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Paul Mueller Company (MUEL) reported strong Q3 2024 financial results with net sales of $62.1 million, up 8.8% from $57.1 million in Q3 2023. Net income increased to $7.3 million ($7.77 per share) from $5.5 million ($5.07 per share) year-over-year. Nine-month revenue reached $178.1 million, up 2.7% from 2023. The company’s backlog significantly increased to $171.5 million, up from $97.4 million last year, primarily driven by pharmaceutical divisions. A facility expansion of over 100,000 square feet at $22 million cost was announced, with completion scheduled for end of 2025.
Paul Mueller Company (MUEL) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con vendite nette di 62,1 milioni di dollari, in aumento dell’8,8% rispetto ai 57,1 milioni di dollari del terzo trimestre del 2023. L’utile netto è aumentato a 7,3 milioni di dollari (7,77 dollari per azione) rispetto ai 5,5 milioni di dollari (5,07 dollari per azione) dell’anno precedente. Le entrate nei nove mesi hanno raggiunto 178,1 milioni di dollari, in aumento del 2,7% rispetto al 2023. Il portafoglio dell’azienda è aumentato significativamente a 171,5 milioni di dollari, rispetto ai 97,4 milioni di dollari dello scorso anno, principalmente grazie alle divisioni farmaceutiche. È stata annunciata un’espansione della struttura di oltre 100.000 piedi quadrati a un costo di 22 milioni di dollari, con completamento previsto per la fine del 2025.
Paul Mueller Company (MUEL) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ventas netas de 62,1 millones de dólares, un aumento del 8,8% en comparación con los 57,1 millones de dólares del tercer trimestre de 2023. El ingreso neto aumentó a 7,3 millones de dólares (7,77 dólares por acción) desde 5,5 millones de dólares (5,07 dólares por acción) en el año anterior. Los ingresos en nueve meses alcanzaron los 178,1 millones de dólares, un aumento del 2,7% con respecto a 2023. La cartera de la empresa se incrementó significativamente a 171,5 millones de dólares, en comparación con los 97,4 millones del año pasado, impulsada principalmente por las divisiones farmacéuticas. Se anunció una expansión de las instalaciones de más de 100,000 pies cuadrados por un costo de 22 millones de dólares, con finalización programada para finales de 2025.
폴 뮬러 컴퍼니 (MUEL)는 2024년 3분기 강력한 재무 결과를 발표했으며, 순매출이 6,210만 달러로 2023년 3분기의 5,710만 달러에서 8.8% 증가했습니다. 순이익은 550만 달러(주당 7.77달러)로 증가했으며, 작년 5,500만 달러(주당 5.07달러)에서 증가했습니다. 9개월 동안의 수익은 1억 7,810만 달러에 달해 2023년 대비 2.7% 증가했습니다. 회사의 수주 잔고는 1억 7,150만 달러로 작년의 9,740만 달러에서 크게 증가했으며, 이는 주로 제약 부문에 의해 주도되었습니다. 2,200만 달러의 비용으로 100,000평방피트 이상의 시설 확장이 발표되었으며, 2025년 말 완료 예정입니다.
Paul Mueller Company (MUEL) a publié des résultats financiers solides pour le troisième trimestre 2024, avec des ventes nettes de 62,1 millions de dollars, en hausse de 8,8 % par rapport à 57,1 millions de dollars au troisième trimestre 2023. Le revenu net a augmenté à 7,3 millions de dollars (7,77 dollars par action) contre 5,5 millions de dollars (5,07 dollars par action) l’année précédente. Le chiffre d’affaires sur neuf mois a atteint 178,1 millions de dollars, soit une augmentation de 2,7 % par rapport à 2023. Le carnet de commandes de l’entreprise a considérablement augmenté pour atteindre 171,5 millions de dollars, contre 97,4 millions de dollars l’année dernière, surtout grâce aux divisions pharmaceutiques. Une expansion des installations de plus de 100 000 pieds carrés pour un coût de 22 millions de dollars a été annoncée, avec une achèvement prévu pour fin 2025.
