Mueller Water Products, Inc. (NYSE: MWA) announced today that for
its fiscal 2021 second quarter ended March 31, 2021, net sales
were $267.5 million and net income was $20.9 million.
During the 2021 second quarter, the Company:
- Increased net sales
3.8 percent to $267.5 million as compared with $257.7 million in
the prior year quarter.
- Generated operating
income of $33.4 million and adjusted operating income of $35.2
million as compared with operating income of $35.8 million and
adjusted operating income of $36.7 million in the prior year
quarter.
- Achieved net income
of $20.9 million and adjusted net income of $22.2 million as
compared with net income of $23.8 million and adjusted net income
of $24.5 million in the prior year quarter.
- Reported net income
per diluted share of $0.13 and adjusted net income per diluted
share of $0.14 as compared with net income per diluted share and
adjusted net income per diluted share of $0.15 in the prior year
quarter.
- Reported adjusted EBITDA of $50.7
million as compared with $51.8 million in the prior year
quarter.
- Increased net cash provided by
operating activities for the six month period by $66.2 million to
$63.2 million and increased free cash flow by $72.4 million to
$32.1 million for the same period.
“Overall, we delivered a solid second quarter performance
resulting from our team members’ focus on satisfying increasing
demand despite continuing and new external challenges from COVID-19
and inflation, especially material costs. Consolidated net sales
exceeded our expectations as we reported a 3.8 percent increase in
the quarter, which sequentially improved 12.7 percent versus the
first quarter of 2021 and compares with a 10.1 percent increase in
net sales in the second quarter of last year. The increase in net
sales was 1.5%, excluding the benefit of the elimination of Krausz
Industries’ one-month reporting lag which added $6.0 million to
Infrastructure net sales,” said Scott Hall, President and Chief
Executive Officer of Mueller Water Products.
“Our end markets improved during the quarter as municipal
spending continues to recover from the pandemic and residential
construction continues to see strong demand for single-family
homes. I am very pleased with our cash generation this quarter
leading to a $72.4 million increase in free cash flow through the
first six months of the year. Based on our strong first half
performance, as well as expectations for our end markets, sales
backlog, pricing and inflation for the rest of the year, we are
raising our annual guidance for consolidated net sales and adjusted
EBITDA growth.
“I remain impressed with our team members as they continue to do
an outstanding job serving our customers. We experienced
accelerating raw material inflation during the quarter leading us
to implement additional price increases for the majority of our
products, which will help margins as we move forward. Despite this
near-term headwind, higher sales and improved manufacturing
performance in the quarter led to a 50 basis points improvement in
gross margin, excluding the inventory write-down associated with
the recently announced restructuring plans. These actions, in
addition to our previously announced multi-year investment to
modernize our manufacturing facilities, will help accelerate
product development, drive additional operational efficiencies,
reduce duplicative expenses and aid us in advancing our
environmental initiatives.
“Despite the ongoing operational challenges from the pandemic,
accelerating inflation and global supply chain disruptions, we
continue to believe that end market demand will support further
growth this year. We expect the strong growth in the residential
construction end market will more than offset any temporary delays
in the project-related portions of the municipal market caused by
the pandemic.
“Our top priorities remain focused on keeping our employees
safe, protecting our communities, delivering exceptional products
and support to our customers and increasing cash flow. At the same
time, we continue to execute our strategies to reinvest in our
business to drive efficiencies, improve our environmental impact,
accelerate growth and provide more technology-enabled products and
services to increase the resiliency of the aging water
infrastructure.
“I am confident that we are well-positioned to strengthen our
leadership role in the water industry and benefit from the enhanced
attention the water industry is receiving. With a strong balance
sheet and cash generation supporting our strategies, we are
well-positioned to benefit all of our stakeholders by becoming a
world class manufacturing company and innovative industry leader
bringing technology to our water infrastructure products and
services.”
Consolidated Results
Net sales for the 2021 second quarter increased $9.8 million, or
3.8 percent, to $267.5 million as compared with $257.7 million for
the 2020 second quarter. The net sales increase was primarily due
to the one-time benefit of eliminating Krausz Industries’ one-month
reporting lag, higher pricing and increased volumes at
Technologies. Net sales increased 1.5 percent, excluding the
benefit of the elimination of Krausz Industries’ one-month
reporting lag which added $6.0 million to Infrastructure net
sales.
Operating income declined 6.7 percent to $33.4 million for the
2021 second quarter as compared with $35.8 million for the prior
year quarter.
During the quarter, the Company incurred a $2.4 million
inventory write-down associated with recently announced plans to
close two facilities, an additional $1.4 million of operating
income associated with the elimination of the one-month reporting
lag and $0.8 million of strategic reorganization and other charges,
which have been excluded from adjusted results.
Adjusted operating income was $35.2 million for the 2021 second
quarter as compared with $36.7 million for the prior year
quarter.
Adjusted EBITDA decreased $1.1 million, or 2.1 percent, to $50.7
million for the 2021 second quarter as compared with $51.8 million
for the prior year quarter. Adjusted EBITDA margin of 19.4 percent
for the 2021 second quarter declined 70 basis points as compared
with 20.1 percent for the prior year quarter.
Segment Results
Infrastructure
Net sales for the 2021 second quarter increased $7.0 million, or
2.9 percent, to $246.9 million as compared with $239.9 million for
the 2020 second quarter. This increase was primarily due to the
additional $6.0 million in net sales as a result of the benefit of
eliminating the one-month reporting lag and higher pricing.
