Mueller Co. profits rise 49%

Paul Mueller Co. (OTC: MUEL) reported a 49% increase in profits, with officials citing a rebound in dairy farm equipment sales.

First quarter profits were $1.3 million, or $1.19 per diluted share, compared with $875,000, or 73 cents per diluted share, a year earlier, according to a news release.

"The largest contributor to the improvement in the U.S. is the rebound of (dairy farm equipment) from historical lows," officials with the stainless steel manufacturer said in the release.

First quarter financial notes for Mueller Co.
• Revenue increased by 7.4% to $45.3 million.
• The company repurchased roughly $4 million worth of its stock from an unnamed shareholder during the quarter.
• Work backlog dropped to $69 million from $107.3 million a year earlier.

As of March 31, Mueller Co.'s assets were $117.2 million, according to the release.

Mueller Co.'s over-the-counter stock opened at $46.50 this morning, compared with a 52-week range of $24.30 to $53 per share.