Stock Segment: O'Reilly posts 10% gross profit growth

Net income for the quarter ended June 30 was $51.9 million, up 5.2 percent from $49.3 million a year ago, the company announced July 25.

Diluted earnings per share were up 4.7 percent to 45 cents on 116.1 million shares, compared to 43 cents a year ago on 115.2 million shares.

Sales for the quarter were $643 million, an increase of 8.8 percent from $591 million in second-quarter 2006. Comparable store sales for stores open at least one year increased 2 percent in the quarter.

Gross profit was $287 million, compared to $261 million last year, representing a 10 percent increase.

Aside from adding a net of 44 stores in the second quarter, O’Reilly completed the relocation of its Minnesota distribution center to a larger facility. As of June 30, O’Reilly had 1,731 stores in 26 states.

Shares (Nasdaq: ORLY) closed Aug. 8 at $35.99, compared to a 52-week range of $31.45 to $38.84.

Paul Mueller sets stock high after earnings release

Paul Mueller Co. showed a nearly $20 million increase in second-quarter net sales in its quarterly earnings report released July 20.

The sales jump at the Springfield stainless steel equipment manufacturer drove an increase in quarterly income, which more than doubled compared to the previous year. The quarter’s net income totaled $1.8 million, with earnings per diluted share rising to $1.52. Net income a year ago was $682,000, and earnings per share were 59 cents.

Investors responded, setting a 52-week high July 23 of $75.70.

Net sales were $53.7 million for the quarter ended June 30, up 57 percent from second-quarter 2006. Year-to-date sales are at $103.3 million, compared to $59.6 million a year ago.

Paul Mueller’s assets as of June 30 were $116 million, up from $92.8 million at the end of 2006. Working capital at the end of the quarter was $9.7 million, slightly lower than at the end of last year, when it totaled $10.7 million. The company’s backlog at the end of the quarter was $139.3 million, up from $116.9 million reported Dec. 31.

Shares (Pink Sheets: MUEL.PK) closed Aug. 8 at $66, compared to a 52-week range of $35.75 to $75.70.

Empire quarterly earnings fall by $1.3M

Empire District Electric Co. reported increased revenues but a drop in consolidated earnings for the second quarter, according to its July 26 earnings release.

Consolidated earnings for the Joplin-based utility were $5.8 million, or 19 cents per share, down from $7.1 million, or 27 cents per share, in second-quarter 2006. The issuance of shares in June 2006 cut earnings-per-share by 3 cents for the quarter, according to the release.

Consolidated revenues were $107.5 million, compared to $91.7 million a year ago.

During the quarter, Empire District Gas completed its first year of operations since purchasing Aquila in June 2006. Revenues from Empire’s gas operations were $8.4 million for the quarter, and the cost of natural gas was $4.7 million.

Other quarterly highlights included Empire’s June signing of a 20-year purchase power agreement with Houston-based Horizon Wind Energy, with plans to purchase 100 megawatts beginning in January 2009; and a new 148-megawatt combustion turbine at Empire’s Riverton Power Plant in Riverton, Kan., made available for commercial operation.

Also, Empire on July 26 declared a 32-cent quarterly dividend, payable Sept. 15 to shareholders of record as of Sept. 1.

Company shares (NYSE: EDE) closed Aug. 8 at $22.86, compared to a 52-week range of $21.09 to $26.13.

Leggett & Platt earnings take hit

Falling demand for Leggett & Platt Inc.’s residential furnishings and aluminum products contributed to a 29 percent drop in second-quarter profits, the diversified manufacturer announced July 19.

The Carthage-based company’s net earnings for the quarter, which ended June 30, fell to $60 million, or 33 cents per share, from $84.2 million, or 45 cents per share, in the same period last year. Per-share earnings in the latest quarter included 2 cents from net nonrecurring benefits. Year-ago earnings included 5 cents per share from nonrecurring sources.

Analysts expected the company to earn 31 cents per share for the quarter.

“Several of our markets weakened considerably during the quarter, resulting in a broad-based revenue decline,” CEO David Haffner said in the release. "We have yet to see any significant catalyst that will appreciably increase demand; accordingly, our full-year guidance reflects continued market weakness for the remainder of 2007.”

Areas of growth in the quarter were in both industrial materials and specialized products segments.

Industrial materials produced total sales of $196.1 million in the second quarter – 2 percent growth over the quarter a year ago. Specialized products netted $212.1 million, up from $194.9 million in second-quarter 2006.

Shares of Leggett & Platt stock (NYSE: LEG) closed Aug. 8 at $20.86, compared to a 52-week range of $20.20 to $25.45.[[In-content Ad]]