Operating income and adjusted operating income for the second
quarter 2021 were $52.6 million and $52.9 million, respectively.
Adjusted operating income increased $2.2 million, or 4.3 percent,
as compared with the prior year quarter, primarily due to favorable
manufacturing performance and higher pricing, partially offset by
higher costs associated with inflation, primarily for raw
materials.
The estimated expense impact from the COVID-19 pandemic was a
net benefit of $0.5 million in the quarter as $1.5 million of lower
SG&A expenses, attributed to reduced travel and trade show
expense, were partially offset by $1.0 million of additional
manufacturing expenses.
Adjusted EBITDA of $65.6 million increased $2.8 million, or 4.5
percent, as compared with $62.8 million in the prior year
quarter.
Technologies
Net sales for the 2021 second quarter increased $2.8 million, or
15.7 percent, to $20.6 million primarily due to increased volumes
and higher pricing.
Operating loss and adjusted operating loss for the quarter were
each $4.6 million. Adjusted operating loss was flat to the prior
year quarter as higher sales were offset by unfavorable
manufacturing performance, higher SG&A expenses and higher
costs associated with inflation.
The estimated expense impact from the COVID-19 pandemic was a
net benefit of $0.1 million in the quarter as $0.3 million of lower
SG&A expenses, attributed to reduced travel and trade show
expense, were partially offset by $0.2 million of additional
manufacturing expenses.
Adjusted EBITDA was essentially flat with a loss of $2.6 million
as compared with a loss of $2.5 million in the prior year
quarter.
Income Taxes
Income tax expense for the 2021 second quarter was $7.2 million,
or 25.6 percent of income before tax, and for the prior year
quarter was $6.8 million, or 22.2 percent of income before tax.
Cash Flow and Balance Sheet
Net cash provided by operating activities for the six month
period improved $66.2 million to $63.2 million as compared
with the use of $3.0 million in the comparable prior year period,
primarily driven by improvements in working capital management.
Additionally, net cash used in operating activities for the
comparable six month period of the prior year included the $22.0
million Walter Energy tax payment.
The Company invested $31.1 million in capital expenditures
during the six month period and $37.3 million in the prior year
period.
Free cash flow (defined as net cash provided by operating
activities less capital expenditures) for the six month period
improved $72.4 million to $32.1 million as compared with negative
free cash flow of $40.3 million in the prior year period.
As of March 31, 2021, Mueller Water Products had $447.6 million
of total debt outstanding, $228.2 million of cash and cash
equivalents, and the Company’s net debt leverage ratio was 1.1
times. There are no amounts due on this debt until June 2026 and
the Company’s 5.5% senior unsecured notes have no financial
maintenance covenants. Based on March 31, 2021 data, the Company
had approximately $154.4 million of excess availability under its
ABL Agreement, bringing its total liquidity to $382.6 million.
Full-Year Fiscal 2021 Outlook
For the full-year fiscal 2021, the Company is increasing its
expectations and currently anticipates that consolidated net sales
will increase between 8 and 10 percent as compared with the prior
year. Based on performance through the first half of the year,
backlog, and current expectations for end markets, pricing and
inflation, the Company anticipates that adjusted EBITDA growth will
be between 9 and 12 percent as compared with the prior year. The
Company expects to generate healthy free cash flow for the rest of
the year.
The Company’s expectations for certain financial metrics for the
full-year fiscal 2021 are as follows:
- Total SG&A expenses between $215
million and $220 million.
- Interest expense, net between $24
million and $25 million.
- Effective income tax rate between 24
percent and 26 percent.
- Depreciation and amortization
between $60 million and $62 million.
- Capital expenditures between $80
million and $85 million.
Conference Call Webcast
Mueller Water Products’ quarterly earnings conference call will
take place Tuesday, May 4, 2021, at 9:00 a.m. ET. Members of
Mueller Water Products’ leadership team will discuss the Company’s
recent financial performance and respond to questions from
financial analysts. A live webcast of the call will be available on
the Investor Relations section of the Company’s website. Please go
to the website (www.muellerwaterproducts.com) at least 15 minutes
prior to the start of the call to register, download and install
any necessary software. A replay of the call will be available for
30 days and can be accessed by dialing 1-800-839-1190. An archive
of the webcast will also be available on the Investor Relations
section of the Company’s website.
Use of Non-GAAP Measures
In an effort to provide investors with additional information
regarding the Company’s results as determined by accounting
principles generally accepted in the United States (“GAAP”), the
Company also provides non-GAAP information that management believes
is useful to investors. These non-GAAP measures have limitations as
analytical tools, and securities analysts, investors and other
interested parties should not consider any of these non-GAAP
measures in isolation or as a substitute for analysis of the
Company’s results as reported under GAAP. These non-GAAP measures
may not be comparable to similarly titled measures used by other
companies.
The Company presents adjusted net income, adjusted net income
per diluted share, adjusted operating income, adjusted operating
margin, adjusted EBITDA and adjusted EBITDA margin as performance
measures because management uses these measures in evaluating the
Company’s underlying performance on a consistent basis across
periods and in making decisions about operational strategies.
Management also believes these measures are frequently used by
securities analysts, investors and other interested parties in the
evaluation of the Company’s recurring performance.
The Company presents net debt and net debt leverage as
performance measures because management uses them in evaluating its
capital management, and the investment community commonly uses them
as measures of indebtedness. The Company presents free cash flow
because management believes it is commonly used by the investment
community to measure the Company’s ability to create liquidity.
