Paul Mueller Company Announces Its Second Quarter Earnings of 2024
Paul Mueller Company (OTC Pink: MUEL) announced its Q2 2024 earnings. Key highlights include:
- Net sales increased 9.6% to $65.67 million for Q2 2024 compared to $59.93 million in Q2 2023.
- Net income rose to $6.8 million ($7.26 per share) in Q2 2024, up from $4.81 million ($4.43 per share) in Q2 2023.
- Backlog grew significantly to $187.3 million as of June 30, 2024, compared to $106.0 million a year ago, primarily driven by the pharmaceutical divisions.
- The company announced plans to construct a new $20 million facility, adding 100,000 square feet for expanded production and R&D.
- A tender offer resulted in the repurchase of 148,874 shares for $11.9 million at $80 per share.
La Paul Mueller Company (OTC Pink: MUEL) ha annunciato i suoi risultati del secondo trimestre 2024. I principali punti salienti includono:
- Le vendite nette sono aumentate del 9,6% a $65,67 milioni nel Q2 2024 rispetto ai $59,93 milioni nel Q2 2023.
- Il reddito netto è salito a $6,8 milioni ($7,26 per azione) nel Q2 2024, rispetto ai $4,81 milioni ($4,43 per azione) nel Q2 2023.
- Il portafoglio ordini è cresciuto significativamente a $187,3 milioni al 30 giugno 2024, rispetto ai $106,0 milioni di un anno fa, principalmente grazie alle divisioni farmaceutiche.
- L'azienda ha annunciato piani per costruire un nuovo stabilimento da $20 milioni, aggiungendo 100.000 piedi quadrati per l'espansione della produzione e della ricerca e sviluppo.
- Un'offerta pubblica ha comportato il riacquisto di 148.874 azioni per $11,9 milioni a $80 per azione.
La Paul Mueller Company (OTC Pink: MUEL) anunció sus resultados del segundo trimestre de 2024. Los puntos destacados incluyen:
- Las ventas netas aumentaron un 9,6% a $65,67 millones en el Q2 2024 en comparación con $59,93 millones en el Q2 2023.
- El ingreso neto se elevó a $6,8 millones ($7,26 por acción) en el Q2 2024, frente a $4,81 millones ($4,43 por acción) en el Q2 2023.
- El órdenes pendientes crecieron significativamente a $187,3 millones al 30 de junio de 2024, en comparación con $106,0 millones hace un año, impulsado principalmente por las divisiones farmacéuticas.
- La empresa anunció planes para construir una nueva instalación de $20 millones, añadiendo 100,000 pies cuadrados para la expansión de la producción y la I+D.
- Una oferta pública resultó en la recompra de 148,874 acciones por $11,9 millones a $80 por acción.
폴 뮬러 컴퍼니 (OTC Pink: MUEL)는 2024년 2분기 실적을 발표했습니다. 주요 요점은 다음과 같습니다:
- 순매출이 9.6% 증가하여 2024년 2분기에는 6567만 달러에 달하며, 이는 2023년 2분기 5993만 달러와 비교됩니다.
- 순이익은 2024년 2분기에 680만 달러($7.26 주당)로 증가했으며, 이는 2023년 2분기 481만 달러($4.43 주당)에서 증가한 수치입니다.
- 백로그는 2024년 6월 30일 기준으로 1억 8730만 달러로 크게 증가했으며, 이는 작년의 1억 600만 달러에 비해 주로 제약 부문에 힘입은 결과입니다.
- 회사는 2000만 달러의 새로운 시설을 건설할 계획을 발표했으며, 이는 생산 및 연구 개발 확대를 위해 10만 평방피트를 추가하는 것입니다.
- 입찰 제안으로 148,874주를 주당 80달러에 1190만 달러에 재매입했습니다.
La Paul Mueller Company (OTC Pink: MUEL) a annoncé ses résultats du deuxième trimestre 2024. Les faits saillants incluent :
- Les ventes nettes ont augmenté de 9,6 % pour atteindre 65,67 millions de dollars au T2 2024, contre 59,93 millions de dollars au T2 2023.
- Le résultat net a augmenté à 6,8 millions de dollars (7,26 dollars par action) au T2 2024, contre 4,81 millions de dollars (4,43 dollars par action) au T2 2023.
- Le carnet de commandes a considérablement augmenté à 187,3 millions de dollars au 30 juin 2024, contre 106 millions de dollars l'année précédente, principalement en raison des divisions pharmaceutiques.
- L'entreprise a annoncé des plans pour construire une nouvelle installation de 20 millions de dollars, ajoutant 100 000 pieds carrés pour l'expansion de la production et de la recherche et développement.
- Une offre publique a permis le rachat de 148 874 actions pour 11,9 millions de dollars à 80 dollars par action.
