Paul Mueller Co. (MUEL)

[Dgrcks]

Any thoughts on how/if falling energy prices will impact them? I flipped through their annual reports but couldn't find any kind of break-out on COGS to see if there may be a positive margin impact.

I imagine they could take a hit on sales with their over-the-road oil tankers. Found this in the '13 annual report.

"The lone exception to domestic profitability in Industrial Equipment was our over-the-road trailer product line. We
chose, in 2013, to continue investing in additional models of trailers, and in our second year of operations, we are now
producing five designs. The designs include a 200bbl crude oil trailer, an insulated two trailer crude oil set or train, a
refined fuel or gasoline trailer, a sanitary or food products trailer, and a fertilizer trailer."

That segment looks to be 14% on their '13 income. With E&P companies cutting back on capital expenditure it makes me a little nervous. But at least there are still plenty of producing wells out there regardless of where future rig counts go.