The calculations of these non-GAAP measures and reconciliations
to GAAP results are included as an attachment to this press release
and have been posted online at www.muellerwaterproducts.com. The
Company does not reconcile forward-looking adjusted EBITDA to the
comparable GAAP measure, as permitted by Regulation S-K, because
certain items, e.g., expenses related to corporate development
activities, pension benefits and corporate restructuring, may have
not yet occurred, are out of the Company’s control and/or cannot be
reasonably predicted without unreasonable efforts. Additionally,
such reconciliation would imply a degree of precision and certainty
regarding relevant items that may be confusing to investors. Such
items could have a substantial impact on GAAP measures of the
Company's financial performance.
Forward-Looking Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
that address activities, events or developments that the Company
intends, expects, plans, projects, believes or anticipates will or
may occur in the future are forward-looking statements, including,
without limitation, statements regarding outlooks, projections,
forecasts, trend descriptions, the COVID-19 pandemic, go-to-market
strategies, operational excellence, acceleration of new product
development, end market performance, net sales performance,
adjusted operating income and adjusted EBITDA performance, margins,
capital expenditure plans, litigation outcomes, capital allocation
and growth strategies, restructuring efficiencies and warranty
charges. Forward-looking statements are based on certain
assumptions and assessments made by the Company in light of the
Company’s experience and perception of historical trends, current
conditions and expected future developments.
Actual results and the timing of events may differ materially
from those contemplated by the forward-looking statements due to a
number of factors, including the extent, duration and severity of
the impact of the COVID-19 pandemic on the Company’s operations and
results, including effects on the financial health of customers
(including collections), the Company and the financial/capital
markets, government-mandated facility closures, COVID-19 related
facility closures and other manufacturing restrictions, logistical
challenges and supply chain interruptions, potential litigation and
claims emanating from the COVID-19 pandemic, and health, safety and
employee/labor issues in Company facilities around the world;
unexpected or greater than expected increases in costs of raw
materials and purchased parts; regional, national or global
political, economic, market and competitive conditions; cyclical
and changing demand in core markets such as municipal spending;
government monetary or fiscal policies; residential and
non-residential construction, and natural gas distribution;
manufacturing and product performance; expectations for changes in
volumes, continued execution of cost productivity initiatives and
improved pricing; warranty exposures (including the adequacy of
warranty reserves); the Company’s ability to successfully resolve
significant legal proceedings, claims, lawsuits or government
investigations; compliance with environmental, trade and
anti-corruption laws and regulations; changing regulatory, trade
and tariff conditions; failure to achieve expected cost savings,
net sales expectations, profitability expectations and
manufacturing efficiencies from restructuring and consolidation
activities and our large capital investments in Chattanooga and
Kimball, Tennessee and Decatur, Illinois; the failure to integrate
and/or realize any of the anticipated benefits of recent
acquisitions or divestitures; and other factors that are described
in the section entitled “RISK FACTORS” in Item 1A of the Annual
Report on Form 10-K (all of which risks may be amplified by
the COVID-19 outbreak).
Forward-looking statements do not guarantee future performance
and are only as of the date they are made. The Company undertakes
no duty to update its forward-looking statements except as required
by law. Undue reliance should not be placed on any forward-looking
statements. You are advised to review any further disclosures the
Company makes on related subjects in subsequent Forms 10-K, 10-Q,
8-K and other reports filed with the U.S. Securities and Exchange
Commission.
About Mueller Water Products, Inc.
Mueller Water Products, Inc. (NYSE: MWA) is a leading
manufacturer and marketer of products and services used in the
transmission, distribution and measurement of water in North
America. Our broad product and service portfolio includes
engineered valves, fire hydrants, pipe connection and repair
products, metering products, leak detection and pipe condition
assessment. We help municipalities increase operational
efficiencies, improve customer service and prioritize capital
spending, demonstrating why Mueller Water Products is Where
Intelligence Meets Infrastructure®. Visit us at
www.muellerwaterproducts.com.
Mueller refers to one or more of Mueller Water Products, Inc., a
Delaware corporation, and its subsidiaries. Mueller and each of its
subsidiaries are legally separate and independent entities when
providing products and services. Mueller does not provide products
or services to third parties. Mueller and each of its subsidiaries
are liable only for their own acts and omissions and not those of
each other. Mueller brands include Mueller®, Echologics®, Hydro
Gate®, Hydro-Guard®, HYMAX®, Jones®, Krausz®, Mi.Net®, Milliken®,
Pratt®, Pratt Industrial®, Singer®, and U.S. Pipe Valve &
Hydrant. Please see muellerwp.com/brands to learn more.
