SPRINGFIELD, Mo., July 25, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) corrects an earlier release which contained an error in the earnings per share for the three and six months ended June 30, 2025.
PAUL MUELLER COMPANY | ||||||||||||||||||||||
SIX-MONTH REPORT | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | Twelve Months Ended | ||||||||||||||||||||
June 30 | June 30 | June 30 | ||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
Net Sales | $ | 72,624 | $ | 65,670 | $ | 131,484 | $ | 116,026 | $ | 264,043 | $ | 228,900 | ||||||||||
Cost of Sales | 44,760 | 45,871 | 85,798 | 80,431 | 171,491 | 158,123 | ||||||||||||||||
Gross Profit | $ | 27,864 | $ | 19,799 | $ | 45,686 | $ | 35,595 | $ | 92,552 | $ | 70,777 | ||||||||||
Selling, General and Administrative Expense | 13,332 | 11,417 | 24,865 | 21,775 | 49,338 | 84,743 | ||||||||||||||||
Operating Income (Loss) | $ | 14,532 | $ | 8,382 | $ | 20,821 | $ | 13,820 | $ | 43,214 | $ | (13,966 | ) | |||||||||
Interest Income (Expense) | 578 | 70 | 607 | (1,178 | ) | 1,484 | (1,351 | ) | ||||||||||||||
Other Income | 50 | 506 | 114 | 2,050 | 441 | 3,383 | ||||||||||||||||
Income (Loss) before Provision (Benefit) for Income Taxes | $ | 15,160 | $ | 8,958 | $ | 21,542 | $ | 14,692 | $ | 45,139 | $ | (11,934 | ) | |||||||||
Provision (Benefit) for Income Taxes | 3,531 | 2,154 | 4,985 | 3,439 | 10,163 | (4,817 | ) | |||||||||||||||
Net Income (Loss) | $ | 11,629 | $ | 6,804 | $ | 16,557 | $ | 11,253 | $ | 34,976 | $ | (7,117 | ) | |||||||||
Earnings (Loss) per Common Share –– Basic and Diluted | $ | 12.50 | $ | 7.26 | $ | 17.74 | $ | 11.13 | $ | 37.40 | ($ | 6.79 | ) | |||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||
Six Months Ended | |||||||||
June 30 | |||||||||
2025 | 2024 | ||||||||
Net Income | $ | 16,557 | $ | 11,253 | |||||
Other Comprehensive Income (Loss), Net of Tax: | |||||||||
Foreign Currency Translation Adjustment | 2,015 | (780 | ) | ||||||
Comprehensive Income | $ | 18,572 | $ | 10,473 | |||||
CONSOLIDATED BALANCE SHEETS | |||||||||
June 30 | December 31 | ||||||||
2025 | 2024 | ||||||||
Cash and Cash Equivalents | $ | 21,678 | $ | 21,169 | |||||
Marketable Securities | 29,929 | 24,446 | |||||||
Accounts Receivable, net | 47,032 | 31,266 | |||||||
Inventories (FIFO) | 45,417 | 40,905 | |||||||
LIFO Reserve | (21,899 | ) | (20,146 | ) | |||||
Inventories (LIFO) | 23,518 | 20,759 | |||||||
Current Net Investments in Sales-Type Leases | 54 | 39 | |||||||
Other Current Assets | 5,442 | 4,933 | |||||||
Current Assets | $ | 127,653 | $ | 102,612 | |||||
Net Property, Plant, and Equipment | 63,264 | 50,754 | |||||||
Right of Use Assets | 2,290 | 2,235 | |||||||
Other Assets | 165 | 1,862 | |||||||
Long-Term Net Investments in Sales-Type Leases | 1,932 | 1,211 | |||||||
Total Assets | $ | 195,304 | $ | 158,674 | |||||
Accounts Payable | $ | 12,998 | $ | 17,588 | |||||
Current Maturities and Short-Term Debt | 468 | 3,466 | |||||||
Current Lease Liabilities | 371 | 336 | |||||||
Advance Billings | 39,572 | 26,788 | |||||||
Billings in Excess of Cost | 19,792 | 7,635 | |||||||
Other Current Liabilities | 19,556 | 15,591 | |||||||
Current Liabilities | $ | 92,757 | $ | 71,404 | |||||
Long-Term Debt | 5,499 | 5,096 | |||||||
Other Long-Term Liabilities | 692 | 2,329 | |||||||
Lease Liabilities | 993 | 896 | |||||||
Total Liabilities | $ | 99,941 | $ | 79,725 | |||||
Shareholders' Investment | 95,363 | 78,949 | |||||||
Total Liabilities and Shareholders' Investment | $ | 195,304 | $ | 158,674 | |||||
SELECTED FINANCIAL DATA | |||||||||
June 30 | December 31 | ||||||||
2025 | 2024 | ||||||||
Book Value per Common Share | $ | 102.52 | $ | 84.27 | |||||
Total Shares Outstanding | 930,183 | 936,837 | |||||||
