Paul Mueller Company Announces Its Third Quarter Earnings of 2025
Paul Mueller Company (OTC: MUEL) reported third-quarter results for the period ended September 30, 2025. Q3 net sales were $61.4M vs $62.1M a year earlier, and nine‑month net sales were $192.9M vs $178.1M year‑ago. Q3 gross profit fell to $16.0M from $21.1M; nine‑month net income rose to $21.4M from $18.5M. Book value per share was $108.62 and backlog was $250.4M. The company disclosed production delays on two large pharmaceutical jobs that reduced Q3 profit margins and required estimate revisions.
On October 24, 2025 the board approved a $485 per share tender offer (ends November 21, 2025) and a $0.30 dividend payable December 29, 2025 to holders of record November 26, 2025.
Paul Mueller Company (OTC: MUEL) ha riportato i risultati del terzo trimestre per il periodo conclusosi il 30 settembre 2025. Le vendite nette del Q3 sono state 61,4 milioni di dollari rispetto a 62,1 milioni un anno prima, e le vendite nette dei nove mesi sono state 192,9 milioni rispetto a 178,1 milioni nell'anno precedente. Il margine lordo del Q3 è diminuito a 16,0 milioni da 21,1 milioni; l'utile netto dei nove mesi è aumentato a 21,4 milioni da 18,5 milioni. Valore contabile per azione era 108,62 dollari e l'arretrato era di 250,4 milioni. L'azienda ha comunicato ritardi di produzione su due grandi ordini farmaceutici che hanno ridotto i margini di profitto del Q3 e richiesto revisioni delle stime.
Il 24 ottobre 2025 il consiglio ha approvato un'offerta di acquisto per 485 dollari per azione (scade il 21 novembre 2025) e un dividendo di 0,30 dollari pagabile il 29 dicembre 2025 agli azionisti registrati al 26 novembre 2025.
Paul Mueller Company (OTC: MUEL) informó los resultados del tercer trimestre del periodo terminado el 30 de septiembre de 2025. Las ventas netas del 3T fueron de 61,4 millones de dólares frente a 62,1 millones del año anterior, y las ventas netas de nueve meses fueron de 192,9 millones frente a 178,1 millones del año pasado. El margen bruto del 3T cayó a 16,0 millones desde 21,1 millones; el ingreso neto de los nueve meses aumentó a 21,4 millones desde 18,5 millones. El valor contable por acción fue de 108,62 dólares y el backlog fue de 250,4 millones. La empresa informó retrasos de producción en dos grandes proyectos farmacéuticos que redujeron los márgenes de ganancia del 3T y requirieron revisiones de estimaciones.
El 24 de octubre de 2025 la junta aprobó una oferta de compra por 485 dólares por acción (finaliza el 21 de noviembre de 2025) y un dividendo de 0,30 dólares pagadero el 29 de diciembre de 2025 a los tenedores de registro al 26 de noviembre de 2025.
Paul Mueller Company (OTC: MUEL) 는 2025년 9월 30일로 종료된 기간에 대한 3분기 실적을 발표했다. 3분기 순매출은 6,140만 달러로 작년 동기의 6,210만 달러와 비교되며, 9개월 순매출은 1억9,290만 달러로 작년 동기의 1억7,810만 달러와 비교된다. 3분기 총이익은 1,600만 달러로 하락했고, 9개월 순이익은 2,140만 달러로 작년의 1,850만 달러에서 증가했다. 주당 장부가치는 108.62달러였고 미수금(백로그)은 2억5,040만 달러였다. 회사는 두 개의 대형 제약 프로젝트에서 생산 지연이 발생해 3분기의 이익 마진을 축소하고 추정치를 수정해야 한다고 밝혔다.
2025년 10월 24일 이사회는 주당 4,850달러의 현금 매수청구 제안을 승인했으며(11월 21일 종료) 12월 29일에 지급될 주당 0.30달러의 배당금도 승인했다. 배당은 2025년 11월 26일 기준 주주에게 지급된다.
Paul Mueller Company (OTC: MUEL) a communiqué les résultats du troisième trimestre pour la période se terminant le 30 septembre 2025. Les ventes nettes du T3 s'élèvent à 61,4 millions de dollars contre 62,1 millions l'année précédente, et les ventes nettes sur neuf mois s'élèvent à 192,9 millions contre 178,1 millions l'an dernier. Le marge brute du T3 est tombée à 16,0 millions de dollars contre 21,1 millions; le résultat net sur neuf mois a augmenté à 21,4 millions contre 18,5 millions l'an passé. La valeur comptable par action était de 108,62 dollars et le backlog s'élevait à 250,4 millions. La société a annoncé des retards de production sur deux importants projets pharmaceutiques qui ont réduit les marges du T3 et nécessité des révisions d'estimation.
