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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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