Paul Mueller Company (MUEL) hat starke finanzielle Ergebnisse für das dritte Quartal 2024 gemeldet, mit Nettoumsätzen von 62,1 Millionen Dollar, das ist ein Anstieg von 8,8% im Vergleich zu 57,1 Millionen Dollar im dritten Quartal 2023. Der Nettogewinn stieg auf 7,3 Millionen Dollar (7,77 Dollar pro Aktie) im Vergleich zu 5,5 Millionen Dollar (5,07 Dollar pro Aktie) im Vorjahr. Der Umsatz über neun Monate belief sich auf 178,1 Millionen Dollar, was einer Steigerung von 2,7% gegenüber 2023 entspricht. Der Auftragsbestand des Unternehmens stieg erheblich auf 171,5 Millionen Dollar, gegenüber 97,4 Millionen Dollar im letzten Jahr, hauptsächlich bedingt durch die pharmazeutischen Abteilungen. Eine Erweiterung der Einrichtungen um mehr als 100.000 Quadratfuß zu Kosten von 22 Millionen Dollar wurde angekündigt, mit einer Fertigstellung bis Ende 2025.
Positive
- Net sales increased 8.8% to $62.1M in Q3 2024
- Q3 net income grew 32.3% to $7.3M
- Earnings per share increased to $7.77 from $5.07 YoY
- Backlog grew 76.1% to $171.5M from $97.4M
- Cash and cash equivalents increased to $16.0M from $5.9M
Negative
- Mueller BV segment reported Q3 net loss of $84K vs $426K profit last year
- Netherlands backlog decreased to $6.9M from $9.7M YoY
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 | |||||||
| Current Liabilities | $ | 62,712 | $ | 59,097 | |||||
| Long-Term Debt | 8,500 | 8,880 | |||||||
| Long-Term Pension Liabilities | 209 | 233 | |||||||
| Other Long-Term Liabilities | 1,677 | 1,768 | |||||||
| Lease Liabilities | 759 | 775 | |||||||
| Total Liabilities | $ | 73,857 | $ | 70,753 | |||||
| Shareholders’ Investment | 70,066 | 63,516 | |||||||
| Total Liabilities and Shareholders’ Investment | $ | 143,923 | $ | 134,269 | |||||
| 2. Has been restated to move money market accounts out of marketable securities into cash equivalents. | |||||||||
| SELECTED FINANCIAL DATA | |||||||||
| September 30 | December 31 | ||||||||
| 2024 | 2023 | ||||||||
| Book Value per Common Share | $ | 74.79 | $ | 58.50 | |||||
| Total Shares Outstanding | 936,837 | 1,085,711 | |||||||
| Backlog | $ | 171,505 | $ | 97,350 | |||||
| CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT | ||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
| Common Stock | Paid-in Surplus | Treasury Stock | ||||||||||||||||||||||
| Retained Earnings | Total | |||||||||||||||||||||||
| Balance, December 31, 2023 | $ | 1,508 | $ | 9,708 | $ | 67,181 | $ | (10,787 | ) | $ | (4,094 | ) | $ | 63,516 | ||||||||||
| Add (Deduct): | ||||||||||||||||||||||||
| Net Income | 18,532 | 18,532 | ||||||||||||||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 526 | 526 | ||||||||||||||||||||||
| Dividends, $.45 per Common Share | (594 | ) | (594 | ) | ||||||||||||||||||||
| Treasury Stock Acquisition | (11,910 | ) | (11,910 | ) | ||||||||||||||||||||
| Other | (4 | ) | (4 | ) | ||||||||||||||||||||
| Balance, September 30, 2024 | $ | 1,508 | $ | 9,708 | $ | 85,115 | $ | (22,697 | ) | $ | (3,568 | ) | $ | 70,066 | ||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||
| Nine Months Ended September 30, 2024 |
Nine Months Ended September 30, 2023 |
||||||||||
| Operating Activities: | |||||||||||
| Net Income | $ | 18,532 | $ | 13,984 | |||||||
| Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
| Pension Contributions (Greater) Less than Expense | (25 | ) | (1,586 | ) | |||||||
| Bad Debt Expense (Recovery) | – | 112 | |||||||||
| Depreciation & Amortization | 5,177 | 4,718 | |||||||||