Backlog | $ | 234,212 | $ | 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 | 16,557 | 16,557 | |||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 2,015 | 2,015 | |||||||||||||||||||||
Dividends | (495 | ) | (495 | ) | |||||||||||||||||||
Treasury Stock Acquisition | (1,663 | ) | (1,663 | ) | |||||||||||||||||||
Other | - | ||||||||||||||||||||||
Balance, June 30, 2025 | $ | 1,508 | $ | 9,708 | $ | 112,099 | $ | (24,360 | ) | $ | (3,592 | ) | $ | 95,363 | |||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||
Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||||
Operating Activities: | |||||||||
Net Income | $ | 16,557 | $ | 11,253 | |||||
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||
Pension Contributions (Greater) than Expense | - | (16 | ) | ||||||
Depreciation & Amortization | 3,380 | 3,427 | |||||||
Deferred Tax Expense | 288 | - | |||||||
Loss on Disposal of Equipment | 469 | 175 | |||||||
(Gain) on Sales of Equipment | - | (106 | ) | ||||||
(Inc) in Accts and Notes Receivable | (15,765 | ) | (9,354 | ) | |||||
(Inc) in Cost in Excess of Estimated Earnings and Billings | (16 | ) | - | ||||||
(Inc) Dec in Inventories | (2,256 | ) | 1,290 | ||||||
(Inc) in Prepayments | (782 | ) | (2,389 | ) | |||||
(Inc) in Net Investment in Sales-type leases | (579 | ) | (80 | ) | |||||
Dec in Other Assets | 2,026 | 738 | |||||||
(Dec) Inc in Accounts Payable | (4,589 | ) | 4,242 | ||||||
(Dec) Inc in Accrued Income Tax | 913 | (1,165 | ) | ||||||
Inc (Dec) in Other Accrued Expenses | 3,088 | (227 | ) | ||||||
Inc (Dec) in Advanced Billings | 12,784 | (8,519 | ) | ||||||
Inc in Billings in Excess of Costs and Estimated Earnings | 12,156 | 8,306 | |||||||
Inc in Lease Liability for Operating | - | 57 | |||||||
Principal payments of Lease Liability for Operating | (156 | ) | (53 | ) | |||||
Inc (Dec) in Long Term Deferred Tax Liabilities | 17 | (78 | ) | ||||||
(Dec) in Other Long-Term Liabilities | (1,730 | ) | (93 | ) | |||||
Net Cash Provided by Operating Activities | $ | 25,805 | $ | 7,408 | |||||
Investing Activities | |||||||||
Intangibles | - | - | |||||||
Purchases of Marketable Securities | (16,464 | ) | (24,649 | ) | |||||
Proceeds from Sales of Marketable Securities | 10,981 | 38,522 | |||||||
Proceeds from Sales of Equipment | - | 131 | |||||||
Additions to Property, Plant, and Equipment | (13,850 | ) | (6,612 | ) | |||||
Net Cash (Required) for Investing Activities | $ | (19,333 | ) | $ | 7,392 | ||||
Financing Activities | |||||||||
Principal payments of Lease Liability for Financing | (50 | ) | (22 | ) | |||||
(Repayment) of Short-Term Borrowings, Net | (5,186 | ) | (751 | ) | |||||
Proceeds of Short-Term Borrowings, Net | 2,136 | 754 | |||||||
(Repayment) of Long-Term Debt | (1,864 | ) | (422 | ) | |||||
Dividends Paid | (495 | ) | (378 | ) | |||||
Treasury Stock Acquisitions | (1,664 | ) | (11,910 | ) | |||||
Net Cash (Required) for Financing Activities | $ | (7,123 | ) | $ | (12,729 | ) | |||
Effect of Exchange Rate Changes | 1,160 | (545 | ) | ||||||
Net Increase in Cash and Cash Equivalents | $ | 509 | $ | 1,526 | |||||
Cash and Cash Equivalents at Beginning of Year | 21,169 | 1,883 | |||||||
Cash and Cash Equivalents at End of Quarter | $ | 21,678 | $ | 3,409 | |||||
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 June 30.
Three Months Ended June 30 | |||||||||||
Revenue | 2025 | 2024 | Variance | ||||||||
Domestic | $ | 58,928 | $ | 52,830 | $ | 6,098 | |||||
Mueller BV | $ | 13,796 | $ | 13,164 | $ | 632 | |||||
Eliminations | $ | (100 | ) | $ | (324 | ) | $ | 224 | |||
Net Revenue | $ | 72,624 | $ | 65,670 | $ | 6,954 | |||||
The chart below depicts the net revenue on a consolidating basis for the six months ended June 30.
