Paul Mueller Company Announces Its First Quarter Earnings of 2025

Rhea-AI Summary

Paul Mueller Company (OTC: MUEL) has reported strong Q1 2025 financial results. Net sales increased 16.9% to $58.86 million compared to $50.36 million in Q1 2024. Net income rose 10.8% to $4.93 million, with earnings per share increasing to $5.26 from $4.10 year-over-year.

The company's backlog grew significantly to $254.52 million from $153.69 million at year-end 2024. Domestic revenue contributed $50.08 million while Mueller BV added $8.78 million to total revenue. Book value per share improved to $90.24 from $84.27, and the company maintained a strong cash position of $21.67 million.

Positive

• Net sales increased 16.9% YoY to $58.86 million
• Net income grew 10.8% to $4.93 million
• Earnings per share rose 28.3% to $5.26
• Backlog increased 65.6% to $254.52 million
• Book value per share improved to $90.24 from $84.27
• Strong cash position maintained at $21.67 million

Negative

• Mueller BV segment revenue declined 25.7% to $8.78 million
• Mueller BV reported a loss of $494,000 compared to profit last year

SPRINGFIELD, Mo., April 25, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the first quarter ended March 31, 2025.

	PAUL MUELLER COMPANY
	THREE-MONTH REPORT
	(In thousands)
	CONSOLIDATED STATEMENTS OF INCOME
							Three Months Ended							Twelve Months Ended
							March 31							March 31
							2025			2024				2025				2024
	Net Sales						$	58,860		$	50,356			$	257,089			$	223,161
	Cost of Sales						41,038			34,560				172,602				153,631
	Gross Profit						$	17,822		$	15,796			$	84,487			$	69,530
	Selling, General and Administrative Expense						11,533			10,358				47,423				86,040
	Operating Income (Loss)						$	6,289		$	5,438			$	37,064			$	(16,510	)
	Interest Income (Expense)						29			(1,248		)		976				(1,501		)
	Other Income						64			1,544				897				3,491
	Income (Loss) before Provision (Benefit) for Income Taxes						$	6,382		$	5,734			$	38,937			$	(14,520	)
	Provision (Benefit) for Income Taxes						1,454			1,285				8,786				(5,413		)
	Net Income (Loss)						$	4,928		$	4,449			$	30,151			$	(9,107	)
	Earnings (Loss) per Common Share –– Basic and Diluted						$	5.26		$	4.10			$	32.18			($8.39)
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
														Three Months Ended
														March 31
														2025				2024
				Net Income										$	4,928			$	4,449
				Other Comprehensive Income (Loss), Net of Tax:
				Foreign Currency Translation Adjustment										875				(239		)
				Comprehensive Income										$	5,803			$	4,210
	CONSOLIDATED BALANCE SHEETS
														March 31				December 31
														2025				2024
				Cash and Cash Equivalents										$	21,674			$	21,169
				Marketable Securities										33,634				24,446
				Accounts Receivable, net										21,551				31,266
				Inventories (FIFO)										47,587				40,905
				LIFO Reserve										(21,529		)		(20,146		)
				Inventories (LIFO)										26,058				20,759
				Current Net Investments in Sales-Type Leases										44				39
				Other Current Assets										6,766				4,933
				Current Assets										$	109,727			$	102,612
				Net Property, Plant, and Equipment										54,713				50,754
				Right of Use Assets										2,213				2,235
				Other Assets										1,411				1,862
				Long-Term Net Investments in Sales-Type Leases										1,494				1,211
				Total Assets										$	169,558			$	158,674
				Accounts Payable										$	13,037			$	17,588
				Current Maturities and Short-Term debt										432				3,466
				Current Lease Liabilities										350				336
				Advance Billings										34,136				26,788
				Other Current Liabilities										30,281				23,226
				Current Liabilities										$	78,236			$	71,404
				Long-Term Debt										5,184				5,096
				Other Long-Term Liabilities										628				2,329
				Lease Liabilities										973				896
				Total Liabilities										$	85,021			$	79,725
				Shareholders' Investment										84,537				78,949
				Total Liabilities and Shareholders' Investment										$	169,558			$	158,674

