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Mueller Water Products Reports Fiscal 2011 Third-Quarter Results

Stocks in this article: MWA

“Anvil’s strong third-quarter performance resulted in a 15.7 percent increase in net sales and a more than doubling of operating income. We are pleased with Anvil’s results, which were driven by both ongoing volume growth and productivity improvements.

“Municipalities are focused on ways to increase efficiencies and prioritize capital spending, both of which benefit our newer water-technology businesses. Mueller Systems provides metering solutions, including automated meter reading and advanced metering infrastructure systems that accurately measure water usage while increasing operational efficiency of a utility. Echologics offers leak detection and pipe condition assessment products and services that help municipalities conserve water and prioritize capital projects. The market reception to both businesses is encouraging, with Mueller Systems experiencing double digit net sales growth in the quarter year-over-year. Additionally, third-quarter bookings were up substantially in both businesses.”

Third-Quarter Consolidated Results

Net sales for the third quarter were $366.7 million compared to net sales for the 2010 third quarter of $375.9 million. Net sales decreased primarily due to lower shipment volumes in our water infrastructure businesses of $28.6 million, partially offset by higher prices of $17.5 million.

Adjusted income from operations for the 2011 third quarter of $15.6 million improved $2.2 million from adjusted income from operations for the 2010 third quarter of $13.4 million. Higher sales prices of $17.5 million, manufacturing and other cost savings of $9.2 million and lower selling, general and administrative expenses of $2.5 million were partially offset by higher raw material costs of $10.8 million, higher per-unit overhead costs due to lower production of $9.0 million and lower shipment volumes of $5.9 million.

Third-Quarter Segment Results

Mueller Co.

Net sales for Mueller Co. for the 2011 third quarter were $165.8 million compared to net sales for the 2010 third quarter of $174.6 million. Lower shipment volumes of $17.0 million were partially offset by higher prices of $6.6 million and favorable Canadian currency exchange rates of $1.6 million.

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