| (Gain) on Sales of Equipment | (104 | ) | (48 | ) | |||||||
| (Gain) on Disposal of Equipment | (389 | ) | – | ||||||||
| Change in Assets and Liabilities | |||||||||||
| (Inc) in Accts and Notes Receivable | (6,197 | ) | (3,658 | ) | |||||||
| (Inc) in Cost in Excess of Estimated Earnings and Billings | – | (109 | ) | ||||||||
| Dec (Inc) in Inventories | 738 | (1,985 | ) | ||||||||
| (Inc) in Prepayments | (2,724 | ) | (456 | ) | |||||||
| (Inc) in Net Investment in Sales-type leases | (353 | ) | (80 | ) | |||||||
| Dec in Other LT Assets | 1,036 | 373 | |||||||||
| Inc (Dec) in Accounts Payable | 1,962 | (148 | ) | ||||||||
| (Dec) Inc in Accrued Income Tax | (1,063 | ) | 3,519 | ||||||||
| Inc in Other Accrued Expenses | 1,606 | 5,515 | |||||||||
| (Dec) in Advanced Billings | (4,686 | ) | (4,737 | ) | |||||||
| Inc(Dec) in Billings in Excess of Costs and Estimated Earnings | 5,842 | (7,073 | ) | ||||||||
| Inc in Lease Liability for Operating | 169 | – | |||||||||
| Inc in Lease Liability for Financing | – | 130 | |||||||||
| Principal payments of Lease Liability for Operating | (188 | ) | (163 | ) | |||||||
| (Dec) in Long Term Deferred Tax Liabilities | (85 | ) | – | ||||||||
| (Dec) Inc in Other Long-Term Liabilities | (119 | ) | 197 | ||||||||
| Net Cash Provided by Operating Activities | $ | 19,129 | $ | 8,505 | |||||||
| Investing Activities | |||||||||||
| Intangibles | – | (62 | ) | ||||||||
| Purchases of Marketable Securities 2 | (16,442 | ) | (23,464 | ) | |||||||
| Proceeds from Sales of Marketable Securities 2 | 29,403 | 18,130 | |||||||||
| Proceeds from Sales of Equipment | 131 | 83 | |||||||||
| Additions to Property, Plant, and Equipment | (8,637 | ) | (4,351 | ) | |||||||
| Net Cash (Required) for Investing Activities | $ | 4,455 | $ | (9,664 | ) | ||||||
| Financing Activities | |||||||||||
| Principal payments of Lease Liability for Financing | (149 | ) | (146 | ) | |||||||
| (Repayment) of Short-Term Borrowings, Net | (1,637 | ) | – | ||||||||
| Proceeds of Short-Term Borrowings, Net | 1,637 | – | |||||||||
| (Repayment) of Long-Term Debt | (1,152 | ) | (479 | ) | |||||||
| Dividends Paid | (594 | ) | (489 | ) | |||||||
| Treasury Stock Acquisitions | (11,910 | ) | – | ||||||||
| Net Cash Provided by (Required for) Financing Activities | $ | (13,805 | ) | $ | (1,114 | ) | |||||
| Effect of Exchange Rate Changes | 357 | 290 | |||||||||
| Net Increase in Cash and Cash Equivalents 2 | $ | 10,136 | $ | (1,983 | ) | ||||||
| Cash and Cash Equivalents at Beginning of Year 2 | 5,894 | 3,468 | |||||||||
| Cash and Cash Equivalents at End of Quarter 2 | $ | 16,030 | $ | 1,485 | |||||||
| 2. Has been restated to move money market accounts out of marketable securities into cash equivalents. | |||||||||||
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 | 2024 | 2023 | |||||||
| Domestic | $ | 52,560 | $ | 46,044 | |||||
| Mueller BV | $ | 10,087 | $ | 11,366 | |||||
| Eliminations | $ | (562 | ) | $ | (322 | ) | |||
| Net Revenue | $ | 62,085 | $ | 57,088 | |||||
The chart below depicts the net revenue on a consolidating basis for the nine months ended September 30.
| Nine Months Ended September 30 | |||||||||
| Revenue | 2024 | 2023 | |||||||
| Domestic | $ | 144,267 | $ | 139,924 | |||||
| Mueller BV | $ | 35,076 | $ | 34,743 | |||||
| Eliminations | $ | (1,232 | ) | $ | (1,297 | ) | |||
| Net Revenue | $ | 178,111 | $ | 173,370 | |||||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended September 30.