Le 24 octobre 2025 le conseil d'administration a approuvé une offre d'achat à 485 dollars par action (se termine le 21 novembre 2025) et un dividende de 0,30 dollar payable le 29 décembre 2025 pour les porteurs inscrits au 26 novembre 2025.
Paul Mueller Company (OTC: MUEL) hat die Ergebnisse des dritten Quartals für den Zeitraum zum 30. September 2025 gemeldet. Die Q3-Umsätze betrugen 61,4 Mio. USD gegenüber 62,1 Mio. USD im Vorjahr, und die Umsätze der neun Monate lagen bei 192,9 Mio. USD gegenüber 178,1 Mio. USD im Vorjahr. Der Q3-Bruttogewinn fiel auf 16,0 Mio. USD von 21,1 Mio. USD; der Nettogewinn der neun Monate stieg auf 21,4 Mio. USD gegenüber 18,5 Mio. USD. Der Buchwert je Aktie betrug 108,62 USD und der Auftragsbestand lag bei 250,4 Mio. USD. Das Unternehmen meldete Produktionsverzögerungen bei zwei großen Pharmaaufträgen, die die Q3-Gewinnmargen reduzierten und Schätzungsanpassungen erforderten.
Am 24. Oktober 2025 hat der Vorstand ein Angebot zum Rückkauf von 485 USD pro Aktie genehmigt (Ende am 21. November 2025) und eine Dividende von 0,30 USD zahlbar am 29. Dezember 2025 an die am 26. November 2025 eingetragenen Aktionäre genehmigt.
Paul Mueller Company (OTC: MUEL) أعلنت عن نتائج الربع الثالث للفترة المنتهية في 30 سبتمبر 2025. إيرادات الربع الثالث الصافية بلغت 61.4 مليون دولار مقابل 62.1 مليون دولار في السنة السابقة، وبلغت إيرادات التسعة أشهر 192.9 مليون دولار مقابل 178.1 مليون دولار في العام الماضي. هامش الربح الإجمالي للربع الثالث انخفض إلى 16.0 مليون دولار من 21.1 مليون دولار؛ صافي دخل التسعة أشهر ارتفع إلى 21.4 مليون دولار من 18.5 مليون دولار.
كان القيمة الدفترية للسهم الواحد 108.62 دولار والطلب الإجمالي بلغ 250.4 مليون دولار. كشفت الشركة عن تأخيرات إنتاج في مشروعين صيدلانيين كبيرين مما قلل هوامش ربح الربع الثالث و necessitated تعديل التقديرات. في 24 أكتوبر 2025 اعتمد المجلس عرض شراء بمبلغ 485 دولاراً للسهم (ينتهي في 21 نوفمبر 2025) و
- Nine‑month net sales +8.3% to $192.9M
- Nine‑month net income +15.7% to $21.4M
- Backlog increased to $250.4M (from $153.7M)
- Board approved $485 per share tender offer (ends Nov 21, 2025)
- Board declared $0.30 dividend payable Dec 29, 2025
- Q3 gross profit down ~23.9% to $16.0M
- Q3 operating income down ~35% to $5.7M
- Q3 production delays on two large pharmaceutical jobs reduced margins
- Cash and equivalents down $7.4M to $13.8M vs Dec 31, 2024
SPRINGFIELD, Mo., Oct. 24, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the third quarter ended September 30, 2025.
