Paul Mueller Company Announces Its Fourth Quarter Earnings of 2024
Paul Mueller Company (OTC Pink: MUEL) has released its fourth quarter and full-year 2024 earnings report. The company reported improved non-GAAP adjusted earnings before tax (EBT) compared to 2023's strong performance, both for the three-month and twelve-month periods.
The improvement was primarily driven by strong performance in the pharmaceutical and food and beverage divisions. The company's Dutch subsidiary, Mueller B.V., was affected by euro-to-dollar exchange rates, which stood at 1.04 in December 2024 compared to 1.10 in December 2023.
The company also disclosed a reclassification of certain marketable securities to cash and cash equivalents, affecting $5,264,000 for 2023 and $2,789,000 for 2022, to better reflect short-term liquidity position. Additionally, an intercompany interest elimination error from Q2 was corrected, though this had no impact on net income.
Paul Mueller Company (OTC Pink: MUEL) ha pubblicato il suo rapporto sugli utili del quarto trimestre e dell'intero anno 2024. L'azienda ha registrato un miglioramento degli utili rettificati non-GAAP prima delle tasse (EBT) rispetto alle forti performance del 2023, sia per il periodo di tre mesi che per quello di dodici mesi.
Il miglioramento è stato principalmente guidato da una forte performance nelle divisioni farmaceutiche e alimentari e delle bevande. La filiale olandese dell'azienda, Mueller B.V., è stata influenzata dai tassi di cambio euro-dollaro, che si attestavano a 1,04 a dicembre 2024 rispetto a 1,10 a dicembre 2023.
L'azienda ha anche rivelato una riclassificazione di alcuni titoli negoziabili in contante e equivalenti, che ha impattato $5.264.000 per il 2023 e $2.789.000 per il 2022, per riflettere meglio la posizione di liquidità a breve termine. Inoltre, è stato corretto un errore di eliminazione degli interessi interaziendali dal secondo trimestre, sebbene ciò non abbia avuto impatto sul reddito netto.
Paul Mueller Company (OTC Pink: MUEL) ha publicado su informe de ganancias del cuarto trimestre y del año completo 2024. La compañía reportó una mejora en las ganancias ajustadas no-GAAP antes de impuestos (EBT) en comparación con el sólido desempeño de 2023, tanto para el período de tres meses como para el de doce meses.
La mejora fue impulsada principalmente por un fuerte rendimiento en las divisiones farmacéutica y de alimentos y bebidas. La subsidiaria holandesa de la compañía, Mueller B.V., se vio afectada por las tasas de cambio euro-dólar, que se situaron en 1.04 en diciembre de 2024 en comparación con 1.10 en diciembre de 2023.
La compañía también reveló una reclasificación de ciertos valores negociables a efectivo y equivalentes de efectivo, afectando a $5,264,000 para 2023 y $2,789,000 para 2022, para reflejar mejor la posición de liquidez a corto plazo. Además, se corrigió un error de eliminación de intereses intercompañía del segundo trimestre, aunque esto no tuvo impacto en los ingresos netos.
폴 뮬러 컴퍼니 (OTC Pink: MUEL)는 2024년 4분기 및 전체 연도 수익 보고서를 발표했습니다. 회사는 2023년의 강력한 실적에 비해 세전 조정 비GAAP 수익(EBT)이 개선되었음을 보고했습니다. 이는 3개월 및 12개월 기간 모두에서 나타났습니다.
이 개선은 주로 제약 및 식음료 부문의 강력한 실적에 의해 촉진되었습니다. 회사의 네덜란드 자회사인 뮬러 B.V.는 2024년 12월에 1.04로, 2023년 12월에 1.10으로 고정된 유로-달러 환율의 영향을 받았습니다.