Investor Relations Contact: Whit
Kincaid770-206-4116wkincaid@muellerwp.com
Media Contact: Yolanda
Kokayi770-206-4131ykokayi@muellerwp.com
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED) |
|
|
March 31, |
|
September 30, |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
(in millions, except share amounts) |
Assets: |
|
|
|
Cash and cash equivalents |
$ |
228.2 |
|
|
$ |
208.9 |
|
Receivables, net of allowance of $5.8 million and $4.8 million |
183.9 |
|
|
180.8 |
|
Inventories, net |
179.4 |
|
|
162.5 |
|
Other current assets |
22.7 |
|
|
29.0 |
|
Total current assets |
614.2 |
|
|
581.2 |
|
Property, plant and equipment, net |
268.5 |
|
|
253.8 |
|
Intangible assets |
397.1 |
|
|
408.9 |
|
Goodwill |
100.7 |
|
|
99.8 |
|
Other noncurrent assets |
55.3 |
|
|
51.3 |
|
Total assets |
$ |
1,435.8 |
|
|
$ |
1,395.0 |
|
|
|
|
|
Liabilities and equity: |
|
|
|
Current portion of long-term debt |
$ |
1.0 |
|
|
$ |
1.1 |
|
Accounts payable |
74.7 |
|
|
67.3 |
|
Other current liabilities |
84.5 |
|
|
86.6 |
|
Total current liabilities |
160.2 |
|
|
155.0 |
|
Long-term debt |
446.6 |
|
|
446.5 |
|
Deferred income taxes |
100.3 |
|
|
96.5 |
|
Other noncurrent liabilities |
59.3 |
|
|
56.3 |
|
Total liabilities |
766.4 |
|
|
754.3 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock: 600,000,000 shares authorized; 158,490,451 and
158,064,750 shares outstanding at March 31, 2021 and September 30,
2020, respectively |
1.6 |
|
|
1.6 |
|
Additional paid-in capital |
1,364.2 |
|
|
1,378.0 |
|
Accumulated deficit |
(676.7 |
) |
|
(714.2 |
) |
Accumulated other comprehensive loss |
(19.7 |
) |
|
(24.7 |
) |
Total stockholders’ equity |
669.4 |
|
|
640.7 |
|
Total liabilities and equity |
$ |
1,435.8 |
|
|
$ |
1,395.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED) |
|
|
|
|
|
Three months ended |
|
Six months ended |
|
March 31, |
|
March 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share amounts) |
Net sales (1) |
$ |
267.5 |
|
|
$ |
257.7 |
|
|
$ |
504.9 |
|
|
$ |
470.3 |
|
Cost of sales (2) |
179.1 |
|
|
171.7 |
|
|
338.1 |
|
|
311.7 |
|
Gross profit |
88.4 |
|
|
86.0 |
|
|
166.8 |
|
|
158.6 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
54.2 |
|
|
49.3 |
|
|
103.4 |
|
|
99.2 |
|
Strategic reorganization and other charges (2) |
0.8 |
|
|
0.9 |
|
|
2.2 |
|
|
3.3 |
|
Total operating expenses |
55.0 |
|
|
50.2 |
|
|
105.6 |
|
|
102.5 |
|
Operating income (1) |
33.4 |
|
|
35.8 |
|
|
61.2 |
|
|
56.1 |
|
Other expense (income): |
|
|
|
|
|
|
|
Pension benefit other than service |
(0.8 |
) |
|
(0.8 |
) |
|
(1.6 |
) |
|
(1.5 |
) |
Interest expense, net |
6.1 |
|
|
6.0 |
|
|
12.2 |
|
|
13.4 |
|
Walter Energy accrual |
— |
|
|
— |
|
|
— |
|
|
0.2 |
|
Net other expense |
5.3 |
|
|
5.2 |
|
|
10.6 |
|
|
12.1 |
|
Income before income taxes |
28.1 |
|
|
30.6 |
|
|
50.6 |
|
|
44.0 |
|
Income tax expense |
7.2 |
|
|
6.8 |
|
|
13.0 |
|
|
9.9 |
|
Net income |
$ |
20.9 |
|
|
$ |
23.8 |
|
|
$ |
37.6 |
|
|
$ |
34.1 |
|
|
|
|
|
|
|
|
|
Net income per basic
share |
$ |
0.13 |
|
|
$ |
0.15 |
|
|
$ |
0.24 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
Net income per diluted
share |
$ |
0.13 |
|
|
$ |
0.15 |
|
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
158.4 |
|
|
157.9 |
|
|
158.3 |
|
|
157.8 |
|
Diluted |
159.1 |
|
|
158.7 |
|
|
159.0 |
|
|
158.7 |
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
$ |
0.0550 |
|
|
$ |
0.0525 |
|
|
$ |
0.1100 |
|
|
$ |
0.1050 |
|
|
|
|
|
|
|
|
|
(1) Since
its acquisition in 2018, the financial statements of Krausz
Development Industries Ltd. (“Krausz Industries”) have been
included in the Company's consolidated financial statements on a
"one-month lag" basis. The one-month reporting lag was eliminated
in the quarter ended March 31, 2021 and the consolidated financial
statements for that period include the results of operations of
Krausz Industries for the four months ended March 31, 2021. As a
result, the consolidated statements of operations for the three and
six month periods ended March 31, 2021 include an additional $6.0
million of net sales and an additional $1.4 million of operating
income. |
|
(2) For the three
month and six month periods ended March 31, 2021, Cost of sales
includes $2.4 million in Inventory write-downs and Strategic
reorganization and other charges includes $0.9 million in
termination benefits, both associated with the announced closures
of our facilities in Aurora, Illinois and Surrey, British Columbia,
