Mueller (PAUL) Co. (OTC:MUEL)

Mueller (Paul) Co. (OOTC:MUEL) ($150.00 $140.5 M market cap) reported in Q3 2024 earnings:

• Net Sales Q3 2024: $62.0 million vs. $57.0 million in Q3 2023.
• Earnings Per Share Q3 2024: $7.77 vs. $5.07 in Q3 2023.
• Net Sales for First Nine Months of 2024: $178.1 million vs. $173.3 million in the same period in 2023.
• EPS for First Nine Months of 2024: $18.79 vs. $12.88 in the first half of 2023.

“Due to recent record backlogs, on July 26, 2024, the Company announced a facility expansion of just over 100,000 square feet at a cost of $22 million. On August 26, 2024, the Company had a ground-breaking ceremony with the Missouri governor, Mike Parsons, and other dignitaries present. On October 16, 2024, site preparation began.  Building completion date is scheduled for the end of 2025.”

MUEL manufactures and sells stainless steel tanks and industrial processing equipment worldwide. 

Paul Mueller Company (OTC:MUEL) ($78.90;$85.6M market cap), announced Q1 2024 earnings and the board of directors approved an increase to the share repurchase program. 

• Q1 sales of $50.3 million vs $56.3 million
• Q1 EPS of $4.10 vs $3.38 in the prior year
• March 31, 2024 backlog is $95.2 million compared to $122.8 million at March 31, 2023. 

After a few nice quarterly revenue outings, it’s unclear if the weak first quarter sales performance and backlog implies that the company has still not reached a level where it can grow revenues on a consistent basis. This has been the issue challenging valuation expansion. However, the company is now more profitable than it has been in the past due to divesting assets and eliminating its pension obligation from its balance sheet. 

At an EPS run rate of $4.10, MUEL is selling it at P/E of 4.8x.

The company also announced it has increased its tender offer from $10 to $15 million. As of April 26, 2024, MUEL has received tender requests for $5.88 million of shares at $80 a share. 

Second Quarter 2014 Results

• Net sales of $52.8 million vs $45.6 million in the prior year
• EPS of $2.71 vs $2.59 in the prior year

First Quarter 2014 Results

• Net sales of $46.0 million vs $41.4 million in the prior year
• EPS of $1.01 vs $1.18 in the prior year

Third Quarter 2012 Results

• Reported third quarter 2012 revenues of $46.0 million vs 36.8 million in prior year quarter 
• Reported third quarter 2012 diluted net income per share of $0.70 vs a loss of $0.10 in prior year period.

Reports Second Quarer 2012 Results

• Reported second quarter 2012 revenues of $43.5 million vs 42.6 million in prior year quarter
• Reported second quarter 2012 diluted net income per share of $1.13 vs a loss of $1.00 in prior year period.