CORRECTION: Paul Mueller Company Announces Its Second Quarter Earnings of 2025
PAUL MUELLER COMPANY
SIX-MONTH REPORT
Unaudited
(In thousands)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Six Months Ended
Twelve Months Ended
June 30
June 30
June 30
2025
2024
2025
2024
2025
2024
Net Sales
$
72,624
$
65,670
$
131,484
$
116,026
$
264,043
$
228,900
Cost of Sales
44,760
45,871
85,798
80,431
171,491
158,123
Gross Profit
$
27,864
$
19,799
$
45,686
$
35,595
$
92,552
$
70,777
Selling, General and Administrative Expense
13,332
11,417
24,865
21,775
49,338
84,743
Operating Income (Loss)
$
14,532
$
8,382
$
20,821
$
13,820
$
43,214
$
(13,966
)
Interest Income (Expense)
578
70
607
(1,178
)
1,484
(1,351
)
Other Income
50
506
114
2,050
441
3,383
Income (Loss) before Provision (Benefit) for Income Taxes
$
15,160
$
8,958
$
21,542
$
14,692
$
45,139
$
(11,934
)
Provision (Benefit) for Income Taxes
3,531
2,154
4,985
3,439
10,163
(4,817
)
Net Income (Loss)
$
11,629
$
6,804
$
16,557
$
11,253
$
34,976
$
(7,117
)
Earnings (Loss) per Common Share –– Basic and Diluted
$
12.50
$
7.26
$
17.74
$
11.13
$
37.40
($
6.79
)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Six Months Ended
June 30
2025
2024
Net Income
$
16,557
$
11,253
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustment
2,015
(780
)
Comprehensive Income
$
18,572
$
10,473
CONSOLIDATED BALANCE SHEETS
June 30
December 31
2025
2024
Cash and Cash Equivalents
$
21,678
$
21,169
Marketable Securities
29,929
24,446
Accounts Receivable, net
47,032
31,266
Inventories (FIFO)
45,417
40,905
LIFO Reserve
(21,899
)
(20,146
)
Inventories (LIFO)
23,518
20,759
Current Net Investments in Sales-Type Leases
54
39
Other Current Assets
5,442
4,933
Current Assets
$
127,653
$
102,612
Net Property, Plant, and Equipment
63,264
50,754
Right of Use Assets
2,290
2,235
Other Assets
165
1,862
Long-Term Net Investments in Sales-Type Leases
1,932
1,211
Total Assets
$
195,304
$
158,674
Accounts Payable
$
12,998
$
17,588
Current Maturities and Short-Term Debt
468
3,466
Current Lease Liabilities
371
336
Advance Billings
39,572
26,788
Billings in Excess of Cost
19,792
7,635
Other Current Liabilities
19,556
15,591
Current Liabilities
$
92,757
$
71,404
Long-Term Debt
5,499
5,096
Other Long-Term Liabilities
692
2,329
Lease Liabilities
993
896
Total Liabilities
$
99,941
$
79,725
Shareholders' Investment
95,363
78,949
Total Liabilities and Shareholders' Investment
$
195,304
$
158,674
SELECTED FINANCIAL DATA
June 30
December 31
2025
2024
Book Value per Common Share
$
102.52
$
84.27
Total Shares Outstanding
930,183
936,837
Backlog
$
234,212
$
153,685
CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT
Common Stock
Paid-in Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Total
Balance, December 31, 2024
$
1,508
$
9,708
$
96,037
$
(22,697
)
$
(5,607
)
$
78,949
Add (Deduct):
Net Income
16,557
16,557
Other Comprehensive Income, Net of Tax
2,015
2,015
Dividends
(495
)
(495
)
Treasury Stock Acquisition
(1,663
)
(1,663
)
Other
-
Balance, June 30, 2025
$
1,508
$
9,708
$
112,099
$
(24,360
)
$
(3,592
)
$
95,363
CONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Operating Activities:
Net Income
$
16,557
$
11,253
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:
Pension Contributions (Greater) than Expense
-
(16
)
Depreciation & Amortization
3,380
3,427
Deferred Tax Expense
288
-
Loss on Disposal of Equipment
469
175
(Gain) on Sales of Equipment
-
(106
)
(Inc) in Accts and Notes Receivable
(15,765
)
(9,354
)
(Inc) in Cost in Excess of Estimated Earnings and Billings
(16
)
-
(Inc) Dec in Inventories
(2,256
)
1,290
(Inc) in Prepayments
(782
)
(2,389
)
(Inc) in Net Investment in Sales-type leases
(579
)
(80
)
Dec in Other Assets
2,026
738
(Dec) Inc in Accounts Payable
(4,589
)
4,242
(Dec) Inc in Accrued Income Tax
913
(1,165
)
Inc (Dec) in Other Accrued Expenses
3,088
(227
)
Inc (Dec) in Advanced Billings
12,784
(8,519
)
Inc in Billings in Excess of Costs and Estimated Earnings
12,156
8,306
Inc in Lease Liability for Operating
-
57
Principal payments of Lease Liability for Operating
(156
)
(53
)
Inc (Dec) in Long Term Deferred Tax Liabilities
17
(78
)
(Dec) in Other Long-Term Liabilities
(1,730
)
(93
)
Net Cash Provided by Operating Activities
$
25,805
$
7,408
Investing Activities
Intangibles
-
-
Purchases of Marketable Securities
(16,464
)
(24,649
)
Proceeds from Sales of Marketable Securities
10,981
38,522
Proceeds from Sales of Equipment
-
131
Additions to Property, Plant, and Equipment
(13,850
)
(6,612
)
Net Cash (Required) for Investing Activities
$
(19,333
)
$
7,392
Financing Activities
Principal payments of Lease Liability for Financing
(50
)
(22
)
(Repayment) of Short-Term Borrowings, Net
(5,186
)
(751
)
Proceeds of Short-Term Borrowings, Net
2,136
754
(Repayment) of Long-Term Debt
(1,864
)
(422
)
Dividends Paid
(495
)
(378
)
Treasury Stock Acquisitions
(1,664
)
(11,910
)
Net Cash (Required) for Financing Activities
$
(7,123
)
$
(12,729
)
Effect of Exchange Rate Changes
1,160
(545
)
Net Increase in Cash and Cash Equivalents
$
509
$
1,526
Cash and Cash Equivalents at Beginning of Year
21,169
1,883
Cash and Cash Equivalents at End of Quarter
$
21,678
$
3,409
PAUL MUELLER COMPANYSUMMARIZED NOTES TO THE FINANCIAL STATEMENTS(In thousands)