Canada. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(UNAUDITED) |
|
|
|
Six months ended |
|
March 31, |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Operating activities: |
|
|
|
Net income |
$ |
37.6 |
|
|
$ |
34.1 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
Depreciation |
15.3 |
|
|
14.4 |
|
Amortization |
14.1 |
|
|
13.9 |
|
Stock-based compensation |
3.6 |
|
|
2.7 |
|
Pension (benefits) costs |
(1.0 |
) |
|
1.4 |
|
Deferred income taxes |
2.4 |
|
|
0.9 |
|
Other, net |
4.5 |
|
|
2.2 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
Receivables, net |
(2.4 |
) |
|
(8.2 |
) |
Inventories, net |
(19.7 |
) |
|
(13.4 |
) |
Other assets |
1.7 |
|
|
5.7 |
|
Accounts payable |
7.2 |
|
|
(18.8 |
) |
Walter Energy accrual |
— |
|
|
(22.0 |
) |
Other current liabilities |
1.2 |
|
|
(9.9 |
) |
Other noncurrent liabilities |
(1.3 |
) |
|
(6.0 |
) |
Net cash provided by (used in) operating activities |
63.2 |
|
|
(3.0 |
) |
Investing activities: |
|
|
|
Capital expenditures |
(31.1 |
) |
|
(37.3 |
) |
Proceeds from sales of assets |
0.3 |
|
|
0.1 |
|
Net cash used in investing activities |
(30.8 |
) |
|
(37.2 |
) |
Financing activities: |
|
|
|
Dividends paid |
(17.4 |
) |
|
(16.6 |
) |
Proceeds from financing transaction |
3.9 |
|
|
— |
|
Acquisition of joint venture partner’s interest |
— |
|
|
(5.2 |
) |
Employee taxes related to stock-based compensation |
(1.0 |
) |
|
(0.7 |
) |
Common stock issued |
1.0 |
|
|
2.2 |
|
Common stock repurchased under buyback program |
— |
|
|
(5.0 |
) |
Deferred financing costs paid |
(0.5 |
) |
|
— |
|
Other |
(0.5 |
) |
|
0.5 |
|
Net cash used in financing activities |
(14.5 |
) |
|
(24.8 |
) |
Effect of currency exchange
rate changes on cash |
1.4 |
|
|
(0.4 |
) |
Net change in cash and cash equivalents |
19.3 |
|
|
(65.4 |
) |
Cash and cash equivalents at
beginning of period |
208.9 |
|
|
176.7 |
|
Cash and cash equivalents at end of period |
$ |
228.2 |
|
|
$ |
111.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESSEGMENT RESULTS AND RECONCILIATION OF
NON-GAAP TO GAAP PERFORMANCE
MEASURES(UNAUDITED)
|
Quarter ended March 31, 2021 |
|
Infrastructure |
|
Technologies |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions, except per share
amounts) |
Net sales (1) |
$ |
246.9 |
|
|
|
$ |
20.6 |
|
|
|
|
$ |
— |
|
|
$ |
267.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
86.3 |
|
|
|
$ |
2.1 |
|
|
|
|
$ |
— |
|
|
$ |
88.4 |
|
|
Selling, general and
administrative expenses |
34.4 |
|
|
|
6.7 |
|
|
|
|
13.1 |
|
|
54.2 |
|
|
Strategic reorganization and
other (credits) charges (2) |
(0.7 |
) |
|
|
— |
|
|
|
|
1.5 |
|
|
0.8 |
|
|
Operating income (loss) (1) |
$ |
52.6 |
|
|
|
$ |
(4.6 |
) |
|
|
|
$ |
(14.6 |
) |
|
$ |
33.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
21.3 |
|
% |
|
(22.3 |
) |
% |
|
|
|
|
12.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
14.8 |
|
|
|
$ |
0.7 |
|
|
|
|
$ |
— |
|
|
$ |
15.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP to
GAAP performance measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20.9 |
|
|
Strategic reorganization and
other charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.8 |
|
|
Inventory restructuring
write-down |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.4 |
|
|
Benefit of one-month results
related to elimination of reporting lag |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.4 |
) |
|
Income tax benefit of
adjusting items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.5 |
) |
|
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
diluted share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20.9 |
|
|
Income tax expense (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.2 |
|
|
Interest expense, net(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.1 |
|
|
Pension benefit other than
service (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.8 |
) |
|
Operating income (loss) |
$ |
52.6 |
|
|
|
$ |
(4.6 |
) |
|
|
|
$ |
(14.6 |
) |
|
$ |
33.4 |
|
|
Strategic reorganization and other charges |
(0.7 |
) |
|
|
— |
|
|
|
|
1.5 |
|
|
0.8 |
|
|
Inventory restructuring write-down |
2.4 |
|
|
|
— |
|
|
|
|
— |
|
|
2.4 |
|
|
Benefit of one-month results related to elimination of reporting
lag |
(1.4 |
) |
|
|
— |
|
|
|
|
— |
|
|
(1.4 |
) |
|
Adjusted operating income (loss) |
52.9 |
|
|
|
(4.6 |
) |
|
|
|
(13.1 |
) |
|
35.2 |
|
|
Pension benefit other than service |
— |
