SPRINGFIELD, Mo., April 24, 2026 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the first quarter ended March 31, 2026.
PAUL MUELLER COMPANY | |||||||||||||
THREE-MONTH REPORT | |||||||||||||
(In thousands) | |||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
March 31 | March 31 | ||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||
Net Sales | $ | 66,353 | $ | 58,860 | $ | 294,494 | $ | 257,089 | |||||
Cost of Sales | 51,803 | 41,038 | 203,966 | 172,602 | |||||||||
Gross Profit | $ | 14,550 | $ | 17,822 | $ | 90,528 | $ | 84,487 | |||||
Selling, General and Administrative Expense | 12,062 | 11,533 | 50,792 | 47,423 | |||||||||
Operating Income | $ | 2,488 | $ | 6,289 | $ | 39,736 | $ | 37,064 | |||||
Interest Income | 576 | 29 | 337 | 976 | |||||||||
Other (Loss) Income | (41 | ) | 64 | 2,368 | 897 | ||||||||
Income before Provision for Income Taxes | $ | 3,023 | $ | 6,382 | $ | 42,441 | $ | 38,937 | |||||
Provision for Income Taxes | 724 | 1,454 | 10,390 | 8,786 | |||||||||
Net Income | $ | 2,299 | $ | 4,928 | $ | 32,051 | $ | 30,151 | |||||
Earnings per Common Share –– Basic and Diluted | $ | 2.56 | $ | 5.26 | $ | 35.05 | $ | 32.18 | |||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
Three Months Ended | |||||||
March 31 | |||||||
2026 | 2025 | ||||||
Net Income | $ | 2,299 | $ | 4,928 | |||
Other Comprehensive (Loss) Income, Net of Tax: | |||||||
Foreign Currency Translation Adjustment | (342) | 875 | |||||
Comprehensive Income | $ | 1,957 | $ | 5,803 | |||
CONSOLIDATED BALANCE SHEETS | |||||||
March 31 | December 31 | ||||||
2026 | 2025 | ||||||
Cash and Cash Equivalents | $ | 44,370 | $ | 29,883 | |||
Marketable Securities | 10,673 | 19,913 | |||||
Accounts Receivable, net | 42,689 | 41,719 | |||||
Inventories (FIFO) | 52,573 | 52,715 | |||||
LIFO Reserve | (21,297) | (21,051) | |||||
Inventories (LIFO) | 31,276 | 31,664 | |||||
Current Net Investments in Sales-Type Leases | 63 | 62 | |||||
Other Current Assets | 16,313 | 5,758 | |||||
Current Assets | $ | 145,384 | $ | 128,999 | |||
Net Property, Plant, and Equipment | 82,000 | 79,083 | |||||
Right of Use Assets | 2,323 | 2,276 | |||||
Other Assets | 1,740 | 1,625 | |||||
Long-Term Net Investments in Sales-Type Leases | 2,381 | 2,338 | |||||
Total Assets | $ | 233,828 | $ | 214,321 | |||
Accounts Payable | $ | 17,284 | $ | 17,750 | |||
Current Maturities and Short-Term debt | 460 | 468 | |||||
Current Lease Liabilities | 419 | 403 | |||||
Advance Billings | 56,460 | 36,362 | |||||
Other Current Liabilities | 51,026 | 52,594 | |||||
Current Liabilities | $ | 125,649 | $ | 107,577 | |||
Long-Term Debt | 5,060 | 5,265 | |||||
Other Long-Term Liabilities | 1,567 | 1,618 | |||||
Lease Liabilities | 908 | 904 | |||||
Total Liabilities | $ | 133,184 | $ | 115,364 | |||
Shareholders' Investment | 100,644 | 98,957 | |||||
Total Liabilities and Shareholders' Investment | $ | 233,828 | $ | 214,321 | |||
SELECTED FINANCIAL DATA | |||||||
March 31 | December 31 | ||||||
2026 | 2025 | ||||||
Book Value per Common Share | $ | 111.97 | $ | 110.09 | |||
Total Shares Outstanding | 898,883 | 898,883 | |||||
Backlog | $ | 235,633 | $ | 243,606 | |||
CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | ||||||||||||||||||||||||||
