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Dec 31, 2020
Mueller Q1 2021 Earnings Report
Reported strong performance with increased net sales and adjusted net income per diluted share.
Key Takeaways
Mueller Water Products reported an 11.7% increase in net sales to $237.4 million and a 37.5% increase in adjusted net income per diluted share to $0.11 for the first quarter of 2021. The company benefited from strength in the residential construction end market and resilient municipal end markets.
Net sales increased by 11.7 percent compared to the prior year quarter.
Operating income increased by 36.9 percent compared to the prior year quarter.
Net income increased to $16.7 million compared to $10.3 million in the prior year quarter.
Adjusted EBITDA increased by 19.5 percent compared to the prior year quarter.
Mueller
Mueller
Forward Guidance
The company anticipates consolidated net sales will increase between 4 and 6 percent and adjusted EBITDA growth will be between 5 and 8 percent for the full-year fiscal 2021.
Positive Outlook
- Strong first quarter performance.
- Current backlog.
- Current expectations for end markets.
- Price expectations.
- Inflation expectations.
Challenges Ahead
- Operational headwinds from the pandemic will continue to impact manufacturing costs.
- High level of uncertainty regarding the pandemic.
- Potential for temporary delays in project-related portions of the municipal market.
- Impacts from higher costs associated with inflation later in the year.
- SG&A expenses between $210 million and $215 million.