Loading...
•
Mar 31, 2023
Mueller Q2 2023 Earnings Report
Increased net sales and delivered net income for Q2 2023.
Key Takeaways
Mueller Water Products reported a 7.2% increase in net sales, reaching $332.9 million compared to the prior year quarter. The company's net income was $21.3 million, with a diluted share of $0.14. Adjusted EBITDA margin improved sequentially by 40 basis points.
Net sales increased by 7.2 percent to $332.9 million compared to the prior year quarter.
Operating income was $32.9 million, with an adjusted operating income of $33.6 million.
Net income was $21.3 million, with adjusted net income at $21.8 million.
Adjusted EBITDA was $48.1 million, resulting in an adjusted EBITDA margin of 14.4 percent.
Mueller
Mueller
Mueller Revenue by Segment
Revenue by Segment
Water Flow Solutions Revenue
CapyFin.comWater Management Solutions Revenue
CapyFin.com Forward Guidance
The Company is reiterating its outlook for full-year 2023 net sales and adjusted EBITDA growth, which anticipates that consolidated net sales will increase between 6 percent and 8 percent as compared with the prior year, and adjusted EBITDA will increase between 10 percent and 14 percent as compared with the prior year.
Positive Outlook
- Consolidated net sales are expected to increase between 6% and 8% compared to the prior year.
- Adjusted EBITDA is projected to increase between 10% and 14% compared to the prior year.
- Adjusted operating income, excluding pension expenses, is expected to increase more than 20% compared to the prior year.
- Free cash flow is expected to increase compared to 2022.
- Anticipated benefits from higher pricing.
Challenges Ahead
- Manufacturing performance
- Higher inflation
- Supply chain disruptions
- Pension expense other than service in 2023 of approximately $3.8 million compared with a benefit of $3.9 million in the prior year.
- Current end market expectations
Revenue & Expenses
Visualization of income flow from segment revenue to net income