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.
A pair of area medical colleges that received state grant funding in the fall are now investing the funds toward technology and new programs with the intent of attracting more students to the nursing profession.