| PAUL MUELLER COMPANY NINE-MONTH REPORT Unaudited (In thousands) | ||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Twelve Months Ended | ||||||||||||||||||||
| September 30 | September 30 | September 30 | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Net Sales | $ | 61,375 | $ | 62,085 | $ | 192,859 | $ | 178,111 | $ | 263,333 | $ | 233,897 | ||||||||||
| Cost of Sales | 45,349 | 41,028 | 131,147 | 121,459 | 175,812 | 160,203 | ||||||||||||||||
| Gross Profit | $ | 16,026 | $ | 21,057 | $ | 61,712 | $ | 56,652 | $ | 87,521 | $ | 73,694 | ||||||||||
| Selling, General and Administrative Expense | 10,298 | 12,238 | 35,163 | 34,013 | 47,398 | 85,736 | ||||||||||||||||
| Operating Income (Loss) | $ | 5,728 | $ | 8,819 | $ | 26,549 | $ | 22,639 | $ | 40,123 | $ | (12,042 | ) | |||||||||
| Interest Expense | (50) | (83 | ) | (163) | (256 | ) | (208) | (347 | ) | |||||||||||||
| Other Income | 691 | 840 | 1,525 | 1,885 | 2,017 | 2,741 | ||||||||||||||||
| Income (Loss) before Provision (Benefit) for Income Taxes | $ | 6,369 | $ | 9,576 | $ | 27,911 | $ | 24,268 | $ | 41,932 | $ | (9,648 | ) | |||||||||
| Provision (Benefit) for Income Taxes | 1,487 | 2,297 | 6,472 | 5,736 | 9,353 | (4,306 | ) | |||||||||||||||
| Net Income (Loss) 3225 | $ | 4,882 | $ | 7,279 | $ | 21,439 | $ | 18,532 | $ | 32,579 | $ | (5,342 | ) | |||||||||
| Earnings (Loss) per Common Share - Basic and Diluted | $ | 5.25 | $ | 7.77 | $ | 23.00 | $ | 18.79 | $ | 34.90 | $ | (5.28 | ) | |||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
| Nine Months Ended | |||||||
| September 30 | |||||||
| 2025 | 2024 | ||||||
| Net Income | $ | 21,439 | $ | 18,532 | |||
| Other Comprehensive Income (Loss), Net of Tax: | |||||||
| Foreign Currency Translation Adjustment | 3,166 | 526 | |||||
| Comprehensive Income | $ | 24,605 | $ | 19,058 | |||
| CONSOLIDATED BALANCE SHEETS | |||||||
| September 30 | December 31 | ||||||
| 2025 | 2024 | ||||||
| Cash and Cash Equivalents | $ | 13,812 | $ | 21,169 | |||
| Marketable Securities | 28,345 | 24,446 | |||||
| Accounts Receivable | 39,460 | 31,266 | |||||
| Inventories (FIFO) | 48,859 | 40,905 | |||||
| LIFO Reserve | (21,460 | ) | (20,146 | ) | |||
| Inventories (LIFO) | 27,399 | 20,759 | |||||
| Current Net Investments in Sales-Type Leases | 57 | 39 | |||||
| Other Current Assets | 9,918 | 4,933 | |||||
| Current Assets | $ | 118,991 | $ | 102,612 | |||
| Net Property, Plant, and Equipment | 68,279 | 50,754 | |||||
| Right of Use Assets | 2,403 | 2,235 | |||||
| Other Assets | 1,767 | 1,862 | |||||
| Long-Term Net Investments in Sales-Type Leases | 1,590 | 1,211 | |||||
| Total Assets | $ | 193,030 | $ | 158,674 | |||
| Accounts Payable | $ | 17,462 | $ | 17,588 | |||
| Current Maturities and Short-Term Debt | 468 | 3,466 | |||||
| Current Lease Liabilities | 412 | 336 | |||||
| Advance Billings | 39,400 | 26,788 | |||||
| Other Current Liabilities | 27,237 | 23,226 | |||||
| Current Liabilities | $ | 84,979 | $ | 71,404 | |||
| Long-Term Debt | 5,382 | 5,096 | |||||
| Long-Term Pension Liabilities | - | - | |||||
| Other Long-Term Liabilities | 691 | 2,329 | |||||
| Lease Liabilities | 977 | 896 | |||||
| Total Liabilities | $ | 92,029 | $ | 79,725 | |||
| Shareholders' Investment | 101,001 | 78,949 | |||||
| Total Liabilities and Shareholders' Investment | $ | 193,030 | $ | 158,674 | |||
| SELECTED FINANCIAL DATA | ||||||||
| September 30 | December 31 | |||||||
| 2025 | 2024 | |||||||
| Book Value per Common Share | $ | 108.62 | $ | 84.27 | ||||
| Total Shares Outstanding | 929,883 | 936,837 | ||||||
| Backlog | $ | 250,448 | $ | 153,685 | ||||
| CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | ||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
| Common Stock | Paid-in Surplus | Treasury Stock | ||||||||||||||||||||
| Retained Earnings | Total | |||||||||||||||||||||