회사는 또한 단기 유동성 위치를 더 잘 반영하기 위해 일부 시장성 증권을 현금 및 현금성 자산으로 재분류했음을 밝혔으며, 이는 2023년에 $5,264,000, 2022년에 $2,789,000에 영향을 미쳤습니다. 또한, 2분기 중에 발생한 회사 간 이자 제거 오류가 수정되었지만, 이는 순이익에 영향을 미치지 않았습니다.
Paul Mueller Company (OTC Pink: MUEL) a publié son rapport sur les résultats du quatrième trimestre et de l'année complète 2024. L'entreprise a signalé une amélioration des bénéfices ajustés non-GAAP avant impôt (EBT) par rapport à la solide performance de 2023, tant pour les périodes de trois mois que de douze mois.
L'amélioration a été principalement tirée par une forte performance dans les divisions pharmaceutiques et alimentaires et des boissons. La filiale néerlandaise de l'entreprise, Mueller B.V., a été affectée par les taux de change euro-dollar, qui se sont établis à 1,04 en décembre 2024 contre 1,10 en décembre 2023.
L'entreprise a également divulgué une reclassification de certains titres négociables en espèces et équivalents de trésorerie, affectant 5,264,000 $ pour 2023 et 2,789,000 $ pour 2022, afin de mieux refléter la position de liquidité à court terme. De plus, une erreur d'élimination des intérêts interentreprises du deuxième trimestre a été corrigée, bien que cela n'ait eu aucun impact sur le revenu net.
Paul Mueller Company (OTC Pink: MUEL) hat seinen Bericht über die Ergebnisse des vierten Quartals und des gesamten Jahres 2024 veröffentlicht. Das Unternehmen berichtete von verbesserten, nicht GAAP-adjustierten Ergebnissen vor Steuern (EBT) im Vergleich zur starken Leistung von 2023, sowohl für die drei- als auch für die zwölfmonatigen Zeiträume.
Die Verbesserung wurde hauptsächlich durch starke Leistungen in den pharmazeutischen sowie der Lebensmittel- und Getränkeabteilungen vorangetrieben. Die niederländische Tochtergesellschaft des Unternehmens, Mueller B.V., wurde von den Euro-Dollar-Wechselkursen beeinflusst, die im Dezember 2024 bei 1,04 im Vergleich zu 1,10 im Dezember 2023 lagen.
Das Unternehmen gab außerdem eine Umklassifizierung bestimmter handelbarer Wertpapiere in Bargeld und Zahlungsmitteläquivalente bekannt, die 2023 mit 5.264.000 USD und 2022 mit 2.789.000 USD zu Buche schlugen, um die kurzfristige Liquiditätslage besser widerzuspiegeln. Darüber hinaus wurde ein Fehler bei der Eliminierung von internen Zinsen aus dem zweiten Quartal korrigiert, der jedoch keine Auswirkungen auf das Nettoergebnis hatte.
- Improved non-GAAP adjusted EBT performance compared to strong 2023 results
- Strong performance in pharmaceutical and food and beverage divisions
- Lower euro-to-dollar exchange rate (1.04 vs 1.10) potentially impacting consolidated results
- Required correction of intercompany interest elimination error from Q2
SPRINGFIELD, Mo., March 31, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC Pink: MUEL) (the “Company”) announces its fourth-quarter earnings of 2024.