Die Paul Mueller Company (OTC Pink: MUEL) hat ihre Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Die wichtigsten Highlights sind:
- Die Nettoverkäufe stiegen um 9,6% auf 65,67 Millionen US-Dollar im Q2 2024 im Vergleich zu 59,93 Millionen US-Dollar im Q2 2023.
- Der Nettoertrag stieg auf 6,8 Millionen US-Dollar (7,26 US-Dollar pro Aktie) im Q2 2024, im Vergleich zu 4,81 Millionen US-Dollar (4,43 US-Dollar pro Aktie) im Q2 2023.
- Der Auftragsbestand wuchs erheblich auf 187,3 Millionen US-Dollar zum 30. Juni 2024, im Vergleich zu 106 Millionen US-Dollar vor einem Jahr, hauptsächlich aufgrund der pharmazeutischen Abteilungen.
- Das Unternehmen kündigte Pläne an, eine neue Anlage im Wert von 20 Millionen Dollar zu bauen, die 100.000 Quadratfuß für eine erweiterte Produktion und F&E hinzufügt.
- Ein Angebot führte zum Rückkauf von 148.874 Aktien für 11,9 Millionen US-Dollar zu einem Preis von 80 US-Dollar pro Aktie.
- Net sales increased 9.6% year-over-year in Q2 2024
- Net income grew by 41.4% to $6.8 million in Q2 2024
- Earnings per share increased to $7.26 in Q2 2024 from $4.43 in Q2 2023
- Backlog surged to $187.3 million, up 76.7% from the previous year
- Announced plans for a new $20 million facility to expand production and R&D
- Cash and marketable securities decreased to $21.6 million after the tender offer
- Six-month net sales remained flat year-over-year at $116 million
SPRINGFIELD, Mo., July 26, 2024 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC Pink: MUEL) (the “Company”) announces its second-quarter earnings of 2024.
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 | |||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net Sales | $ | 65,670 | $ | 59,931 | $ | 116,026 | $ | 116,282 | $ | 228,900 | $ | 221,050 | |||||||||||||
Cost of Sales | 45,871 | 41,379 | 80,431 | 80,933 | 158,123 | 165,816 | |||||||||||||||||||
Gross Profit | $ | 19,799 | $ | 18,552 | $ | 35,595 | $ | 35,349 | $ | 70,777 | $ | 55,234 | |||||||||||||
Selling, General and Administrative Expense | 11,417 | 12,714 | 21,775 | 25,301 | 84,743 | 39,675 | |||||||||||||||||||
Operating Income (Loss) | $ | 8,382 | $ | 5,838 | $ | 13,820 | $ | 10,048 | $ | (13,966 | ) | $ | 15,559 | ||||||||||||
Interest Income (Expense) | 70 | (80 | ) | (1,178 | ) | (177 | ) | (1,351 | ) | (369 | ) | ||||||||||||||
Other Income | 506 | 613 | 2,050 | 1,333 | 3,383 | 2,310 | |||||||||||||||||||
Income (Loss) before Provision (Benefit) for Income Taxes | $ | 8,958 | $ | 6,371 | $ | 14,692 | $ | 11,204 | $ | (11,934 | ) | $ | 17,500 | ||||||||||||
Provision (Benefit) for Income Taxes | 2,154 | 1,558 | 3,439 | 2,724 | (4,817 | ) | 4,140 | ||||||||||||||||||
Net Income (Loss) | $ | 6,804 | $ | 4,813 | $ | 11,253 | $ | 8,480 | $ | (7,117 | ) | $ | 13,360 | ||||||||||||
Earnings (Loss) per Common Share –– | Basic and Diluted | ( | ) | ||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
Six Months Ended | |||||||
June 30 | |||||||
2024 | 2023 | ||||||
Net Income | $ | 11,253 | $ | 8,480 | |||
Other Comprehensive Income (Loss), Net of Tax: | |||||||
Foreign Currency Translation Adjustment | (780 | ) | 441 | ||||
Comprehensive Income | $ | 10,473 | $ | 8,921 | |||
CONSOLIDATED BALANCE SHEETS | |||||||
June 30 | December 31 | ||||||
2024 | 2023 | ||||||
Cash and Short-Term Investments | $ | 3,409 | $ | 1,883 | |||
Marketable Securities | 18,169 | 32,042 | |||||
Accounts Receivable | 35,662 | 25,166 | |||||
Reserve for Doubtful Accounts | (1,141 | ) | |||||
Inventories (FIFO) | 44,379 | 45,910 | |||||
LIFO Reserve | (21,310 | ) | (21,774 | ) | |||
Inventories (LIFO) | 23,069 | 24,136 | |||||
Current Net Investments in Sales-Type Leases | 29 | 27 | |||||
Other Current Assets | 5,920 | 3,537 | |||||
Current Assets | $ | 85,117 | $ | 86,791 | |||
Net Property, Plant, and Equipment | 44,253 | 42,011 | |||||
Right of Use Assets | 2,280 | 2,421 | |||||
Other Assets | 2,823 | 2,590 | |||||
Long-Term Net Investments in Sales-Type Leases | - | 456 | |||||
Total Assets | $ | 134,473 | $ | 134,269 | |||
Accounts Payable | $ | 15,284 | $ | 11,041 | |||
