Revenue down at Mueller Co., but net income rises

While Paul Mueller Co.’s (OTC: MUEL) revenue dropped, its earnings rose in the third quarter.

The Springfield-based stainless steel equipment manufacturer reported net income of $1.14 million, a roughly 38% increase compared with profits of $824,000 a year earlier. Diluted share earnings rose 26 cents to 95 cents per share during the three-month period ended Sept. 30, according to a news release.

Mueller Co.’s revenue was down, largely due to a drop in sales at its Dutch subsidiary, as domestic revenue climbed during the quarter. Net revenue dipped 1.8% to nearly $46 million.

The company’s assets were $126.3 million and its backlog was $86.4 million as of Sept. 30, according to the release.

Mueller Co.’s over-the-counter stock was trading at $27 as of 10:03 a.m., compared with a 52-week range of $22.60 to $35.