Zurn Elkay Q1 2022 Earnings Report
Key Takeaways
Zurn Water Solutions reported a 17% increase in net sales to $240 million for the first quarter of 2022. Net income from continuing operations was $29 million, or $0.23 per diluted share, compared to $10 million, or $0.08 per diluted share, in the year-ago quarter. Adjusted EPS was $0.24 compared to $0.13 in the prior year. Adjusted EBITDA was $52 million, representing 21.7% of net sales.
Net sales increased 17% to $240 million compared to $205 million in the prior year.
Net income from continuing operations was $29 million ($0.23 diluted EPS) compared to $10 million ($0.08 diluted EPS) in the prior year.
Adjusted EPS was $0.24 compared to $0.13 in the prior year.
Adjusted EBITDA was $52 million (21.7% of net sales) compared to $44 million (21.6% of net sales) in the prior year.
Zurn Elkay
Zurn Elkay
Forward Guidance
For the second quarter of 2022, Zurn expects total sales to increase year over year by a low to mid teens percentage. Adjusted EBITDA margin, excluding corporate costs, is expected to range between 24.5% and 25.0%, and corporate expenses are expected to approximate $7 million. The company continues to expect double digit reported core growth for 2022 with robust Adjusted EBITDA margins and strong free cash flow.