MUEL Mueller Paul

Paul Mueller Company Announces Its First Quarter Earnings of 2025

Paul Mueller Company Announces Its First Quarter Earnings of 2025

SPRINGFIELD, Mo., April 25, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the first quarter ended March 31, 2025.

                        
            
 PAUL MUELLER COMPANY

        
 THREE-MONTH REPORT

        
 (In thousands)          
                        
 CONSOLIDATED STATEMENTS OF INCOME

        
                        
       Three Months Ended  Twelve Months Ended        
       March 31  March 31        
       2025 2024  2025  2024        
                        
 Net Sales    $58,860 $50,356  $257,089  $223,161        
 Cost of Sales    41,038 34,560  172,602  153,631        
 Gross Profit  $17,822 $15,796  $84,487  $69,530        
 Selling, General and Administrative Expense 11,533 10,358  47,423  86,040        
 Operating Income (Loss)  $6,289 $5,438  $37,064  $(16,510)       
 Interest Income (Expense)  29 (1,248) 976  (1,501)       
 Other Income    64 1,544  897  3,491        
 Income (Loss) before Provision (Benefit) for Income Taxes     $6,382 $5,734  $38,937  $(14,520)       
 Provision (Benefit) for Income Taxes 1,454 1,285  8,786  (5,413)       
 Net Income (Loss)  $4,928 $4,449  $30,151  $(9,107)       
                        
 Earnings (Loss) per Common Share –– Basic and Diluted $5.26 $4.10  $32.18  ($8.39)        
                        
                        
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

        
                        
            Three Months Ended        
            March 31        
            2025  2024        
                        
    Net Income      $4,928  $4,449        
    Other Comprehensive Income (Loss), Net of Tax:                
    Foreign Currency Translation Adjustment    875  (239)       
    Comprehensive Income    $5,803  $4,210        
                        
 CONSOLIDATED BALANCE SHEETS

        
                        
            March 31  December 31        
            2025  2024        
                        
    Cash and Cash Equivalents      $21,674  $21,169        
    Marketable Securities      33,634  24,446        
    Accounts Receivable, net      21,551  31,266        
    Inventories (FIFO)      47,587  40,905        
    LIFO Reserve       (21,529) (20,146)       
    Inventories (LIFO)      26,058  20,759        
    Current Net Investments in Sales-Type Leases    44  39        
    Other Current Assets      6,766  4,933        
    Current Assets  $109,727  $102,612        
                        
    Net Property, Plant, and Equipment  54,713  50,754        
    Right of Use Assets      2,213  2,235        
    Other Assets  1,411  1,862        
    Long-Term Net Investments in Sales-Type Leases    1,494  1,211        
    Total Assets  $169,558  $158,674        
                        
    Accounts Payable      $13,037  $17,588        
    Current Maturities and Short-Term debt      432  3,466        
    Current Lease Liabilities      350  336        
    Advance Billings       34,136  26,788        
    Other Current Liabilities      30,281  23,226        
    Current Liabilities  $78,236  $71,404        
                        
    Long-Term Debt  5,184  5,096       
    Other Long-Term Liabilities  628  2,329        
    Lease Liabilities       973  896        
    Total Liabilities      $85,021  $79,725        
    Shareholders' Investment  84,537  78,949        
    Total Liabilities and Shareholders' Investment  $169,558  $158,674        
                        



                            
         
           
 SELECTED FINANCIAL DATA        
                            
              March 31  December 31          
              2025  2024          
     Book Value per Common Share   $90.24  $84.27          
     Total Shares Outstanding      936,837  936,837          
     Backlog        $254,516  $153,685          
                            
  CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT        
                            
                            
       Common Stock Paid-in Surplus Retained Earnings  Treasury Stock  Accumulated Other Comprehensive Income (Loss)   Total       
 Balance, December 31, 2024

 $1,508 $9,708 $96,037  $(22,697) $(5,607) $78,949       
 Add (Deduct):                        
  Net Income      4,928        4,928       
  Other Comprehensive (Loss) Net of Tax           875  875       
  Dividends, $.23 per Common Share     (215)       (215)      
  Other                 -       
 Balance, March 31, 2025

 $1,508 $9,708 $100,750  $(22,697) $(4,732) $84,537       
                            
                            



                          
  CONSOLIDATED STATEMENT OF CASH FLOWS        
             Three Months Ended March 31, 2025  Three Months Ended March 31, 2024         
    Operating Activities:                
                     
    Net Income   $4,928  $4,449         
                     
    Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:              
    Pension Contributions (Greater) Less than Expense   -  (8)        
    Depreciation & Amortization   1,557  1,736         
    Loss (Gain) on Disposal of Equipment   197  18         
    Change in Assets and Liabilities                
    Dec (Inc) in Accts and Notes Receivable   9,716  (42)        
    (Inc) in Cost in Excess of Estimated Earnings and Billings   (73) (35)        
    (Inc) in Inventories   (5,000) (1,901)        
    (Inc) in Prepayments   (2,048) (3,772)        
    (Inc) in Net Investment in Sales-Type Leases     (288) (25)        
    Dec in Other Assets   556  469         
    Dec in Deferred Taxes       288  -         
    (Dec) Inc in Accounts Payable   (4,550) 952         
    Inc in Accrued Income Tax       1,454  1,501         
    Inc (Dec) in Accrued Expenses   2,554  (654)        
    Inc in Advanced Billings   7,348  6,051         
    Inc (Dec) in Billings in Excess of Costs and Estimated Earnings   3,079  (1,730)        
    Inc in Lease Liability for Operating       -  24         
    Principal payments on Lease Liability for Operating    (71) (41)        
    (Dec) in Long Term Liabilities   (1,774) (12)        
    (Dec) in Long Term Deferred Tax Liabilities     -  (82)        
            Net Cash Provided by Operating Activities   $17,873  $6,898         
                     