A. The chart below depicts the net revenue on a consolidating basis for the three months ended June 30.
Three Months Ended June 30
Revenue
2025
2024
Variance
Domestic
$
58,928
$
52,830
$
6,098
Mueller BV
$
13,796
$
13,164
$
632
Eliminations
$
(100
)
$
(324
)
$
224
Net Revenue
$
72,624
$
65,670
$
6,954
The chart below depicts the net revenue on a consolidating basis for the six months ended June 30.
Six Months Ended June 30
Revenue
2025
2024
Variance
Domestic
$
109,005
$
91,707
$
17,298
Mueller BV
$
22,579
$
24,989
$
(2,410
)
Eliminations
$
(100
)
$
(670
)
$
570
Net Revenue
$
131,484
$
116,026
$
15,458
The chart below depicts the net revenue on a consolidating basis for the twelve months ended June 30.
Twelve Months Ended June 30
Revenue
2025
2024
Variance
Domestic
$
219,480
$
180,833
$
38,647
Mueller BV
$
45,548
$
49,322
$
(3,774
)
Eliminations
$
(985
)
$
(1,255
)
$
270
Net Revenue
$
264,043
$
228,900
$
35,143
The chart below depicts the net income (loss) on a consolidating basis for the three months ended June 30.
Three Months Ended June 30
Net Income
2025
2024
Variance
Domestic
$
10,922
$
6,027
$
4,895
Mueller BV
$
694
$
774
$
(80
)
Eliminations
$
13
$
3
$
10
Net Income
$
11,629
$
6,804
$
4,825
The chart below depicts the net income (loss) on a consolidating basis for the six months ended June 30.
Six Months Ended June 30
Net Income
2025
2024
Variance
Domestic
$
16,350
$
10,075
$
6,275
Mueller BV
$
200
$
1,148
$
(948
)
Eliminations
$
7
$
30
$
(23
)
Net Income
$
16,557
$
11,253
$
5,304
The chart below depicts the net income on a consolidating basis for the twelve months ended June 30.
Twelve Months Ended June 30
Net Income
2025
2024
Variance
Domestic
$
34,609
$
(10,408
)
$
45,017
Mueller BV
$
388
$
3,285
$
(2,897
)
Eliminations
$
(21
)
$
6
$
(27
)
Net Income (Loss)
$
34,976
$
(7,117
)
$
42,093
B. June 30, 2025 backlog is $234.2 million compared to $187.3 million at June 30, 2024. The majority of this backlog is in the U.S. where the backlog is $223.6 million at June 30, 2025 compared to $181.2 million at June 30, 2024. The $42.4 million increase in U.S. backlog is primarily from the Industrial Equipment segment, which grew $41.8 million from June 2024 to June 2025. The majority of this increase is related to our pharmaceutical customers, which continue to drive our improvement in revenue and net income over the prior year. In our European Operations, the backlog has increased from the prior year -- $11.3 million at June 30, 2025 versus $6.5 million on June 30, 2024.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. This non-GAAP adjusted EBT (as shown in the table below) is up over the prior year by $6.9 million for the three months; $10.3 million for six months and $20.1 million for the trailing twelve months primarily from strong results in the Industrial Equipment segment.
Ended June 30
Three Months
Six Months
Twelve Months
(In Thousands)
2025
2024
2025
2024
2025
2024
Domestic Net Income
$
10,922
$
6,027
$
16,350
$
10,075
$
34,610
$
(10,408
)
Income Tax Expense
$
3,292
$
1,899
$
4,920
$
3,070
$
10,002
$
(4,560
)
Domestic EBT - GAAP
$
14,214
$
7,926
$
21,270
$
13,145
$
44,612
$
(14,968
)
LIFO Adjustment
$
369
$
(246
)
$
1,752
$
(463
)
$
587
$
(619
)
Pension Adjustment
$
-
$
-
$
-
$
-
$
-
$
41,774
Domestic EBT - Non-GAAP
$
14,583
$
7,680
$
23,022
$
12,682
$
45,199
$
26,187
D. On May 8, 2025, the tender offer, announced on March 31, 2025, expired with 6,654 shares being tendered for a total of $1,663,500.
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 1.07 for June 2024, 1.04 for December 2024, and 1.17 for June 2025.
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 | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9346kjeffries@paulmueller.com | https://paulmueller.com
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