	SELECTED FINANCIAL DATA
																	March 31				December 31
																	2025				2024
					Book Value per Common Share												$	90.24			$	84.27
					Total Shares Outstanding												936,837				936,837
					Backlog												$	254,516			$	153,685
	CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT
							Common Stock			Paid-in Surplus			Retained Earnings				Treasury Stock				Accumulated Other Comprehensive Income (Loss)				Total
	Balance, December 31, 2024						$	1,508		$	9,708		$	96,037			$	(22,697	)		$	(5,607	)		$	78,949
	Add (Deduct):
		Net Income											4,928												4,928
		Other Comprehensive (Loss) Net of Tax																			875				875
		Dividends, $.23 per Common Share											(215		)										(215		)
		Other																							-
	Balance, March 31, 2025						$	1,508		$	9,708		$	100,750			$	(22,697	)		$	(4,732	)		$	84,537

	CONSOLIDATED STATEMENT OF CASH FLOWS
													Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
				Operating Activities:
				Net Income									$	4,928			$	4,449
				Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:
				Pension Contributions (Greater) Less than Expense									-				(8		)
				Depreciation & Amortization									1,557				1,736
				Loss (Gain) on Disposal of Equipment									197				18
				Change in Assets and Liabilities
				Dec (Inc) in Accts and Notes Receivable									9,716				(42		)
				(Inc) in Cost in Excess of Estimated Earnings and Billings									(73		)		(35		)
				(Inc) in Inventories									(5,000		)		(1,901		)
				(Inc) in Prepayments									(2,048		)		(3,772		)
				(Inc) in Net Investment in Sales-Type Leases									(288		)		(25		)
				Dec in Other Assets									556				469
				Dec in Deferred Taxes									288				-
				(Dec) Inc in Accounts Payable									(4,550		)		952
				Inc in Accrued Income Tax									1,454				1,501
				Inc (Dec) in Accrued Expenses									2,554				(654		)
				Inc in Advanced Billings									7,348				6,051
				Inc (Dec) in Billings in Excess of Costs and Estimated Earnings									3,079				(1,730		)
				Inc in Lease Liability for Operating									-				24
				Principal payments on Lease Liability for Operating									(71		)		(41		)
				(Dec) in Long Term Liabilities									(1,774		)		(12		)
				(Dec) in Long Term Deferred Tax Liabilities									-				(82		)
				Net Cash Provided by Operating Activities									$	17,873			$	6,898
				Investing Activities
				Proceeds from Sales of Equipment									-				15
				Purchases of Marketable Securities									(10,452		)		(12,221		)
				Proceeds from Sales of Marketable Securities									1,264				12,575
				Additions to Property, Plant, and Equipment									(4,957		)		(3,064		)
				Net Cash (Required) for Investing Activities									$	(14,145	)		$	(2,695	)
				Financing Activities
				Principal payments on Lease Liability for Financing									(26		)		(52		)
				Proceeds from Short-Term Borrowings									2,136				277
				(Repayment) of Short-Term Borrowings									(5,186		)		(277		)
				(Repayment) of Long-Term Debt									(334		)		(158		)
				Dividends paid									(215		)		(163		)
				Net Cash (Required) for Financing Activities									$	(3,625	)		$	(373	)
				Effect of Exchange Rate Changes									402				(69		)
				Net Increase in Cash									$	505			$	3,761
				Cash at Beginning of Year									21,169				1,883
				Cash at End of Quarter									$	21,674			$	5,644

PAUL MUELLER COMPANY
SUMMARIZED NOTES TO THE FINANCIAL STATEMENTS
(In thousands)

A. The chart below depicts the net revenue on a consolidating basis for the three months ended March 31.

Three Months Ended March 31
Revenue		2025		2024
Domestic	$	50,077	$	38,877
Mueller BV	$	8,783	$	11,825
Eliminations	$	-	$	(346	)
Net Revenue	$	58,860	$	50,356

The chart below depicts the net revenue on a consolidating basis for the twelve months ended March 31.

Twelve Months Ended March 31
Revenue		2025			2024
Domestic	$	213,382		$	176,298
Mueller BV	$	44,916		$	48,231
Eliminations	$	(1,209	)	$	(1,368	)
Net Revenue	$	257,089		$	223,161

The chart below depicts the net income (loss) on a consolidating basis for the three months ended March 31.

Three Months Ended March 31
Net Income		2025			2024
Domestic	$	5,428		$	4,048
Mueller BV	$	(494	)	$	374
Eliminations	$	(6	)	$	27
Net Income	$	4,928		$	4,449

The chart below depicts the net income on a consolidating basis for the twelve months ended March 31.

