Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $311.5 million and a net loss of $11.9 million for the fiscal 2012 first quarter ended December 31, 2011. Summarized consolidated 2012 first quarter results compared to 2011 first quarter results are as follows:
- Net sales for the 2012 first quarter increased 8.3 percent to $311.5 million from $287.6 million for the 2011 first quarter.
- Loss from operations for the 2012 first quarter was $2.9 million compared to a loss for the 2011 first quarter of $4.3 million. The adjusted loss from operations for the 2012 first quarter of $1.6 million also improved from an adjusted loss for the 2011 first quarter of $2.4 million.
- Net loss per share was $0.08 for the first quarter of both 2012 and 2011. The adjusted net loss per share for the 2012 first quarter was $0.07 compared to an adjusted net loss per share for the 2011 first quarter of $0.06.
- Adjusted EBITDA for the 2012 first quarter of $17.8 million was essentially flat with adjusted EBITDA for the first quarter last year.
“We saw signs in the first quarter that the water infrastructure market could be stabilizing,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “Mueller Co.’s domestic valve and hydrant volume grew slightly in the first quarter on a year-over-year basis. We also experienced strong net sales growth in the first quarter from both Mueller Systems and Echologics, our leak detection business. These businesses are still ramping up, which is negatively impacting Mueller Co.’s adjusted operating income in the short term; however, we remain encouraged by their long-term potential.
“U.S. Pipe’s net sales and volume both increased in the first quarter year-over-year, contributing to their improved operating performance.