Paul Mueller Company Announces Its Third Quarter Earnings of 2024

SPRINGFIELD, Mo., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC:MUEL) (the "Company") announces its third-quarter earnings of 2024. 

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

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

62,085

 

 

$

57,088

 

 

$

178,111

 

 

$

173,370

 

 

$

233,897

 

 

$

232,372

 

Cost of Sales

 

41,028

 

 

 

38,948

 

 

 

121,459

 

 

 

119,881

 

 

 

160,203

 

 

 

169,963

 

        Gross Profit

$

21,057

 

 

$

18,140

 

 

$

56,652

 

 

$

53,489

 

 

$

73,694

 

 

$

62,409

 

Selling, General and Administrative Expense

 

12,238

 

 

 

11,245

 

 

 

34,013

 

 

 

36,546

 

 

 

85,736

 

 

 

41,225

 

        Operating Income (Loss)

$

8,819

 

 

$

6,895

 

 

$

22,639

 

 

$

16,943

 

 

$

(12,042

)

 

$

21,184

 

Interest Expense 1

 

(83

)

 

 

(82

)

 

 

(256

)

 

 

(259

)

 

 

(347

)

 

 

(346

)

Other Income 1

 

840

 

 

 

477

 

 

 

1,885

 

 

 

1,810

 

 

 

2,741

 

 

 

2,749

 

Income (Loss) before Provision (Benefit) for Income Taxes

$

9,576

 

 

$

7,290

 

 

$

24,268

 

 

$

18,494

 

 

$

(9,648

)

 

$

23,587

 

Provision (Benefit) for Income Taxes

 

2,297

 

 

 

1,786

 

 

 

5,736

 

 

 

4,510

 

 

 

(4,306

)

 

 

5,703

 

Net Income (Loss)

$

7,279

 

 

$

5,504

 

 

$

18,532

 

 

$

13,984

 

 

$

(5,342

)

 

$

17,884

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) per Common Share - Basic and Diluted

$

7.77

 

 

$

5.07

 

 

$

18.79

 

 

$

12.88

 

 

$

(5.28

)

 

$

16.47

 

 

 

 

 

 

 

 

 

 

 

 

 

1. The elimination of intercompany interest was incorrect in the 2nd Quarter release causing interest income and interest expense to be overstated by the same amount, however, net income was still correct. For this financial presentation, the error was corrected as of June 30th so the three-month, nine-month and twelve-month interest income and expense would be presented correctly.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30

 

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Net Income

$

18,532

 

 

$

13,984

 

 

 

Other Comprehensive Income (Loss), Net of Tax:

 

 

 

 

 

Foreign Currency Translation Adjustment

 

526

 

 

 

(275

)

 

 

Comprehensive Income

$

19,058

 

 

$

13,709

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

September 30

 

December 31

 

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents 2

$

16,030

 

 

$

5,894

 

 

 

Marketable Securities 2

 

15,070

 

 

 

28,031

 

 

 

Accounts Receivable

 

31,363

 

 

 

25,166

 

 

 

Inventories (FIFO)

 

45,450

 

 

 

45,910

 

 

 

LIFO Reserve

 

(21,461

)

 

 

(21,774

)

 

 

Inventories (LIFO)

 

23,989

 

 

 

24,136

 

 

 

Current Net Investments in Sales-Type Leases

 

35

 

 

 

27

 

 

 

Other Current Assets

 

6,262

 

 

 

3,537

 

 

 

        Current Assets

$

92,749

 

 

$

86,791

 

 

 

 

 

 

 

 

 

Net Property, Plant, and Equipment

 

45,890

 

 

 

42,011

 

 

 

Right of Use Assets

 

2,271

 

 

 

2,421

 

 

 

Other Assets

 

2,409

 

 

 

2,590

 

 

 

Long-Term Net Investments in Sales-Type Leases

 

604

 

 

 

456

 

 

 

        Total Assets

$

143,923

 

 

$