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Paul Mueller Company Announces Its First Quarter Earnings of 2025

SPRINGFIELD, Mo., April 25, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the first quarter ended March 31, 2025.

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 March 31.

The chart below depicts the net revenue on a consolidating basis for the twelve听months ended March 31.

The chart below depicts the net income (loss) on a consolidating basis for the three months ended March 31.

The chart below depicts the net income on a consolidating basis for the twelve months ended March 31.

B.听听听March 31, 2025 backlog is $254.5 million compared to $95.2 million at March 31, 2024. The majority of this backlog is in the U.S. where the backlog is $247.7 million at March 31, 2025 compared to $87.8 million at March 31, 2024. The $159.3 million increase in U.S. backlog is primarily from the Industrial Equipment segment which accepted approximately $120 million in purchase orders in March 2025 to be completed through the end of 2026. In the Netherlands, the backlog is relatively flat -- $7.5 million at March 31, 2025 versus $7.9 million on March 31, 2024.

C.听听Revenue is up from the previous year by $8.5 million on a three-month basis and up $33.9 million for the trailing twelve months. Operations in the U.S. are up $11.2 million for the three months and $37.1 million for the twelve months with the increases primarily from the Industrial Equipment segment. In the Netherlands, revenues are down slightly over $3 million on a three-month and twelve-month basis, primarily from the Benelux where environmental regulations continue to be uncertain.

Net Income is up $0.5 million on a three-month and up $39.3 million on a twelve-month basis before removing the pension settlement charges. In the Netherlands, earnings are down $0.9 million for three months and $2.2 million over twelve months on lower revenues.

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 $3.4 million for the three months and up $13.2 million for the trailing twelve months primarily from strong results in the Industrial Equipment segment.

D.听听听Effective March 26, 2025, the Company extended its domestic bank borrowing facility until March 31, 2026.

E.听听听On March 28, 2025, the Company paid off the amortizing note secured by domestic land, building, and equipment in the amount of $3,019,000.

F.听听听On March 31, 2025, the Board of Directors authorized a tender offer effective from March 31, 2025, through May 7, 2025, for up to $15 million of the Company鈥檚 common stock at a price of $250 per share.

G.听听听On April 15, 2025, the Company announced the second phase of the expansion to the Components Products facility. This $17.9 million expansion adds 20,000 square feet to increase the capacity for producing tank heads, cones, and shells. It will also allow the production of thicker materials to access new markets.

H.听听听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 1.08 for March 2024, 1.04 for December 2024, and 1.08 for March 2025, 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鈥檚 Annual Report under 鈥淪afe Harbor for Forward-Looking Statements鈥�, 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) 575-9346

[email protected] | https://paulmueller.com