Common Stock | Paid-in Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance, December 31, 2025 | $ | 1,508 | $ | 9,708 | $ | 129,674 | $ | (39,511 | ) | $ | (2,422 | ) | $ | 98,957 | ||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||
Net Income | 2,299 | 2,299 | ||||||||||||||||||||||||
Other Comprehensive (Loss) Net of Tax | (342 | ) | (342 | ) | ||||||||||||||||||||||
Dividends, $.30 per Common Share | (270 | ) | (270 | ) | ||||||||||||||||||||||
Other | - | |||||||||||||||||||||||||
Balance, March 31, 2026 | $ | 1,508 | $ | 9,708 | $ | 131,703 | $ | (39,511 | ) | $ | (2,764 | ) | $ | 100,644 | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 2,299 | $ | 4,928 | ||||
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation & Amortization | 2,152 | 1,557 | ||||||
ROU Asset Amortization | 12 | |||||||
Loss on Sales of Equipment | 7 | |||||||
Loss on Disposal of Equipment | 414 | 197 | ||||||
Change in Assets and Liabilities | ||||||||
(Inc) Dec in Accts and Notes Receivable | (1,085 | ) | 9,716 | |||||
(Inc) in Cost in Excess of Estimated Earnings and Billings | (3,320 | ) | (73 | ) | ||||
Dec (Inc) in Inventories | 584 | (5,000 | ) | |||||
(Inc) in Prepayments | (7,237 | ) | (2,048 | ) | ||||
(Inc) in Net Investment in Sales-Type Leases | (85 | ) | (288 | ) | ||||
Dec in Other Assets | 79 | 556 | ||||||
Dec in Deferred Taxes | - | 288 | ||||||
(Dec) in Accounts Payable | (457 | ) | (4,550 | ) | ||||
Inc in Accrued Income Tax | 776 | 1,454 | ||||||
(Dec) Inc in Accrued Expenses | (2,652 | ) | 2,554 | |||||
Inc in Advanced Billings | 20,121 | 7,348 | ||||||
Inc in Billings in Excess of Costs and Estimated Earnings | 359 | 3,079 | ||||||
Principal payments on Lease Liability for Operating | (92 | ) | (71 | ) | ||||
(Dec) in Long Term Liabilities | (30 | ) | (1,774 | ) | ||||
Inc in Long Term Deferred Tax Liabilities | 1 | - | ||||||
Net Cash Provided by Operating Activities | $ | 11,846 | $ | 17,873 | ||||
Investing Activities | ||||||||
Proceeds from Sales of Equipment | 6 | - | ||||||
Purchases of Marketable Securities | (7,100 | ) | (10,452 | ) | ||||
Proceeds from Sales of Marketable Securities | 16,339 | 1,264 | ||||||
Additions to Property, Plant, and Equipment | (6,220 | ) | (4,957 | ) | ||||
Net Cash (Required) for Investing Activities | $ | 3,025 | $ | (14,145 | ) | |||
Financing Activities | ||||||||
Principal payments on Lease Liability for Financing | (19 | ) | (26 | ) | ||||
Proceeds from Short-Term Borrowings | - | 2,136 | ||||||
(Repayment) of Short-Term Borrowings | - | (5,186 | ) | |||||
(Repayment) of Long-Term Debt | (115 | ) | (334 | ) | ||||
Dividends paid | (270 | ) | (215 | ) | ||||
Net Cash (Required) for Financing Activities | $ | (404 | ) | $ | (3,625 | ) | ||
Effect of Exchange Rate Changes | 20 | 402 | ||||||
Net Increase in Cash | $ | 14,487 | $ | 505 | ||||
Cash at Beginning of Year | 29,883 | 21,169 | ||||||
Cash at End of Quarter | $ | 44,370 | $ | 21,674 | ||||
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 | 2026 | 2025 | ||||
Domestic | $ | 51,584 | $ | 50,077 | ||
Mueller BV | $ | 14,779 | $ | 8,783 | ||
Eliminations | $ | (10 | ) | $ | - | |
Net Revenue | $ | 66,353 | $ | 58,860 | ||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended March 31.