    Investing Activities                
    Proceeds from Sales of Equipment   -  15         
    Purchases of Marketable Securities       (10,452) (12,221)        
    Proceeds from Sales of Marketable Securities     1,264  12,575         
    Additions to Property, Plant, and Equipment   (4,957) (3,064)        
           Net Cash (Required) for Investing Activities   $(14,145) $(2,695)        
                     
    Financing Activities                
    Principal payments on Lease Liability for Financing     (26) (52)        
    Proceeds from Short-Term Borrowings     2,136  277         
    (Repayment) of Short-Term Borrowings   (5,186) (277)        
    (Repayment) of Long-Term Debt   (334) (158)        
    Dividends paid       (215) (163)        
           Net Cash (Required) for Financing Activities   $(3,625) $(373)        
                     
    Effect of Exchange Rate Changes    402  (69)        
                     
    Net Increase in Cash    $505  $3,761         
                     
    Cash at Beginning of Year   21,169  1,883         
                     
    Cash at End of Quarter   $21,674  $5,644         
                          
                          



PAUL MUELLER COMPANY

SUMMARIZED NOTES TO THE FINANCIAL STATEMENTS

(In thousands)

A. The chart below depicts the net revenue on a consolidating basis for the three months ended March 31.

Three Months Ended March 31
Revenue 2025 2024 
Domestic$50,077$38,877 
Mueller BV$8,783$11,825 
Eliminations$-$(346)
Net Revenue$58,860$50,356 

The chart below depicts the net revenue on a consolidating basis for the twelve months ended March 31.

Twelve Months Ended March 31
Revenue 2025  2024 
Domestic$213,382 $176,298 
Mueller BV$44,916 $48,231 
Eliminations$(1,209)$(1,368)
Net Revenue$257,089 $223,161 

The chart below depicts the net income (loss) on a consolidating basis for the three months ended March 31.

Three Months Ended March 31
Net Income 2025  2024
Domestic$5,428 $4,048
Mueller BV$(494)$374
Eliminations$(6)$27
Net Income$4,928 $4,449

The chart below depicts the net income on a consolidating basis for the twelve months ended March 31.

Twelve Months Ended March 31
Net Income 2025  2024 
Domestic$29,714 $(11,730)
Mueller BV$468 $2,621 
Eliminations$(31)$2 
Net Income (Loss)$30,151 $(9,107)

B.   March 31, 2025 backlog is $254.5 million compared to $95.2 million at March 31, 2024. The majority of this backlog is in the U.S. where the backlog is $247.7 million at March 31, 2025 compared to $87.8 million at March 31, 2024. The $159.3 million increase in U.S. backlog is primarily from the Industrial Equipment segment which accepted approximately $120 million in purchase orders in March 2025 to be completed through the end of 2026. In the Netherlands, the backlog is relatively flat -- $7.5 million at March 31, 2025 versus $7.9 million on March 31, 2024.

C.  Revenue is up from the previous year by $8.5 million on a three-month basis and up $33.9 million for the trailing twelve months. Operations in the U.S. are up $11.2 million for the three months and $37.1 million for the twelve months with the increases primarily from the Industrial Equipment segment. In the Netherlands, revenues are down slightly over $3 million on a three-month and twelve-month basis, primarily from the Benelux where environmental regulations continue to be uncertain.

Net Income is up $0.5 million on a three-month and up $39.3 million on a twelve-month basis before removing the pension settlement charges. In the Netherlands, earnings are down $0.9 million for three months and $2.2 million over twelve months on lower revenues.

We manage our business in the U.S. looking at earnings before tax (EBT) and excluding the effects of LIFO and non-reoccurring events such as the pension settlement. This non-GAAP adjusted EBT (as shown in the table below) is up $3.4 million for the three months and up $13.2 million for the trailing twelve months primarily from strong results in the Industrial Equipment segment.

 Three Months Ended March 31 Twelve Months Ended March 31
(In Thousands) 2025 2024   2025  2024 
Domestic Net Income$5,428$4,048  $29,715 $(11,730)
Income Tax Expense$1,628$1,171  $8,609 $(4,991)
Domestic EBT - GAAP$7,056$5,219  $38,324 $(16,721)
LIFO Adjustment$1,383$(217) $(28)$51 
Pension Adjustment$-$-  $- $41,774 
Domestic EBT - Non-GAAP$8,439$5,002  $38,296 $25,104 

D.   Effective March 26, 2025, the Company extended its domestic bank borrowing facility until March 31, 2026.



E.   On March 28, 2025, the Company paid off the amortizing note secured by domestic land, building, and equipment in the amount of $3,019,000.



F.   On March 31, 2025, the Board of Directors authorized a tender offer effective from March 31, 2025, through May 7, 2025, for up to $15 million of the Company’s common stock at a price of $250 per share.

G.   On April 15, 2025, the Company announced the second phase of the expansion to the Components Products facility. This $17.9 million expansion adds 20,000 square feet to increase the capacity for producing tank heads, cones, and shells. It will also allow the production of thicker materials to access new markets.

H.   The consolidated financials are affected by the euro to dollar exchange rate when consolidating Mueller B.V., the Dutch subsidiary. The month-end euro to dollar exchange rate was 1.08 for March 2024, 1.04 for December 2024, and 1.08 for March 2025, respectively.

This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described in the Company’s Annual Report under “Safe Harbor for Forward-Looking Statements”, which is available at paulmueller.com. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.

The accounting policies related to this report and additional management discussion and analysis are provided in the 2024 annual report, available at

.

Press Contact: Ken Jeffries | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9346

|



EN
25/04/2025

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