| PAUL MUELLER COMPANY | ||||||||||||||||
| TWELVE-MONTH REPORT | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Sales | $ | 70,474 | $ | 55,786 | $ | 248,585 | $ | 229,156 | ||||||||
| Cost of Sales | 44,665 | 38,744 | 166,124 | 158,625 | ||||||||||||
| Gross Profit | $ | 25,809 | $ | 17,042 | $ | 82,461 | $ | 70,531 | ||||||||
| Selling, General and Administrative Expense | 12,235 | 51,723 | 46,248 | 88,269 | ||||||||||||
| Operating Income (Loss) | $ | 13,574 | $ | (34,681 | ) | $ | 36,213 | $ | (17,738 | ) | ||||||
| Interest Expense | (45 | ) | (91 | ) | (301 | ) | (350 | ) | ||||||||
| Other Income | 492 | 856 | 2,377 | 2,666 | ||||||||||||
| Income (Loss) before Provision (Benefit) for Income Taxes | $ | 14,021 | $ | (33,916 | ) | $ | 38,289 | $ | (15,422 | ) | ||||||
| Provision (Benefit) for Income Taxes | 2,881 | (10,042 | ) | 8,617 | (5,532 | ) | ||||||||||
| Net Income (Loss) | $ | 11,140 | $ | (23,874 | ) | $ | 29,672 | $ | (9,890 | ) | ||||||
| Earnings (Loss) per Common Share –– Basic and Diluted | $ | 11.89 | ($ | 21.99 | ) | $ | 30.46 | ($ | 9.11 | ) | ||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
| Twelve Months Ended | |||||||
| December 31 | |||||||
| 2024 | 2023 | ||||||
| Net Income (Loss) | $ | 29,672 | $ | (9,890 | ) | ||
| Other Comprehensive Income (Loss), Net of Tax: | |||||||
| Foreign Currency Translation Adjustment | (1,577 | ) | 677 | ||||
| Change in Pension Liability | 64 | 33,322 | |||||
| Comprehensive Income | $ | 28,159 | $ | 24,109 | |||
| CONSOLIDATED BALANCE SHEETS | |||||||
| December 31 | December 31 | ||||||
| 2024 | 2023 | ||||||
| Cash and Cash Equivalents | $ | 21,169 | $ | 7,147 | |||
| Marketable Securities | 24,446 | 26,778 | |||||
| Accounts Receivable, net | 31,266 | 25,166 | |||||
| Inventories (FIFO) | 40,905 | 45,910 | |||||
| LIFO Reserve | (20,146 | ) | (21,774 | ) | |||
| Inventories (LIFO) | 20,759 | 24,136 | |||||
| Current Net Investments in Sales-Type Leases | 39 | 27 | |||||
| Other Current Assets | 4,933 | 3,537 | |||||
| Current Assets | $ | 102,612 | $ | 86,791 | |||
| Net Property, Plant, and Equipment | 50,754 | 42,011 | |||||
| Right of Use Assets | 2,235 | 2,421 | |||||
| Other Assets | 1,862 | 2,590 | |||||
| Long-Term Net Investments in Sales-Type Leases | 1,211 | 456 | |||||
| Total Assets | $ | 158,674 | $ | 134,269 | |||
| Accounts Payable | $ | 17,588 | $ | 11,041 | |||
| Current Maturities and Short-Term debt | 3,466 | 640 | |||||
| Current Lease Liabilities | 336 | 402 | |||||
| Advance Billings | 26,788 | 27,383 | |||||
| Other Current Liabilities | 23,226 | 19,631 | |||||
| Current Liabilities | $ | 71,404 | $ | 59,097 | |||
| Long-Term Debt | 5,096 | 8,880 | |||||
| Other Long-Term Liabilities | 2,329 | 2,001 | |||||
| Lease Liabilities | 896 | 775 | |||||
| Total Liabilities | $ | 79,725 | $ | 70,753 | |||
| Shareholders' Investment | 78,949 | 63,516 | |||||
| Total Liabilities and Shareholders' Investment | $ | 158,674 | $ | 134,269 | |||
| SELECTED FINANCIAL DATA | |||||||
| December 31 | December 31 | ||||||
| 2024 | 2023 | ||||||
| Book Value per Common Share | $ | 84.27 | $ | 58.50 | |||
| Total Shares Outstanding | 936,837 | 1,085,711 | |||||
| Backlog | $ | 153,685 | $ | 97,350 | |||
| CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | |||||||||||||||||||||||
| Common Stock | Paid-in Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||