|
|
|
— |
|
|
|
|
0.8 |
|
|
0.8 |
|
|
Depreciation and amortization |
12.7 |
|
|
|
2.0 |
|
|
|
|
— |
|
|
14.7 |
|
|
Adjusted EBITDA |
$ |
65.6 |
|
|
|
$ |
(2.6 |
) |
|
|
|
$ |
(12.3 |
) |
|
$ |
50.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating margin
(3) |
22.0 |
|
% |
|
(22.3 |
) |
% |
|
|
|
|
13.5 |
|
% |
Adjusted EBITDA margin
(3) |
27.2 |
|
% |
|
(12.6 |
) |
% |
|
|
|
|
19.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
65.6 |
|
|
|
$ |
(2.6 |
) |
|
|
|
$ |
(12.3 |
) |
|
$ |
50.7 |
|
|
Three prior quarters’ adjusted EBITDA |
179.6 |
|
|
|
(0.9 |
) |
|
|
|
(32.6 |
) |
|
146.1 |
|
|
Trailing twelve months’ adjusted EBITDA |
$ |
245.2 |
|
|
|
$ |
(3.5 |
) |
|
|
|
$ |
(44.9 |
) |
|
$ |
196.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net debt to
total debt (end of period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term
debt |
|
|
|
|
|
|
$ |
1.0 |
|
|
Long-term debt |
|
|
|
|
|
|
446.6 |
|
|
Total debt |
|
|
|
|
|
|
447.6 |
|
|
Less cash and cash equivalents |
|
|
|
|
|
|
228.2 |
|
|
Net debt |
|
|
|
|
|
|
$ |
219.4 |
|
|
|
|
|
|
|
|
|
|
Net debt leverage (net debt
divided by trailing twelve months’ adjusted EBITDA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.1 |
x |
|
|
|
|
|
|
|
|
|
Reconciliation of free cash
flow to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
|
|
|
|
|
$ |
29.1 |
|
|
Less capital expenditures |
|
|
|
|
|
|
(15.5 |
) |
|
Free cash flow |
|
|
|
|
|
|
$ |
13.6 |
|
|
|
|
|
|
|
|
|
|
(1) As a result
of the elimination of the one-month lag, the three month period
ended March 31, 2021 includes an additional $6.0 million of net
sales, and an additional $1.4 million in operating income in
Infrastructure and Consolidated. |
(2) For the three
month period ended March 31, 2021, Cost of sales includes $2.4
million in Inventory write-downs and Strategic reorganization and
other charges include $0.9 million in termination benefits, both
associated with the announced closures of our facilities in Aurora,
Illinois, and Surrey, British Columbia, Canada. |
(3) For the three
month period ended March 31, 2021, the denominator in the adjusted
margin calculations shown for Infrastructure and Consolidated
excludes net sales of $6.0 million associated with the elimination
of the one-month reporting lag. |
(4) We do not
allocate interest, income taxes or pension benefit (expense) other
than service to our segments. |
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESSEGMENT RESULTS AND RECONCILIATION OF
NON-GAAP TO GAAP PERFORMANCE
MEASURES(UNAUDITED)
|
Quarter ended March 31, 2020 |
|
Infrastructure |
|
Technologies |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions, except per share
amounts) |
Net sales (1) |
$ |
239.9 |
|
|
$ |
17.8 |
|
|
|
$ |
— |
|
|
$ |
257.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (1) |
$ |
84.1 |
|
|
$ |
1.9 |
|
|
|
$ |
— |
|
|
$ |
86.0 |
|
|
Selling, general and administrative expenses |
33.4 |
|
|
6.5 |
|
|
|
9.4 |
|
|
49.3 |
|
|
Strategic reorganization and other charges |
0.4 |
|
|
— |
|
|
|
0.5 |
|
|
0.9 |
|
|
Operating income (loss) |
$ |
50.3 |
|
|
$ |
(4.6 |
) |
|
|
$ |
(9.9 |
) |
|
$ |
35.8 |
|
|
|
|
|
|
|
|
|
|
Operating margin |
21.0 |
% |
|
(25.8 |
) |
% |
|
|
|
13.9 |
|
% |
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
21.2 |
|
|
$ |
0.7 |
|
|
|
$ |
0.2 |
|
|
$ |
22.1 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP to GAAP performance measures: |
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
$ |
23.8 |
|
|
Strategic reorganization and other charges |
|
|
|
|
|
|
0.9 |
|
|
Income tax benefit of adjusting items |
|
|
|
|
|
|
(0.2 |
) |
|
Adjusted net income |
|
|
|
|
|
|
$ |
24.5 |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
|
|
|
|
158.7 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income per diluted share |
|
|
|
|
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
$ |
23.8 |
|
|
Income tax expense (2) |
|
|
|
|
|
|
6.8 |
|
|
Interest expense, net (2) |
|
|
|
|
|
|
6.0 |
|
|
Pension benefit other than service (2) |
|
|
|
|
|
|
(0.8 |
) |
|
Operating income (loss) |
$ |
50.3 |
|
|
$ |
(4.6 |
) |
|
|
$ |
(9.9 |
) |
|
$ |
35.8 |
|
|
Strategic reorganization and other charges |
0.4 |
|
|
— |
|
|
|
0.5 |
|
|
0.9 |
|
|
Adjusted operating income (loss) |
50.7 |
|
|
(4.6 |
) |
|
|
(9.4 |
) |
|
36.7 |
|
|
Pension benefit other than service |
— |
|
|
— |
|
|
|
0.8 |
|
|
0.8 |
|
|
Depreciation and amortization |
12.1 |
|
|
