Zurn Elkay Q1 2023 Earnings Report
Key Takeaways
Zurn Elkay Water Solutions reported a strong start to the year with net sales increasing by 55% to $372 million. The company's adjusted EBITDA was $72 million, representing 19.5% of net sales. They also deployed $37 million to share repurchases.
Net sales increased 55% to $372 million compared to $240 million in the prior year.
Net income from continuing operations was $23 million, with diluted EPS of $0.13.
Adjusted EPS was $0.18 compared to $0.24 in the year-ago quarter.
Adjusted EBITDA was $72 million (19.5% of net sales) compared to $52 million (21.7% of net sales) in the prior year.
Zurn Elkay
Zurn Elkay
Forward Guidance
The company's outlook for the year remains unchanged with sales to be in the range of $1,500 million to $1,550 million, Adjusted EBITDA to be in the range of $325 million to $345 million and free cash flow to total approximately $200 million. For the second quarter, the company expects sales to be in a range of $385 million to $395 million and consolidated Adjusted EBITDA margins to range between 21.0% and 21.5%.
Positive Outlook
- Sales to be in the range of $1,500 million to $1,550 million for the year.
- Adjusted EBITDA to be in the range of $325 million to $345 million for the year.
- Free cash flow to total approximately $200 million for the year.
- Sales to be in a range of $385 million to $395 million for the second quarter.
- Consolidated Adjusted EBITDA margins to range between 21.0% and 21.5% for the second quarter.