| Balance, December 31, 2024 | $ | 1,508 | $ | 9,708 | $ | 96,037 | $ | (22,697 | ) | $ | (5,607 | ) | $ | 78,949 | ||||||||
| Add (Deduct): | ||||||||||||||||||||||
| Net Income | 21,439 | 21,439 | ||||||||||||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 3,166 | 3,166 | ||||||||||||||||||||
| Dividends | (774 | ) | (774 | ) | ||||||||||||||||||
| Treasury Stock Acquisition | (1,779 | ) | (1,779 | ) | ||||||||||||||||||
| Other | - | |||||||||||||||||||||
| Balance, September 30, 2025 | $ | 1,508 | $ | 9,708 | $ | 116,702 | $ | (24,476 | ) | $ | (2,441 | ) | $ | 101,001 | ||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
| Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | ||||||
| Operating Activities: | |||||||
| Net Income | $ | 21,439 | $ | 18,532 | |||
| Pension Contributions (Greater) than Expense | - | (25 | ) | ||||
| Depreciation & Amortization | 5,323 | 5,177 | |||||
| Deferred Tax Expense | 288 | - | |||||
| (Gain) on Sales of Equipment | (42 | ) | (104 | ) | |||
| Loss (Gain) on Disposal of Equipment | 647 | (389 | ) | ||||
| Change in Assets and Liabilities | |||||||
| (Inc) in Accounts and Notes Receivable | (7,843 | ) | (6,197 | ) | |||
| (Inc) in Cost in Excess of Estimated Earnings and Billings | (870 | ) | - | ||||
| (Inc) Dec in Inventories | (5,976 | ) | 738 | ||||
| (Inc) in Prepayments | (4,752 | ) | (2,724 | ) | |||
| (Inc) in Net Investment in Sales-type leases | (754 | ) | (353 | ) | |||
| Dec in Other LT Assets | 2,313 | 1,036 | |||||
| (Dec) Inc in Accounts Payable | (126 | ) | 1,962 | ||||
| (Dec) in Accrued Income Tax | (443 | ) | (1,063 | ) | |||
| Inc in Other Accrued Expenses | 1,295 | 1,606 | |||||
| Inc (Dec) in Advanced Billings | 12,611 | (4,686 | ) | ||||
| Inc in Billings in Excess of Costs and Estimated Earnings | 3,190 | 5,842 | |||||
| Inc in Lease Liability for Operating | - | 169 | |||||
| Principal payments of Lease Liability for Operating | (251 | ) | (188 | ) | |||
| Inc (Dec) in Long Term Deferred Tax Liabilities | 24 | (85 | ) | ||||
| (Dec) Inc in Other Long-Term Liabilities | (1,739 | ) | (119 | ) | |||
| Net Cash Provided by Operating Activities | $ | 24,334 | $ | 19,129 | |||
| Investing Activities | |||||||
| Purchases of Marketable Securities | (26,822 | ) | (16,442 | ) | |||
| Proceeds from Sales of Marketable Securities | 22,923 | 29,403 | |||||
| Proceeds from Sales of Equipment | 42 | 131 | |||||
| Additions to Property, Plant, and Equipment | (21,106 | ) | (8,637 | ) | |||
| Net Cash (Required) for Investing Activities | $ | (24,963 | ) | $ | 4,455 | ||
| Financing Activities | |||||||
| Principal payments of Lease Liability for Financing | (70 | ) | (149 | ) | |||
| (Repayment) of Short-Term Borrowings, Net | (5,186 | ) | (1,637 | ) | |||
| Proceeds of Short-Term Borrowings, Net | 2,136 | 1,637 | |||||
| (Repayment) of Long-Term Debt | (2,187 | ) | (1,152 | ) | |||
| Dividends Paid | (774 | ) | (594 | ) | |||
| Treasury Stock Acquisitions | (1,779 | ) | (11,910 | ) | |||
| Net Cash Provided by (Required for) Financing Activities | $ | (7,860 | ) | $ | (13,805 | ) | |
| Effect of Exchange Rate Changes | 1,132 | 357 | |||||
| Net (Decrease) Increase in Cash and Cash Equivalents | $ | (7,357 | ) | $ | 10,136 | ||
| Cash and Cash Equivalents at Beginning of Year | 21,169 | 5,894 | |||||
| Cash and Cash Equivalents at End of Quarter | $ | 13,812 | $ | 16,030 | |||
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 September 30.
| Three Months Ended September 30 | ||||||
| Revenue | 2025 | 2024 | ||||
| Domestic | $ | 48,950 | $ | 52,560 | ||
| Mueller BV | $ | 12,442 | $ | 10,087 | ||
| Eliminations | $ | (17 | ) | $ | (562 | ) |
| Net Revenue | $ | 61,375 | $ | 62,085 | ||
The chart below depicts the net revenue on a consolidating basis for the nine months ended September 30.
