Paul Mueller Co. (OTC: MUEL) posted a net loss in the second quarter due, in part, to inflationary pressures.
The Springfield-based stainless steel manufacturer's net loss was $149,000, a 103% drop from profits of $4.8 million in the same quarter of 2021, according to a news release. The company’s diluted share loss was 14 cents, compared with positive results of $4.38 per share a year earlier.
Inflation and an ongoing, large backlog of work were among factors contributing to the quarterly loss, according to company officials.
"Revenue and profits for the first half of the year were lower than expected as the company worked through the older backlog that was not adequately priced for the current inflation," officials said in the release. "Production has been slowed by the shortage or delay of key components."
During the quarter, Mueller Co.'s net sales slipped by 6.7% to roughly $46 million. The company's backlog was $141.7 million at the end of the quarter.
Mueller Co.'s over-the-counter stock has a 52-week range of $36.37 to $46.50 per share.
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