SPRINGFIELD, Mo., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC Pink: MUEL) (the "Company”) announces its third-quarter earnings of 2024.
PAUL MUELLER COMPANYNINE-MONTH REPORTUnaudited(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 Read The Rest at :