Current Maturities and Short-Term Debt | 631 | 640 | |||||
Current Lease Liabilities | 350 | 402 | |||||
Advance Billings | 18,865 | 27,383 | |||||
Pension Liabilities | 32 | 32 | |||||
Other Current Liabilities | 26,520 | 19,599 | |||||
Current Liabilities | $ | 61,682 | $ | 59,097 | |||
Long-Term Debt | 8,407 | 8,880 | |||||
Long-Term Pension Liabilities | 217 | 233 | |||||
Other Long-Term Liabilities | 1,696 | 1,768 | |||||
Lease Liabilities | 777 | 775 | |||||
Total Liabilities | $ | 72,779 | $ | 70,753 | |||
Shareholders' Investment | 61,694 | 63,516 | |||||
Total Liabilities and Shareholders' Investment | $ | 134,473 | $ | 134,269 | |||
SELECTED FINANCIAL DATA | |||||||
June 30 | December 31 | ||||||
2024 | 2023 | ||||||
Book Value per Common Share | $ | 65.85 | $ | 58.50 | |||
Total Shares Outstanding | 936,837 | 1,085,711 | |||||
Backlog | $ | 187,336 | $ | 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 | 11,253 | 11,253 | ||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | (780 | ) | (780 | ) | ||||||||||||||||||||
Dividends, $.30 per Common Share | (378 | ) | (378 | ) | ||||||||||||||||||||
Treasury Stock Acquisition | (11,910 | ) | (11,910 | ) | ||||||||||||||||||||
Other | (7 | ) | (7 | ) | ||||||||||||||||||||
Balance, June 30, 2024 | $ | 1,508 | $ | 9,708 | $ | 78,049 | $ | (22,697 | ) | $ | (4,874 | ) | $ | 61,694 | ||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | ||||||
Operating Activities: | |||||||
Net Income | $ | 11,253 | $ | 8,480 | |||
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||
Pension Contributions (Greater) Less than Expense | (16 | ) | (818 | ) | |||
Bad Debt (Recovery) Expense | - | (19 | ) | ||||
Depreciation & Amortization | 3,427 | 3,027 | |||||
Loss (Gain) on Disposal of Equipment | 175 | - | |||||
(Gain) on Sales of Equipment | (106 | ) | (33 | ) | |||
Change in Assets and Liabilities | |||||||
(Inc) in Accts and Notes Receivable | (9,354 | ) | (3,854 | ) | |||
Dec (Inc) in Inventories | 1,290 | (3,444 | ) | ||||
(Inc) in Prepayments | (2,389 | ) | (643 | ) | |||
(Inc) in Net Investment in Sales-type leases | (80 | ) | (69 | ) | |||
Dec in Other Assets | 738 | 307 | |||||
Inc in Accounts Payable | 4,242 | 1,330 | |||||
(Dec) Inc in Accrued Income Tax | (1,165 | ) | 1,911 | ||||
(Dec) Inc in Other Accrued Expenses | (227 | ) | 4,919 | ||||
(Dec) in Advanced Billings | (8,519 | ) | (4,647 | ) | |||
Inc (Dec) in Billings in Excess of Costs and Estimated Earnings | 8,306 | (2,927 | ) | ||||
Inc in Lease Liability for Operating | 57 | - | |||||
Inc in Lease Liability for Financing | - | 133 | |||||
Principal payments of Lease Liability for Operating | (53 | ) | (137 | ) | |||
(Dec) Inc in Long Term Deferred Tax Liabilities | (78 | ) | 8 | ||||
(Dec) Inc in Other Long-Term Liabilities | (93 | ) | 599 | ||||
Net Cash Provided by Operating Activities | $ | 7,408 | $ | 4,123 | |||
Investing Activities | |||||||
Intangibles | - | (62 | ) | ||||
Purchases of Marketable Securities | (24,649 | ) | - | ||||
Proceeds from Sales of Marketable Securities | 38,522 | - | |||||
Proceeds from Sales of Equipment | 131 | 67 | |||||
Additions to Property, Plant, and Equipment | (6,612 | ) | (3,190 | ) | |||
Net Cash (Required) for Investing Activities | $ | 7,392 | $ | (3,185 | ) | ||
Financing Activities | |||||||
Principal payments of Lease Liability for Financing | (22 | ) | (98 | ) | |||
(Repayment) of Short-Term Borrowings, Net | (751 | ) | (1,673 | ) | |||
Proceeds of Short-Term Borrowings, Net | 754 | 1,673 | |||||
(Repayment) of Long-Term Debt | (422 | ) | (318 | ) | |||
Dividends Paid | (378 | ) | (326 | ) | |||
Treasury Stock Acquisitions | (11,910 | ) | - | ||||
Net Cash (Required) for Financing Activities | $ | (12,729 | ) | $ | (742 | ) | |
Effect of Exchange Rate Changes | (545 | ) | 535 | ||||
Net Increase in Cash and Cash Equivalents | $ | 1,526 | $ | 731 | |||
Cash and Cash Equivalents at Beginning of Year | 1,883 | 38,176 | |||||
Cash and Cash Equivalents at End of Quarter | $ | 3,409 | $ | 38,907 | |||
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 June 30.
