Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $275.9 million and net income of $9.8 million for the fiscal 2012 third quarter ended June 30, 2012. Summarized consolidated results from continuing operations for the 2012 third quarter compared to the 2011 third quarter results were:
- Net sales for the 2012 third quarter increased 6.3 percent to $275.9 million from $259.6 million for the 2011 third quarter.
- Operating income for the 2012 third quarter increased to $25.7 million from $24.7 million for the 2011 third quarter. Adjusted operating income for the 2012 third quarter increased 5.6 percent to $26.4 million from $25.0 million for the 2011 third quarter.
- Net income per diluted share was $0.06 for the 2012 third quarter compared to ($0.02) for the 2011 third quarter.
- Adjusted EBITDA for the 2012 third quarter increased to $41.4 million from $40.7 million for the 2011 third quarter.
- Free cash flow for the 2012 third quarter year-to-date increased to $5.0 million from ($16.1) million for the 2011 third quarter year-to-date.
- The Company reduced its total debt outstanding by $69.7 million to $622.8 million during the 2012 third quarter.
“Third quarter results yielded increases in net sales, adjusted operating income and adjusted EBITDA on a year-over-year basis,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “The data on the residential construction market is trending positive, and we believe we benefitted from the improvement in this market during the third quarter.
“Net sales in Mueller Co.’s base business increased 6.9 percent in the third quarter and adjusted operating income grew 14.0 percent, driven by increased domestic shipments of valves and hydrants. We also had a number of important wins at both Mueller Systems and Echologics. Mueller Systems announced a significant agreement with American Water, the largest publicly traded U.S. water and wastewater utility company, for water meters and automated meter reading systems; and also a notable agreement with Bentonville, Arkansas for water meters and our advanced metering infrastructure system. Echologics also recently extended its contract with the City of New Orleans to continue supplying leak detection and pipe condition assessment services. We are encouraged to see the traction these newer technology businesses are gaining in the marketplace, which is evidence of their ability to grow going forward.
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