Twelve Months Ended March 31 | ||||||
Revenue | 2026 | 2025 | ||||
Domestic | $ | 237,378 | $ | 213,382 | ||
Mueller BV | $ | 57,254 | $ | 44,916 | ||
Eliminations | $ | (138 | ) | $ | (1,209 | ) |
Net Revenue | $ | 294,494 | $ | 257,089 | ||
The chart below depicts the net income on a consolidating basis for the three months ended March 31.
Three Months Ended March 31 | |||||
Net Income | 2026 | 2025 | |||
Domestic | $ | 1,322 | $ | 5,428 | |
Mueller BV | $ | 977 | $ | (494 | ) |
Eliminations | $ | - | $ | (6 | ) |
Net Income | $ | 2,299 | $ | 4,928 | |
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 | 2026 | 2025 | |||
Domestic | $ | 28,992 | $ | 29,714 | |
Mueller BV | $ | 3,059 | $ | 468 | |
Eliminations | $ | - | $ | (31 | ) |
Net Income (Loss) | $ | 32,051 | $ | 30,151 | |
B. The backlog as of March 31, 2026 remains strong at $235.6 million compared to $254.5 million at March 31, 2025, with the majority being in Industrial Equipment. The U.S. backlog is $219.1 million at March 31, 2026 compared to $247.7 million at March 31, 2025. In the Netherlands, the backlog has increased to $16.5 million at March 31, 2026 from $7.5 million at March 31, 2025.
C. Revenue is up from the previous year by $7.5 million on a three-month basis and up $37.4 million for the trailing twelve months. Revenues in the U.S. are up $1.5 million for the three months and $24 million for the twelve months, with the increases primarily from the Industrial Equipment segment. In the Netherlands, revenues are up $6 million on a three-month basis and $12.3 million on a twelve-month basis.
Net Income is down $2.6 million on a three-month basis and up $1.9 million on a twelve-month basis. In the Netherlands, earnings are up $1.5 million for three months and $2.6 million over twelve months.
The weak profitability in the first quarter was driven primarily by the Industrial Equipment segment due to very long-lived projects. In a pattern similar to last summer, we fell behind schedule and incurred significant unplanned hours to maintain customer commitments. While the projects remain profitable over their full duration, the costs of these expedite activities were concentrated in the first quarter.
D. We manage our business in the U.S. looking at earnings before tax (EBT) and excluding the effects of LIFO and non-reoccurring events. This non-GAAP adjusted EBT (as shown in the table below) is down $6.5 million for the three months and relatively flat to the trailing twelve months.
Three Months Ended March 31 | Twelve Months Ended March 31 | ||||||||||
(In Thousands) | 2026 | 2025 | 2026 | 2025 | |||||||
Domestic Net Income | $ | 1,322 | $ | 5,428 | $ | 28,992 | $ | 29,715 | |||
Income Tax Expense | $ | 391 | $ | 1,628 | $ | 9,389 | $ | 8,609 | |||
Domestic EBT - GAAP | $ | 1,713 | $ | 7,056 | $ | 38,381 | $ | 38,324 | |||
LIFO Adjustment | $ | 246 | $ | 1,383 | $ | (232 | ) | $ | (28 | ) | |
Domestic EBT - Non-GAAP | $ | 1,959 | $ | 8,439 | $ | 38,149 | $ | 38,296 | |||
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 1.08 for March 2025, 1.17 for December 2025, and 1.15 for March 2026, 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 2025 annual report, available at www.paulmueller.com.
Press Contact: Dan Winters | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9000
dwinters@paulmueller.com | https://paulmueller.com