| Balance, December 31, 2023 | $ | 1,508 | $ | 9,708 | $ | 67,181 | $ | (10,787 | ) | $ | (4,094 | ) | $ | 63,516 | |||||||||
| Add (Deduct): | |||||||||||||||||||||||
| Net Income (Loss) | 29,672 | 29,672 | |||||||||||||||||||||
| Other Comprehensive Income, Net of Tax | (7 | ) | (1,513 | ) | (1,520 | ) | |||||||||||||||||
| Dividends, $.60 per Common Share | (809 | ) | (809 | ) | |||||||||||||||||||
| Treasury Stock Acquisition | (11,910 | ) | (11,910 | ) | |||||||||||||||||||
| Balance, December 31, 2024 | $ | 1,508 | $ | 9,708 | $ | 96,037 | $ | (22,697 | ) | $ | (5,607 | ) | $ | 78,949 | |||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
| Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 | |||||||
| Operating Activities: | ||||||||
| Net Income (Loss) | $ | 29,672 | $ | (9,890 | ) | |||
| Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
| Pension Contributions Less than Expense | - | 21,592 | ||||||
| Bad Debt Expense | 35 | 275 | ||||||
| Depreciation & Amortization | 6,992 | 6,641 | ||||||
| Deferred Tax (Benefit) Expense | (1,001 | ) | (9,230 | ) | ||||
| (Gain) loss on Disposal of Equipment | (9 | ) | 796 | |||||
| Change in Assets and Liabilities | ||||||||
| (Inc) in Accts and Notes Receivable | (6,135 | ) | (4,861 | ) | ||||
| Dec in Inventories | 4,316 | 2,688 | ||||||
| (Inc) Dec in Prepayments | (1,684 | ) | 394 | |||||
| (Inc) in Net Investment in Sales-Type Leases | (768 | ) | (147 | ) | ||||
| Dec in Other LT Assets | 1,273 | 380 | ||||||
| Dec in Deferred Taxes | 295 | 11,550 | ||||||
| Inc (Dec) in Accounts Payable | 6,546 | (761 | ) | |||||
| Inc in Accrued Income Tax | 137 | 1,536 | ||||||
| (Dec) Inc in Accrued Expenses | (294 | ) | 5,278 | |||||
| (Dec) in Advanced Billings | (595 | ) | (13,905 | ) | ||||
| Inc(Dec) in Billings in Excess of Costs and Estimated Earnings | 3,711 | (7,013 | ) | |||||
| Inc in Lease Liability for Operating | - | - | ||||||
| Inc in Lease Liability for Financing | - | 133 | ||||||
| Principal payments on Lease Liability for Operating | (233 | ) | (85 | ) | ||||
| Inc (Dec) in Other Long Term Liabilities | 1,637 | (1,121 | ) | |||||
| Net Cash Provided by Operating Activities | $ | 43,895 | $ | 4,250 | ||||
| Investing Activities | ||||||||
| Intangibles | ||||||||
| Purchases of Marketable Securities | (28,419 | ) | (27,128 | ) | ||||
| Proceeds from Sales of Marketable Securities | 30,751 | 35,059 | ||||||
| Proceeds from Sales of Equipment | 132 | 171 | ||||||
| Additions to Property, Plant, and Equipment | (17,299 | ) | (7,704 | ) | ||||
| Net Cash (Required) for Provided by Investing Activities | $ | (14,835 | ) | $ | 398 | |||
| Financing Activities | ||||||||
| Principal payments on Lease Liability for Financing | (175 | ) | (116 | ) | ||||
| (Repayment) of Short-Term Borrowings | (2,922 | ) | (2,190 | ) | ||||
| Proceeds of Short-Term Borrowings | 2,922 | 2,190 | ||||||
| (Repayment) of Long-Term Debt | (1,130 | ) | (634 | ) | ||||
| Dividends paid | (809 | ) | (651 | ) | ||||
| Treasury Stock Acquisitions | (11,910 | ) | - | |||||
| Net Cash (Required) for Financing Activities | $ | (14,024 | ) | $ | (1,401 | ) | ||
| Effect of Exchange Rate Changes | (1,014 | ) | 432 | |||||
| Net Increase (Decrease) in Cash | $ | 14,022 | $ | 3,679 | ||||
| Cash at Beginning of Year | 7,147 | 3,468 | ||||||
| Cash at End of Year | $ | 21,169 | $ | 7,147 | ||||
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 December 31.
