down 30 percent at $2.7 million, compared to $3.9 million at this time last year.

Earnings per share were 56 cents for the quarter, up from 19 cents a year ago. For the first nine months of the year, earnings are at $2.30 per share, down from $3.32 a year ago.

Third-quarter net sales were $50.6 million, down from $58.4 million the same quarter the last year. Sales for the year to date are down 5.6 percent at $152.6 million.

Gross profit totaled $7.4 million for the quarter, a 10 percent increase, and $24.7 million for the year to date, basically unchanged from a year ago.

The third quarter included the results of Paul Mueller's acquisition of its European licensee, Paltrok Beheer BV, which manufactures Mueller-designed dairy farm milk coolers, as well as a positive affect from a $185,000 decrease in the company's LIFO reserve.

The company had a $76 million backlog as of Sept. 30.

Paul Mueller shares (OTC: MUEL.PK) closed Tuesday at $35 and were trading down at $32 at 10:30 this morning. The 52-week range is $31 to $66.50.[[In-content Ad]]