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While fourth-quarter earnings improved, it wasn't enough to reverse a down year for Paul Mueller Co. (OTC: MUEL).
Mueller Co. on March 17 reported 2022 net income of $3.6 million, down 48% from $7 million in 2021, according to a news release. Diluted share earnings dropped to $3.32 from $6.44 per share year over year.
In the company's annual report, Mueller Co. President and CEO David Moore said, "Our performance was significantly affected by increasing input costs due to higher prices for materials and parts, higher compensation to our co-workers and increased time spent managing shortages of required parts and materials."
Revenue during the year grew 3.6% to $191.5 million from $184.6 million in 2021.
During the fourth quarter, profits were up 99% to $3.9 million, while revenue increased by nearly 26% to $59 million, according to the release.
The Springfield-based stainless steel manufacturer's work backlog at year's end was $132.8 million, up from $78.4 million as of Dec. 31, 2021.
The company's over-the-counter stock closed March 17 at $42.50, compared with a 52-week range of $39.65 to $48 per share.
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