| Twelve Months Ended September 30 | |||||||||
| Revenue | 2024 | 2023 | |||||||
| Domestic | $ | 187,349 | $ | 187,222 | |||||
| Mueller BV | $ | 48,043 | $ | 46,745 | |||||
| Eliminations | $ | (1,495 | ) | $ | (1,595 | ) | |||
| Net Revenue | $ | 233,897 | $ | 232,372 | |||||
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 | 2024 | 2023 | |||||||
| Domestic | $ | 7,365 | $ | 5,078 | |||||
| Mueller BV | $ | (84 | ) | $ | 426 | ||||
| Eliminations | $ | (2 | ) | $ | – | ||||
| Net Income (Loss) | $ | 7,279 | $ | 5,504 | |||||
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 | 2024 | 2023 | |||||||
| Domestic | $ | 17,440 | $ | 14,233 | |||||
| Mueller BV | $ | 1,064 | $ | (234 | ) | ||||
| Eliminations | $ | 28 | $ | (15 | ) | ||||
| Net Income (Loss) | $ | 18,532 | $ | 13,984 | |||||
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 | 2024 | 2023 | |||||||
| Domestic | $ | (8,121 | ) | $ | 18,092 | ||||
| Mueller BV | $ | 2,775 | $ | (182 | ) | ||||
| Eliminations | $ | 4 | $ | (26 | ) | ||||
| Net Income (Loss) | $ | (5,342 | ) | $ | 17,884 | ||||
| B. | September 30, 2024 backlog is $171.5 million compared to $97.4 million at September 30, 2023. The majority of this backlog is in the U.S. where the backlog is $165.3 million at September 30, 2024 compared to $90.3 million at September 30, 2023. The $75.0 million increase in U.S. backlog is primarily from the pharmaceutical divisions. In the Netherlands, the backlog is $6.9 million on September 30, 2024 versus $9.7 million on September 30, 2023. |
| C. | Compared to last year, revenue is up $5.0 million (8.8%) on a three-month basis; up $4.7 million (2.7%) on a nine-month basis; and flat for the trailing twelve months. In the U.S., revenues show a similar pattern with increased revenue from the pharmaceutical and food and beverage divisions driving the increase. In the Netherlands business continues to improve with revenue down for the quarter but up on the 9-month and 12-month timeframes. |
| Net Income is up $1.8 million for three-months; $4.5 million for nine months but down $23.2 million before removing the pension settlement charges incurred in December 2023. In the Netherlands, earnings continue to improve following the business restructuring in the spring of 2023. Efficiencies achieved from the restructuring along with strategic price increases have led to the improved earnings. | |
| 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 on the next page) shows improved results from a strong 2023 performance in all three timeframes. This improvement comes primarily from the pharmaceutical and food and beverage divisions. | |
| Results Ending September 30th | ||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | Twelve Months Ended September 30 | ||||||||||||||
| (In Thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Domestic Net Income | $ | 7,365 | $ | 5,078 | $ | 17,440 | $ | 14,233 | $ | (8,121 | ) | $ | 18,092 | |||
| Income Tax Expense | $ | 2,321 | $ | 1,595 | $ | 5,391 | $ | 4,468 | $ | (3,834 | ) | $ | 5,634 | |||
| Domestic EBT – GAAP | $ | 9,686 | $ | 6,673 | $ | 22,831 | $ | 18,701 | $ | (11,955 | ) | $ | 23,726 | |||
| LIFO Adjustment | $ | 151 | $ | 302 | $ | (312 | ) | $ | 541 | $ | (770 | ) | $ | 925 | ||
| Pension Adjustment | $ | – | $ | – | $ | – | $ | – | $ | 41,774 | $ | – | ||||
| Domestic EBT – Non-GAAP | $ | 9,837 | $ | 6,975 | $ | 22,519 | $ | 19,242 | $ | 29,049 | $ | 24,651 | ||||
| D. | 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. |
| E. | 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 1.06 at September 2023; 1.10 at December 2023 and 1.12 for September 2024, 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 2023 annual report, available at www.paulmueller.com.
Contact Info:
Ken Jeffries (417) 575-9000
kjeffries@paulmueller.com
https://paulmueller.com
FAQ
What was Paul Mueller Company’s (MUEL) Q3 2024 earnings per share?
Paul Mueller Company reported earnings of $7.77 per share in Q3 2024, compared to $5.07 per share in Q3 2023.
What is MUEL’s current backlog as of September 30, 2024?
The company’s backlog stands at $171.5 million as of September 30, 2024, with $165.3 million in the U.S. and $6.9 million in the Netherlands.
How much is Paul Mueller Company’s facility expansion investment announced in July 2024?
The company announced a facility expansion of over 100,000 square feet at a cost of $22 million, with completion scheduled for the end of 2025.