2.1 |
|
|
|
0.1 |
|
|
14.3 |
|
|
Adjusted EBITDA |
$ |
62.8 |
|
|
$ |
(2.5 |
) |
|
|
$ |
(8.5 |
) |
|
$ |
51.8 |
|
|
|
|
|
|
|
|
|
|
Adjusted operating margin |
21.1 |
% |
|
(25.8 |
) |
% |
|
|
|
14.2 |
|
% |
Adjusted EBITDA margin |
26.2 |
% |
|
(14.0 |
) |
% |
|
|
|
20.1 |
|
% |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
62.8 |
|
|
$ |
(2.5 |
) |
|
|
$ |
(8.5 |
) |
|
$ |
51.8 |
|
|
Three prior quarters’ adjusted EBITDA |
184.9 |
|
|
2.8 |
|
|
|
(28.0 |
) |
|
159.7 |
|
|
Trailing twelve months’ adjusted EBITDA |
$ |
247.7 |
|
|
$ |
0.3 |
|
|
|
$ |
(36.5 |
) |
|
$ |
211.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net debt to total debt (end of period): |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
|
|
|
|
|
|
|
$ |
1.1 |
|
|
Long-term debt |
|
|
|
|
|
|
|
|
446.2 |
|
|
Total debt |
|
|
|
|
|
|
|
|
447.3 |
|
|
Less cash and cash equivalents |
|
|
|
|
|
|
|
|
111.3 |
|
|
Net debt |
|
|
|
|
|
|
|
|
$ |
336.0 |
|
|
|
|
|
|
|
|
|
|
|
|
Net debt leverage (net debt divided by trailing twelve months’
adjusted EBITDA) |
|
|
|
|
|
|
|
|
1.6 |
x |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
free cash flow to net cash provided by operating activities: |
|
|
|
|
|
|
Net cash provided by operating
activities |
|
|
|
|
|
|
|
|
$ |
9.4 |
|
|
Less capital expenditures |
|
|
|
|
|
|
|
|
(22.1 |
) |
|
Free cash flow |
|
|
|
|
|
|
|
|
$ |
(12.7 |
) |
|
|
|
|
|
|
|
|
|
(1) Net sales and
gross profit associated with certain products have been
reclassified as Technologies segment items to conform to the
current period presentation. |
(2) We do not
allocate interest, income taxes or pension benefit (expense) other
than service to our segments. |
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESSEGMENT RESULTS AND RECONCILIATION OF
NON-GAAP TO GAAP PERFORMANCE
MEASURES(UNAUDITED)
|
Six months ended March 31, 2021 |
|
Infrastructure |
|
Technologies |
|
Corporate |
|
Consolidated |
|
(dollars in millions, except per share
amounts) |
Net sales (1) |
$ |
462.8 |
|
|
|
$ |
42.1 |
|
|
|
$ |
— |
|
|
|
$ |
504.9 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
160.0 |
|
|
|
$ |
6.8 |
|
|
|
$ |
— |
|
|
|
$ |
166.8 |
|
|
Selling, general and administrative expenses |
66.4 |
|
|
|
12.9 |
|
|
|
24.1 |
|
|
|
103.4 |
|
|
Strategic reorganization and other (credits) charges (2) |
(0.6 |
) |
|
|
— |
|
|
|
2.8 |
|
|
|
2.2 |
|
|
Operating income (loss) (1) |
$ |
94.2 |
|
|
|
$ |
(6.1 |
) |
|
|
$ |
(26.9 |
) |
|
|
$ |
61.2 |
|
|
|
|
|
|
|
|
|
|
Operating margin |
20.4 |
|
% |
|
(14.5 |
) |
% |
|
|
|
12.1 |
|
% |
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
29.5 |
|
|
|
$ |
1.5 |
|
|
|
$ |
0.1 |
|
|
|
$ |
31.1 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP to GAAP performance measures: |
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
$ |
37.6 |
|
|
Strategic reorganization and other charges |
|
|
|
|
|
|
2.2 |
|
|
Inventory restructuring write-down |
|
|
|
|
|
|
2.4 |
|
|
Benefit of one-month results related to elimination of reporting
lag |
|
|
|
|
|
|
(1.4 |
) |
|
Income tax benefit of adjusting items |
|
|
|
|
|
|
(0.8 |
) |
|
Adjusted net income |
|
|
|
|
|
|
$ |
40.0 |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
|
|
|
|
159.0 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income per diluted share |
|
|
|
|
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
$ |
37.6 |
|
|
Income tax expense (4) |
|
|
|
|
|
|
13.0 |
|
|
Interest expense, net (4) |
|
|
|
|
|
|
12.2 |
|
|
Pension benefit other than service (4) |
|
|
|
|
|
|
(1.6 |
) |
|
Operating income (loss) |
$ |
94.2 |
|
|
|
$ |
(6.1 |
) |
|
|
$ |
(26.9 |
) |
|
|
$ |
61.2 |
|
|
Strategic reorganization and other charges |
(0.6 |
) |
|
|
— |
|
|
|
2.8 |
|
|
|
2.2 |
|
|
Inventory restructuring write-down |
2.4 |
|
|
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
Benefit of one-month results related to elimination of reporting
lag |
(1.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.4 |
) |
|
Adjusted operating income (loss) |
94.6 |
|
|
|
(6.1 |
) |
|
|
(24.1 |
) |
|
|
64.4 |
|
|
Pension benefit other than service |
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
Depreciation and amortization |
25.2 |
|
|
|
4.1 |
|
|
|
0.1 |
|
|
|
29.4 |
|
|
Adjusted EBITDA |
$ |
119.8 |
|
|
|
$ |
(2.0 |
) |
|
|
$ |
(22.4 |
) |
|
|
$ |
95.4 |
|
|
|
|
|
|
|
|
|
|
Adjusted operating margin (3) |
20.7 |
|
% |
|
(14.5 |
) |
% |
|
|
|
12.9 |
|
% |
Adjusted EBITDA margin (3) |