Three Months Ended June 30 | |||||||
Revenue | 2024 | 2023 | |||||
Domestic | $ | 52,830 | $ | 48,295 | |||
Mueller BV | $ | 13,164 | $ | 12,073 | |||
Eliminations | $ | (324 | ) | $ | (437 | ) | |
Net Revenue | $ | 65,670 | $ | 59,931 | |||
The chart below depicts the net revenue on a consolidating basis for the six months ended June 30.
Six Months Ended June 30 | |||||||
Revenue | 2024 | 2023 | |||||
Domestic | $ | 91,707 | $ | 93,880 | |||
Mueller BV | $ | 24,989 | $ | 23,377 | |||
Eliminations | $ | (670 | ) | $ | (975 | ) | |
Net Revenue | $ | 116,026 | $ | 116,282 | |||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended June 30.
Twelve Months Ended June 30 | |||||||
Revenue | 2024 | 2023 | |||||
Domestic | $ | 180,833 | $ | 176,642 | |||
Mueller BV | $ | 49,322 | $ | 45,695 | |||
Eliminations | $ | (1,255 | ) | $ | (1,287 | ) | |
Net Revenue | $ | 228,900 | $ | 221,050 | |||
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 | 2024 | 2023 | |||||
Domestic | $ | 6,027 | $ | 4,705 | |||
Mueller BV | $ | 774 | $ | 110 | |||
Eliminations | $ | 3 | $ | (2 | ) | ||
Net Income (Loss) | $ | 6,804 | $ | 4,813 | |||
The chart below depicts the net income on a consolidating basis for the six months ended June 30.
Six Months Ended June 30 | |||||||
Net Income | 2024 | 2023 | |||||
Domestic | $ | 10,075 | $ | 9,155 | |||
Mueller BV | $ | 1,148 | $ | (660 | ) | ||
Eliminations | $ | 30 | $ | (15 | ) | ||
Net Income (Loss) | $ | 11,253 | $ | 8,480 | |||
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 | 2024 | 2023 | |||||
Domestic | $ | (10,408 | ) | $ | 14,322 | ||
Mueller BV | $ | 3,285 | $ | (941 | ) | ||
Eliminations | $ | 6 | $ | (21 | ) | ||
Net Income Loss | $ | (7,117 | ) | $ | 13,360 | ||
B. June 30, 2024 backlog is
C. Compared to last year, revenue is up
Net Income is up
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) show improved results from the strong 2023 for all three timeframes primarily from the pharmaceutical and food and beverage divisions.
Results Ending June 30th | |||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | Twelve Months Ended June 30 | |||||||||||||||||||||
(In Thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
Domestic Net Income | $ | 6,027 | $ | 4,705 | $ | 10,075 | $ | 9,155 | $ | (10,408 | ) | $ | 14,322 | ||||||||||
Income Tax Expense | $ | 1,899 | $ | 1,468 | $ | 3,070 | $ | 2,873 | $ | (4,560 | ) | $ | 4,430 | ||||||||||
Domestic EBT - GAAP | $ | 7,926 | $ | 6,173 | $ | 13,145 | $ | 12,028 | $ | (14,968 | ) | $ | 18,752 | ||||||||||
LIFO Adjustment | $ | (246 | ) | $ | 424 | $ | (463 | ) | $ | 239 | $ | (619 | ) | $ | 1,528 | ||||||||
Pension Adjustment | $ | - | $ | - | $ | - | $ | - | $ | 41,774 | $ | - | |||||||||||
Domestic EBT - Non-GAAP | $ | 7,680 | $ | 6,597 | $ | 12,682 | $ | 12,267 | $ | 26,187 | $ | 20,280 | |||||||||||
D. On July 26, 2024, the Company announced construction of a new
E. On March 12, 2024, the Board of Directors authorized a tender offer effective from March 15, 2024 through May 7, 2024 for up to
F. 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 1.09 for June, 2023; 1.10 for December, 2023 and 1.07 for June, 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
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FAQ
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