Six Months Ended June 30 | |||||||||||
Revenue | 2025 | 2024 | Variance | ||||||||
Domestic | $ | 109,005 | $ | 91,707 | $ | 17,298 | |||||
Mueller BV | $ | 22,579 | $ | 24,989 | $ | (2,410 | ) | ||||
Eliminations | $ | (100 | ) | $ | (670 | ) | $ | 570 | |||
Net Revenue | $ | 131,484 | $ | 116,026 | $ | 15,458 | |||||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended June 30.
Twelve Months Ended June 30 | |||||||||||
Revenue | 2025 | 2024 | Variance | ||||||||
Domestic | $ | 219,480 | $ | 180,833 | $ | 38,647 | |||||
Mueller BV | $ | 45,548 | $ | 49,322 | $ | (3,774 | ) | ||||
Eliminations | $ | (985 | ) | $ | (1,255 | ) | $ | 270 | |||
Net Revenue | $ | 264,043 | $ | 228,900 | $ | 35,143 | |||||
The chart below depicts the net income (loss) on a consolidating basis for the three months ended June 30.
Three Months Ended June 30 | |||||||||||
Net Income | 2025 | 2024 | Variance | ||||||||
Domestic | $ | 10,922 | $ | 6,027 | $ | 4,895 | |||||
Mueller BV | $ | 694 | $ | 774 | $ | (80 | ) | ||||
Eliminations | $ | 13 | $ | 3 | $ | 10 | |||||
Net Income | $ | 11,629 | $ | 6,804 | $ | 4,825 | |||||
The chart below depicts the net income (loss) on a consolidating basis for the six months ended June 30.
Six Months Ended June 30 | |||||||||||
Net Income | 2025 | 2024 | Variance | ||||||||
Domestic | $ | 16,350 | $ | 10,075 | $ | 6,275 | |||||
Mueller BV | $ | 200 | $ | 1,148 | $ | (948 | ) | ||||
Eliminations | $ | 7 | $ | 30 | $ | (23 | ) | ||||
Net Income | $ | 16,557 | $ | 11,253 | $ | 5,304 | |||||
The chart below depicts the net income on a consolidating basis for the twelve months ended June 30.
Twelve Months Ended June 30 | |||||||||||
Net Income | 2025 | 2024 | Variance | ||||||||
Domestic | $ | 34,609 | $ | (10,408 | ) | $ | 45,017 | ||||
Mueller BV | $ | 388 | $ | 3,285 | $ | (2,897 | ) | ||||
Eliminations | $ | (21 | ) | $ | 6 | $ | (27 | ) | |||
Net Income (Loss) | $ | 34,976 | $ | (7,117 | ) | $ | 42,093 | ||||
B. June 30, 2025 backlog is $234.2 million compared to $187.3 million at June 30, 2024. The majority of this backlog is in the U.S. where the backlog is $223.6 million at June 30, 2025 compared to $181.2 million at June 30, 2024. The $42.4 million increase in U.S. backlog is primarily from the Industrial Equipment segment, which grew $41.8 million from June 2024 to June 2025. The majority of this increase is related to our pharmaceutical customers, which continue to drive our improvement in revenue and net income over the prior year. In our European Operations, the backlog has increased from the prior year -- $11.3 million at June 30, 2025 versus $6.5 million on June 30, 2024.
C. 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 over the prior year by $6.9 million for the three months; $10.3 million for six months and $20.1 million for the trailing twelve months primarily from strong results in the Industrial Equipment segment.
Ended June 30 | |||||||||||||||||
Three Months | Six Months | Twelve Months | |||||||||||||||
(In Thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||
Domestic Net Income | $ | 10,922 | $ | 6,027 | $ | 16,350 | $ | 10,075 | $ | 34,610 | $ | (10,408 | ) | ||||
Income Tax Expense | $ | 3,292 | $ | 1,899 | $ | 4,920 | $ | 3,070 | $ | 10,002 | $ | (4,560 | ) | ||||
Domestic EBT - GAAP | $ | 14,214 | $ | 7,926 | $ | 21,270 | $ | 13,145 | $ | 44,612 | $ | (14,968 | ) | ||||
LIFO Adjustment | $ | 369 | $ | (246 | ) | $ | 1,752 | $ | (463 | ) | $ | 587 | $ | (619 | ) | ||
Pension Adjustment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 41,774 | |||||
Domestic EBT - Non-GAAP | $ | 14,583 | $ | 7,680 | $ | 23,022 | $ | 12,682 | $ | 45,199 | $ | 26,187 | |||||
D. On May 8, 2025, the tender offer, announced on March 31, 2025, expired with 6,654 shares being tendered for a total of $1,663,500.
E. 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 1.07 for June 2024, 1.04 for December 2024, and 1.17 for June 2025.
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
www.paulmueller.com.
Press Contact: Ken Jeffries | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9346
kjeffries@paulmueller.com | https://paulmueller.com