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Mueller Water Products Reports Fiscal 2011 Second Quarter Results

Adjusted income from operations for the 2011 second quarter of $10.5 million compare to income from operations for the 2010 second quarter of $9.7 million. Manufacturing and other cost savings of $5.0 million and higher sales prices of $4.4 million were substantially offset by $4.5 million of higher raw material costs and $4.4 million of higher per-unit overhead costs due to lower production and other manufacturing costs.

U.S. Pipe

Net sales for U.S. Pipe for the 2011 second quarter were $75.8 million compare to net sales for the 2010 second quarter of $83.0 million. Lower shipment volumes of $14.0 million were partially offset by higher prices of $6.8 million.

Adjusted loss from operations for the 2011 second quarter of $15.7 million improved $3.9 million from the adjusted loss from operations for the 2010 second quarter of $19.6 million. This improvement was driven by manufacturing and other cost savings of $8.0 million and higher sales prices of $6.8 million, which were partially offset by higher raw material costs of $5.3 million, higher per-unit overhead costs due to lower production of $3.3 million and lower shipment volumes of $2.9 million.

Anvil

Net sales for Anvil for the 2011 second quarter of $86.6 million increased 11.6 percent from net sales for the 2010 second quarter of $77.6 million. Net sales increased primarily due to higher shipment volumes of $6.5 million and higher prices of $2.7 million.

Adjusted income from operations for the 2011 second quarter of $6.9 million increased $0.9 million compared to adjusted income from operations for the 2010 second quarter of $6.0 million. Manufacturing and other cost savings of $2.8 million, higher sales prices of $2.7 million and higher shipment volumes of $1.8 million improved operating results. These improvements were partially offset by higher selling, general and administrative expenses of $4.6 million and higher raw material costs of $1.4 million. Included in 2010 second quarter selling, general and administrative expenses was a $3.1 million gain from the sale of the Canadian distribution business during that quarter.

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