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Jun 30, 2024
Mueller Q3 2024 Earnings Report
Reported record third quarter results, exceeding expectations with strong order levels and disciplined spending.
Key Takeaways
Mueller Water Products reported a strong third quarter in 2024, with net sales increasing by 9.2% to $356.7 million. The company achieved a net income of $47.3 million, or $0.30 per diluted share, and a record adjusted net income of $49.5 million, or $0.32 per diluted share. Due to the strong performance, the company is raising its annual guidance for net sales and adjusted EBITDA.
Net sales increased 9.2 percent to $356.7 million compared to the prior year quarter.
Operating income increased to $67.0 million, with adjusted operating income up 77.0 percent to $69.9 million.
Net income rose to $47.3 million, and adjusted net income increased 79.3 percent to $49.5 million.
Adjusted EBITDA increased 56.6 percent to $85.2 million.
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 increasing its expectations for fiscal 2024 consolidated net sales to be between $1,285 million and $1,295 million, or an increase of 0.7% to 1.5% compared with fiscal 2023. The Company is also increasing its expectations for fiscal 2024 adjusted EBITDA to be between $271 million and $275 million, or an increase of 34.1% to 36.1% compared with fiscal 2023.
Positive Outlook
- Fiscal 2024 consolidated net sales expected to increase between 0.7% and 1.5% compared to fiscal 2023.
- Fiscal 2024 consolidated net sales expected to be between $1,285 million and $1,295 million.
- Fiscal 2024 adjusted EBITDA expected to increase between 34.1% and 36.1% compared with fiscal 2023.
- Fiscal 2024 adjusted EBITDA expected to be between $271 million and $275 million.
- Free cash flow as a percentage of adjusted net income to be more than 85 percent in fiscal 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income