26.2 |
|
% |
|
(4.8 |
) |
% |
|
|
|
19.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
free cash flow to net cash provided by operating activities: |
|
|
|
|
Net cash provided by operating
activities |
|
|
|
|
|
|
$ |
63.2 |
|
|
Less capital expenditures |
|
|
|
|
|
|
(31.1 |
) |
|
Free cash flow |
|
|
|
|
|
|
$ |
32.1 |
|
|
|
|
|
|
|
|
|
|
(1) As a result
of the elimination of the one-month lag, the six month period ended
March 31, 2021 includes an additional $6.0 million of net sales,
and an additional $1.4 million in operating income in
Infrastructure and Consolidated. |
(2) For the six
month period ended March 31, 2021, Cost of sales includes $2.4
million in Inventory write-downs and Strategic reorganization and
other charges include $0.9 million in termination benefits, both
associated with the announced closures of our facilities in Aurora,
Illinois, and Surrey, British Columbia, Canada. |
(3) For the six
month period ended March 31, 2021, the denominator in the adjusted
margin calculations shown for Infrastructure and Consolidated
excludes net sales of $6.0 million associated with the elimination
of the one-month reporting lag. |
(4) We do not
allocate interest, income taxes or pension benefit (expense) other
than service to our segments. |
|
|
MUELLER WATER PRODUCTS, INC. AND
SUBSIDIARIESSEGMENT RESULTS AND RECONCILIATION OF
NON-GAAP TO GAAP PERFORMANCE
MEASURES(UNAUDITED)
|
Six months ended March 31, 2020 |
|
Infrastructure |
|
Technologies |
|
Corporate |
|
Consolidated |
|
(dollars in millions, except per share
amounts) |
Net sales (1) |
$ |
432.2 |
|
|
$ |
38.1 |
|
|
|
$ |
— |
|
|
|
$ |
470.3 |
|
|
|
|
|
|
|
|
|
|
Gross profit (1) |
$ |
152.1 |
|
|
$ |
6.5 |
|
|
|
$ |
— |
|
|
|
$ |
158.6 |
|
|
Selling, general and administrative expenses |
65.9 |
|
|
12.9 |
|
|
|
20.4 |
|
|
|
99.2 |
|
|
Strategic reorganization and other charges |
0.4 |
|
|
— |
|
|
|
2.9 |
|
|
|
3.3 |
|
|
Operating income (loss) |
$ |
85.8 |
|
|
$ |
(6.4 |
) |
|
|
$ |
(23.3 |
) |
|
|
$ |
56.1 |
|
|
|
|
|
|
|
|
|
|
Operating margin |
19.9 |
% |
|
(16.8 |
) |
% |
|
|
|
11.9 |
|
% |
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
35.7 |
|
|
$ |
1.3 |
|
|
|
$ |
0.3 |
|
|
|
$ |
37.3 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP to GAAP performance measures: |
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
$ |
34.1 |
|
|
Walter Energy accrual |
|
|
|
|
|
|
0.2 |
|
|
Strategic reorganization and other charges |
|
|
|
|
|
|
3.3 |
|
|
Income tax benefit of adjusting items |
|
|
|
|
|
|
(0.8 |
) |
|
Adjusted net income |
|
|
|
|
|
|
$ |
36.8 |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
|
|
|
|
158.7 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income per diluted share |
|
|
|
|
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
$ |
34.1 |
|
|
Income tax expense (2) |
|
|
|
|
|
|
9.9 |
|
|
Interest expense, net (2) |
|
|
|
|
|
|
13.4 |
|
|
Walter Energy accrual |
|
|
|
|
|
|
0.2 |
|
|
Pension benefit other than service (2) |
|
|
|
|
|
|
(1.5 |
) |
|
Operating income (loss) |
$ |
85.8 |
|
|
$ |
(6.4 |
) |
|
|
$ |
(23.3 |
) |
|
|
$ |
56.1 |
|
|
Strategic reorganization and other charges |
0.4 |
|
|
— |
|
|
|
2.9 |
|
|
|
3.3 |
|
|
Adjusted operating income (loss) |
86.2 |
|
|
(6.4 |
) |
|
|
(20.4 |
) |
|
|
59.4 |
|
|
Pension benefit other than service |
— |
|
|
— |
|
|
|
1.5 |
|
|
|
1.5 |
|
|
Depreciation and amortization |
24.1 |
|
|
4.1 |
|
|
|
0.1 |
|
|
|
28.3 |
|
|
Adjusted EBITDA |
$ |
110.3 |
|
|
$ |
(2.3 |
) |
|
|
$ |
(18.8 |
) |
|
|
$ |
89.2 |
|
|
|
|
|
|
|
|
|
|
Adjusted operating margin |
19.9 |
% |
|
(16.8 |
) |
% |
|
|
|
12.6 |
|
% |
Adjusted EBITDA margin |
25.5 |
% |
|
(6.0 |
) |
% |
|
|
|
19.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
free cash flow to net cash used in operating activities: |
|
|
|
|
Net cash used in operating
activities |
|
|
|
|
|
|
$ |
(3.0 |
) |
|
Less capital expenditures |
|
|
|
|
|
|
(37.3 |
) |
|
Free cash flow |
|
|
|
|
|
|
$ |
(40.3 |
) |
|
|
|
|
|
|
|
|
|
(1) Net sales and
gross profit associated with certain products have been
reclassified as Technologies segment items to conform to the
current period presentation. |
(2) We do not
allocate interest, income taxes or pension benefit (expense) other
than service to our segments. |
Mueller Water Products (NYSE:MWA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mueller Water Products (NYSE:MWA)
Historical Stock Chart
From Jul 2023 to Jul 2024