| Nine Months Ended September 30 | ||||||
| Revenue | 2025 | 2024 | ||||
| Domestic | $ | 157,955 | $ | 144,267 | ||
| Mueller BV | $ | 35,021 | $ | 35,076 | ||
| Eliminations | $ | (117 | ) | $ | (1,232 | ) |
| Net Revenue | $ | 192,859 | $ | 178,111 | ||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended September 30.
| Twelve Months Ended September 30 | ||||||
| Revenue | 2025 | 2024 | ||||
| Domestic | $ | 215,870 | $ | 187,349 | ||
| Mueller BV | $ | 47,903 | $ | 48,043 | ||
| Eliminations | $ | (440 | ) | $ | (1,495 | ) |
| Net Revenue | $ | 263,333 | $ | 233,897 | ||
The chart below depicts the net income (loss) on a consolidating basis for the three months ended September 30.
| Three Months Ended September 30 | ||||||
| Net Income | 2025 | 2024 | ||||
| Domestic | $ | 4,682 | $ | 7,365 | ||
| Mueller BV | $ | 208 | $ | (84 | ) | |
| Eliminations | $ | (9 | ) | $ | (2 | ) |
| Net Income (Loss) | $ | 4,881 | $ | 7,279 | ||
The chart below depicts the net income on a consolidating basis for the nine months ended September 30.
| Nine Months Ended September 30 | ||||||
| Net Income | 2025 | 2024 | ||||
| Domestic | $ | 21,032 | $ | 17,440 | ||
| Mueller BV | $ | 408 | $ | 1,064 | ||
| Eliminations | $ | (2 | ) | $ | 28 | |
| Net Income (Loss) | $ | 21,438 | $ | 18,532 | ||
The chart below depicts the net income on a consolidating basis for the twelve months ended September 30.
| Twelve Months Ended September 30 | ||||||
| Net Income | 2025 | 2024 | ||||
| Domestic | $ | 31,926 | $ | (8,121 | ) | |
| Mueller BV | $ | 680 | $ | 2,775 | ||
| Eliminations | $ | (28 | ) | $ | 4 | |
| Net Income Loss | $ | 32,578 | $ | (5,342 | ) | |
B. September 30, 2025 backlog is
With the cancelled order removed, our U.S. backlog is
C. Profits are down in the third quarter compared to the first two quarters of 2025. Most of our large projects are recorded using the over-time method of revenue recognition which recognizes revenue and profit based on either the cost or hours worked compared to the estimated total cost or hours to complete. In the third quarter, we fell behind on two large pharmaceutical jobs as we encountered some challenging fabrication tasks. We pulled resources from other areas of the company and increased outside contract labor to get back on schedule.
Although these projects are still profitable, this disruption in production in the third quarter caused us to change our opinion about the estimated cost of completing these two jobs. Since we use over-time revenue recognition, these adjustments in our estimate to completion had a negative effect on third quarter earnings.
D. 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 down over the prior year by
| Results Ending September 30th | ||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | Twelve Months Ended September 30 | ||||||||||||||||
| (In Thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Domestic Net Income | $ | 4,682 | $ | 7,365 | $ | 21,032 | $ | 17,440 | $ | 31,926 | $ | (8,121 | ) | |||||
| Income Tax Expense | $ | 1,411 | $ | 2,321 | $ | 6,331 | $ | 5,391 | $ | 9,092 | $ | (3,834 | ) | |||||
| Domestic EBT - GAAP | $ | 6,093 | $ | 9,686 | $ | 27,363 | $ | 22,831 | $ | 41,018 | $ | (11,955 | ) | |||||
| LIFO Adjustment | $ | (438 | ) | $ | 151 | $ | 1,314 | $ | (312 | ) | $ | (2 | ) | $ | (770 | ) | ||
| Pension Adjustment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 41,774 | ||||||
| Domestic EBT - Non-GAAP | $ | 5,655 | $ | 9,837 | $ | 28,677 | $ | 22,519 | $ | 41,016 | $ | 29,049 | ||||||
E. On October 24, 2025, the Company announced the board approved a tender offer at
F. On October 24, 2025, the Company announced the board approved a thirty-cent dividend payable on December 29, 2025 to shareholders of record on November 26, 2025.
G. 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 1.12 at September 2024; 1.04 at December 2024 and 1.17 for September 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 | http://paulmueller.com
FAQ
What did MUEL report for third‑quarter 2025 sales and net income?
What is the MUEL tender offer announced October 24, 2025?
When is the MUEL dividend and how much is it?
How large is MUEL's backlog at September 30, 2025 and what changed?
Why did MUEL's Q3 2025 profits decline?
How did MUEL's book value per share change by Sept 30, 2025?