| Three Months Ended December 31 | |||||||
| Revenue | 2024 | 2023 | |||||
| Domestic | $ | 57,915 | $ | 43,082 | |||
| Mueller BV | 12,882 | 12,967 | |||||
| Eliminations | (323 | ) | (263 | ) | |||
| Net Revenue | $ | 70,474 | $ | 55,786 | |||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended December 31.
| Twelve Months Ended December 31 | |||||||
| Revenue | 2024 | 2023 | |||||
| Domestic | $ | 202,182 | $ | 183,006 | |||
| Mueller BV | 47,958 | 47,710 | |||||
| Eliminations | (1,555 | ) | (1,560 | ) | |||
| Net Revenue | $ | 248,585 | $ | 229,156 | |||
The chart below depicts the net income (loss) on a consolidating basis for the three months ended December 31.
| Three Months Ended December 31 | |||||||
| Net Income | 2024 | 2023 | |||||
| Domestic | $ | 10,894 | $ | (25,561 | ) | ||
| Mueller BV | 272 | 1,711 | |||||
| Eliminations | (26 | ) | (24 | ) | |||
| Net Income (Loss) | $ | 11,140 | $ | (23,874 | ) | ||
The chart below depicts the net income (loss) on a consolidating basis for the twelve months ended December 31.
| Twelve Months Ended December 31 | |||||||
| Net Income | 2024 | 2023 | |||||
| Domestic | $ | 28,334 | $ | (11,328 | ) | ||
| Mueller BV | 1,336 | 1,477 | |||||
| Eliminations | 2 | (39 | ) | ||||
| Net Income (Loss) | $ | 29,672 | $ | (9,890 | ) | ||
B. Please refer to the President’s letter and footnotes in the 2024 Annual Report for relevant management discussion and analysis
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 in 2023. This non-GAAP adjusted EBT (as shown in the table below), shows improved results from a strong 2023 performance on both a three-month and twelve-month timeframe. This improvement comes primarily from the pharmaceutical and food and beverage divisions.
| Results Ending December 31st | ||||||||||||||
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||
| (In Thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Domestic Net Income | $ | 10,895 | $ | (25,561 | ) | $ | 28,335 | $ | (11,328 | ) | ||||
| Income Tax Expense | 2,761 | (9,225 | ) | 8,152 | (4,757 | ) | ||||||||
| Domestic EBT - GAAP | 13,656 | (34,786 | ) | 36,487 | (16,085 | ) | ||||||||
| LIFO Adjustment | (1,316 | ) | (458 | ) | (1,628 | ) | 83 | |||||||
| Pension Adjustment | - | 41,774 | - | 41,774 | ||||||||||
| Domestic EBT - Non-GAAP | $ | 12,340 | $ | 6,530 | $ | 34,859 | $ | 25,772 | ||||||
D. 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 1.04 at December 2024 and 1.10 at December 2023, respectively.
E. The Company reclassified certain amounts previously classified as marketable securities to cash and cash equivalents. The reclassification does not affect the Company’s total assets or total liabilities. The change merely reallocates the amounts from marketable securities to cash and cash equivalents on the balance sheet, ensuring that the financial statements more accurately reflect the Company’s short-term liquidity position. The reclassification increased cash and decreased marketable securities by
F. 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.
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 | (417) 575-9346
kjeffries@paulmueller.com
https://paulmueller.com
FAQ
How did Paul Mueller Company (MUEL) perform in Q4 2024 compared to 2023?
What was the euro-to-dollar exchange rate impact on MUEL's financials in Q4 2024?
What financial reclassification did MUEL make in their 2024 report?
Which business divisions drove MUEL's performance improvement in 2024?
