Mueller Co. posts 24% earnings jump

Paul Mueller Co. (OTC: MUEL) reported a 24.2% increase in second-quarter earnings amid a strengthening work order backlog and despite less quarterly revenue.

The Springfield-based stainless steel manufacturer posted net income of $4.8 million, or $4.38 per diluted share, compared with $3.8 million, or $3.22 per diluted share, a year earlier, according to a news release.

"Operationally, the most significant contributors to the improvement in the U.S. are the rebound of the dairy farm equipment segment and strong results from our components business unit," officials said in the release.

Second-quarter financial notes for Mueller Co.:
• The company's backlog was $76.2 million as of June 30, compared with $61.6 million at the end of 2020.
• Revenue was down 7.6% to $49.3 million compared with the same quarter of 2020.
• Mueller Co. repurchased 4,254 of its shares during the quarter.

As of June 30, Mueller Co.'s assets were $119.3 million, according to the release.

The company's over-the-counter stock was trading at $45 as of 11:07 a.m., compared with a 52-week range of $25.08 to $53 per share.