Twelve Months Ended March 31
Net Income		2025			2024
Domestic	$	29,714		$	(11,730	)
Mueller BV	$	468		$	2,621
Eliminations	$	(31	)	$	2
Net Income (Loss)	$	30,151		$	(9,107	)

B.   March 31, 2025 backlog is $254.5 million compared to $95.2 million at March 31, 2024. The majority of this backlog is in the U.S. where the backlog is $247.7 million at March 31, 2025 compared to $87.8 million at March 31, 2024. The $159.3 million increase in U.S. backlog is primarily from the Industrial Equipment segment which accepted approximately $120 million in purchase orders in March 2025 to be completed through the end of 2026. In the Netherlands, the backlog is relatively flat -- $7.5 million at March 31, 2025 versus $7.9 million on March 31, 2024.

C.  Revenue is up from the previous year by $8.5 million on a three-month basis and up $33.9 million for the trailing twelve months. Operations in the U.S. are up $11.2 million for the three months and $37.1 million for the twelve months with the increases primarily from the Industrial Equipment segment. In the Netherlands, revenues are down slightly over $3 million on a three-month and twelve-month basis, primarily from the Benelux where environmental regulations continue to be uncertain.

Net Income is up $0.5 million on a three-month and up $39.3 million on a twelve-month basis before removing the pension settlement charges. In the Netherlands, earnings are down $0.9 million for three months and $2.2 million over twelve months on lower revenues.

We manage our business in the U.S. looking at earnings before tax (EBT) and excluding the effects of LIFO and non-reoccurring events such as the pension settlement. This non-GAAP adjusted EBT (as shown in the table below) is up $3.4 million for the three months and up $13.2 million for the trailing twelve months primarily from strong results in the Industrial Equipment segment.

	Three Months Ended March 31						Twelve Months Ended March 31
(In Thousands)		2025		2024				2025			2024
Domestic Net Income	$	5,428	$	4,048			$	29,715		$	(11,730	)
Income Tax Expense	$	1,628	$	1,171			$	8,609		$	(4,991	)
Domestic EBT - GAAP	$	7,056	$	5,219			$	38,324		$	(16,721	)
LIFO Adjustment	$	1,383	$	(217	)		$	(28	)	$	51
Pension Adjustment	$	-	$	-			$	-		$	41,774
Domestic EBT - Non-GAAP	$	8,439	$	5,002			$	38,296		$	25,104

D.   Effective March 26, 2025, the Company extended its domestic bank borrowing facility until March 31, 2026.

E.   On March 28, 2025, the Company paid off the amortizing note secured by domestic land, building, and equipment in the amount of $3,019,000.

F.   On March 31, 2025, the Board of Directors authorized a tender offer effective from March 31, 2025, through May 7, 2025, for up to $15 million of the Company’s common stock at a price of $250 per share.

G.   On April 15, 2025, the Company announced the second phase of the expansion to the Components Products facility. This $17.9 million expansion adds 20,000 square feet to increase the capacity for producing tank heads, cones, and shells. It will also allow the production of thicker materials to access new markets.

H.   The consolidated financials are affected by the euro to dollar exchange rate when consolidating Mueller B.V., the Dutch subsidiary. The month-end euro to dollar exchange rate was 1.08 for March 2024, 1.04 for December 2024, and 1.08 for March 2025, respectively.

This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described in the Company’s Annual Report under “Safe Harbor for Forward-Looking Statements”, which is available at paulmueller.com. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.

The accounting policies related to this report and additional management discussion and analysis are provided in the 2024 annual report, available at
www.paulmueller.com.

Press Contact: Ken Jeffries | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9346

kjeffries@paulmueller.com | https://paulmueller.com

FAQ

What was MUEL's earnings per share (EPS) in Q1 2025?

Paul Mueller Company reported earnings per share of $5.26 in Q1 2025, up from $4.10 in Q1 2024.

How much revenue did MUEL generate in Q1 2025?

The company generated total net revenue of $58.86 million in Q1 2025, with domestic revenue of $50.08 million and Mueller BV revenue of $8.78 million.

What is MUEL's current backlog value?

MUEL's backlog as of March 31, 2025, stood at $254.52 million, up from $153.69 million at the end of 2024.

How much cash does MUEL have on its balance sheet?

As of March 31, 2025, MUEL had cash and cash equivalents of $21.67 million.

What is MUEL's book value per share?

The book value per share was $90.24 as of March 31, 2025, an increase from $84.27 at the end of 2024.