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Paul Mueller Company Announces Its Fourth Quarter Earnings of 2024

SPRINGFIELD, Mo., March 31, 2025 (GLOBE NEWSWIRE) — Paul Mueller Company (OTC Pink: MUEL) (the “Company”) announces its fourth-quarter earnings of 2024.

PAUL MUELLER COMPANY
         
TWELVE-MONTH REPORT
(In thousands)
         
CONSOLIDATED STATEMENTS OF INCOME
         
  Three Months Ended Twelve Months Ended
  December 31 December 31
   2024   2023   2024   2023 
         
Net Sales $70,474  $55,786  $248,585  $229,156 
Cost of Sales  44,665   38,744   166,124   158,625 
Gross Profit $25,809  $17,042  $82,461  $70,531 
Selling, General and Administrative Expense  12,235   51,723   46,248   88,269 
Operating Income (Loss) $13,574  $(34,681) $36,213  $(17,738)
Interest Expense  (45)  (91)  (301)  (350)
Other Income  492   856   2,377   2,666 
Income (Loss) before Provision (Benefit) for Income Taxes $14,021  $(33,916) $38,289  $(15,422)
Provision (Benefit) for Income Taxes  2,881   (10,042)  8,617   (5,532)
Net Income (Loss) $11,140  $(23,874) $29,672  $(9,890)
         
Earnings (Loss) per Common Share –– Basic and Diluted $11.89  ($21.99) $30.46  ($9.11)
         

    
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    
 Twelve Months Ended
 December 31
  2024   2023 
    
Net Income (Loss)$29,672  $(9,890)
Other Comprehensive Income (Loss), Net of Tax:   
Foreign Currency Translation Adjustment (1,577)  677 
Change in Pension Liability 64   33,322 
Comprehensive Income$28,159  $24,109 
    

    
CONSOLIDATED BALANCE SHEETS
    
 December 31 December 31
  2024   2023 
    
Cash and Cash Equivalents$21,169  $7,147 
Marketable Securities 24,446   26,778 
Accounts Receivable, net 31,266   25,166 
Inventories (FIFO) 40,905   45,910 
LIFO Reserve (20,146)  (21,774)
Inventories (LIFO) 20,759   24,136 
Current Net Investments in Sales-Type Leases 39   27 
Other Current Assets 4,933   3,537 
Current Assets$102,612  $86,791 
    
Net Property, Plant, and Equipment 50,754   42,011 
Right of Use Assets 2,235   2,421 
Other Assets 1,862   2,590 
Long-Term Net Investments in Sales-Type Leases 1,211   456 
Total Assets$158,674  $134,269 
    
Accounts Payable$17,588  $11,041 
Current Maturities and Short-Term debt 3,466   640 
Current Lease Liabilities 336   402 
Advance Billings 26,788   27,383 
Other Current Liabilities 23,226   19,631 
Current Liabilities$71,404  $59,097 
    
Long-Term Debt 5,096   8,880 
Other Long-Term Liabilities 2,329   2,001 
Lease Liabilities 896   775 
Total Liabilities$79,725  $70,753 
Shareholders’ Investment 78,949   63,516 
Total Liabilities and Shareholders’ Investment$158,674  $134,269 
    
    

SELECTED FINANCIAL DATA
    
 December 31 December 31
  2024   2023 
Book Value per Common Share$84.27  $58.50 
Total Shares Outstanding 936,837   1,085,711 
Backlog$153,685  $97,350 

              
 CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT
                
                      
   Common Stock Paid-in Surplus  Retained Earnings   Treasury Stock   Accumulated Other Comprehensive Income (Loss)   Total 
Balance, December 31, 2023$1,508 $9,708 $67,181  $(10,787) $(4,094) $63,516 
Add (Deduct):           
 Net Income (Loss)     29,672       29,672 
 Other Comprehensive Income, Net of Tax     (7)    (1,513)  (1,520)
 Dividends, $.60 per Common Share     (809)      (809)
 Treasury Stock Acquisition       (11,910)    (11,910)
Balance, December 31, 2024$1,508 $9,708 $96,037  $(22,697) $(5,607) $78,949 
              

 CONSOLIDATED STATEMENT OF CASH FLOWS
         
         
         
   Twelve Months Ended December 31, 2024   Twelve Months Ended December 31, 2023 
Operating Activities:   
    
Net Income (Loss)$29,672  $(9,890)
    
Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:   
Pension Contributions Less than Expense    21,592 
Bad Debt Expense 35   275 
Depreciation & Amortization 6,992   6,641 
Deferred Tax (Benefit) Expense (1,001)  (9,230)
(Gain) loss on Disposal of Equipment (9)  796 
Change in Assets and Liabilities   
(Inc) in Accts and Notes Receivable (6,135)  (4,861)
Dec in Inventories 4,316   2,688 
(Inc) Dec in Prepayments (1,684)  394 
(Inc) in Net Investment in Sales-Type Leases (768)  (147)
Dec in Other LT Assets 1,273   380 
Dec in Deferred Taxes 295   11,550 
Inc (Dec) in Accounts Payable 6,546   (761)
Inc in Accrued Income Tax 137   1,536 
(Dec) Inc in Accrued Expenses (294)  5,278 
(Dec) in Advanced Billings (595)  (13,905)
Inc(Dec) in Billings in Excess of Costs and Estimated Earnings 3,711   (7,013)
Inc in Lease Liability for Operating     
Inc in Lease Liability for Financing    133 
Principal payments on Lease Liability for Operating (233)  (85)
Inc (Dec) in Other Long Term Liabilities 1,637   (1,121)
Net Cash Provided by Operating Activities$43,895  $4,250 
    
Investing Activities   
Intangibles   
Purchases of Marketable Securities (28,419)  (27,128)
Proceeds from Sales of Marketable Securities 30,751   35,059 
Proceeds from Sales of Equipment 132   171 
Additions to Property, Plant, and Equipment (17,299)  (7,704)
Net Cash (Required) for Provided by Investing Activities$(14,835) $398 
    
Financing Activities   
Principal payments on Lease Liability for Financing (175)  (116)
(Repayment) of Short-Term Borrowings (2,922)  (2,190)
Proceeds of Short-Term Borrowings 2,922   2,190 
(Repayment) of Long-Term Debt (1,130)  (634)
Dividends paid (809)  (651)
Treasury Stock Acquisitions (11,910)   
Net Cash (Required) for Financing Activities$(14,024) $(1,401)
    
Effect of Exchange Rate Changes  (1,014)  432 
    
Net Increase (Decrease) in Cash $14,022  $3,679 
    
Cash at Beginning of Year 7,147   3,468 
    
Cash at End of Year$21,169  $7,147 
     

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 December 31.

Three Months Ended December 31 
Revenue 2024  2023  
Domestic$57,915 $43,082  
Mueller BV 12,882  12,967  
Eliminations (323) (263) 
Net Revenue$70,474 $55,786  
    

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

    
Twelve Months Ended December 31 
Revenue 2024  2023  
Domestic$202,182 $183,006  
Mueller BV 47,958  47,710  
Eliminations (1,555) (1,560) 
Net Revenue$248,585 $229,156  
    

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

    
Three Months Ended December 31 
Net Income 2024  2023  
Domestic$10,894 $(25,561) 
Mueller BV 272  1,711  
Eliminations (26) (24) 
Net Income (Loss)$11,140 $(23,874) 
    

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

Twelve Months Ended December 31 
Net Income 2024  2023  
Domestic$28,334 $(11,328) 
Mueller BV 1,336  1,477  
Eliminations 2  (39) 
Net Income (Loss)$29,672 $(9,890) 
    

B. Please refer to the President’s letter and footnotes in the 2024 Annual Report for relevant management discussion and analysis

C. 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 in 2023. This non-GAAP adjusted EBT (as shown in the table below), shows improved results from a strong 2023 performance on both a three-month and twelve-month timeframe. This improvement comes primarily from the pharmaceutical and food and beverage divisions.

Results Ending December 31st 
 Three Months Ended December 31 Twelve Months Ended December 31 
(In Thousands) 2024  2023   2024  2023  
Domestic Net Income$10,895 $(25,561) $28,335 $(11,328) 
Income Tax Expense 2,761  (9,225)  8,152  (4,757) 
Domestic EBT – GAAP 13,656  (34,786)  36,487  (16,085) 
LIFO Adjustment (1,316) (458)  (1,628) 83  
Pension Adjustment   41,774     41,774  
Domestic EBT – Non-GAAP$12,340 $6,530  $34,859 $25,772  
       

D. 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 1.04 at December 2024 and 1.10 at December 2023, respectively.

E. The Company reclassified certain amounts previously classified as marketable securities to cash and cash equivalents. The reclassification does not affect the Company’s total assets or total liabilities. The change merely reallocates the amounts from marketable securities to cash and cash equivalents on the balance sheet, ensuring that the financial statements more accurately reflect the Company’s short-term liquidity position. The reclassification increased cash and decreased marketable securities by $5,264,000 for the year ended December 31, 2023, and $2,789,000 for the year ended December 31, 2022.

F. 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.

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 | (417) 575-9346
kjeffries@paulmueller.com
https://paulmueller.com

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