Pension payments contribute to Mueller Co. net loss

Largely due to pension payments, Paul Mueller Co. (OTC: MUEL) reported a third-quarter net loss.

The Springfield-based stainless steel equipment manufacturer posted a loss of $3.2 million for the three months ended Sept. 30, a swing from profits of $2.3 million a year earlier. The results equated to a loss of $2.66 per diluted share, compared with diluted earnings of $1.85 per share in third-quarter 2015, according to a news release.

During the latest quarter, Mueller Co. took a $5.7 million noncash hit on pretax earnings caused by pension deficits. Through the assets of the plans, the company paid out $13.8 million to 218 participants near the end of the third quarter.

Third-quarter financial notes:
    •    Mueller Co. paid $620,000 for roof repairs at its Springfield facilities. The portion to be completed this year is estimated to cost $2 million, and the company has paid $932,000 so far in 2016.
    •    Net sales rose 10 percent to $44.1 million.
    •    The company’s backlog of orders totaled $45.2 million as of Sept. 30, compared with $58.4 million at the end of 2015.

As of Sept. 30, Mueller Co. held $117.1 million in assets, according to the release.

Mueller Co.’s over-the-counter stock closed yesterday at $28.75, compared with a 52-week range of $23 to $31.