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Jun 30, 2024
Zurn Elkay Q2 2024 Earnings Report
Zurn Elkay's financial performance for Q2 2024 was reported, showcasing sales and margin growth exceeding expectations.
Key Takeaways
Zurn Elkay Water Solutions reported a 2% increase in net sales to $412 million. Net income from continuing operations rose to $45 million, with adjusted EPS at $0.33. The company saw a significant improvement in adjusted EBITDA, reaching $104 million, and deployed $61 million to repurchase 1.9 million shares.
Net sales increased to $412 million, a 2% rise year-over-year.
Net income from continuing operations reached $45 million, up from $33 million in the previous year.
Adjusted EBITDA grew to $104 million, representing 25.3% of net sales.
The company deployed $61 million to repurchase 1.9 million shares of common stock.
Forward Guidance
For the third quarter, the company expects pro forma core sales growth in the low single-digit range and an adjusted EBITDA margin of approximately 25%. Full-year adjusted EBITDA margin expansion is now expected to be 200 to 250 basis points, with free cash flow exceeding $250 million.
Positive Outlook
- Expects pro forma core sales growth in the low single-digit range for Q3.
- Anticipates an adjusted EBITDA margin of approximately 25% for Q3.
- Raising full-year adjusted EBITDA margin expansion to 200 to 250 basis points.
- Expects full-year free cash flow to exceed $250 million.
- Focus on customers and strategic breakthroughs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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