SPRINGFIELD, Mo., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC Pink: 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 | $ | 134,269 | |||||
| Accounts Payable | $ | 13,003 | $ | 11,041 | |||||
| Current Maturities and Short-Term Debt | 648 | 640 | |||||||
| Current Lease Liabilities | 344 | 402 | |||||||
| Advance Billings | 22,696 | 27,383 | |||||||
| Pension Liabilities | 32 | 32 | |||||||
| Other Current Liabilities | 25,989 | 19,599 | |||||||
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