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GlobeNewswire (Europe)
314 Leser
Artikel bewerten:
(2)

Paul Mueller Company Announces Its Third Quarter Earnings of 2024

Finanznachrichten News

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


© 2024 GlobeNewswire (Europe)
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