Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $281.1 million and net income of $4.0 million for the fiscal 2012 fourth quarter ended September 30, 2012. The following compares 2012 fourth quarter results from continuing operations to the prior year period. In the quarter, the Company:
- Increased net sales 9.7 percent to $281.1 million from $256.3 million.
- Grew operating income to $21.9 million from $12.2 million, an increase of 79.5 percent, while adjusted operating income increased 69.4 percent to $22.7 million from $13.4 million.
- Delivered income from continuing operations per diluted share of $0.03, up $0.07 from a loss of $0.04. Adjusted net income per diluted share of $0.03 improved $0.06 from a loss of $0.03.
- Increased adjusted EBITDA year-over-year to $38.1 million from $29.3 million.
- Generated increased free cash flow of $45.3 million for the 2012 full year, up from $12.7 million in 2011.
“Our fourth-quarter performance demonstrated a meaningful improvement year-over-year, with growth in our net sales, adjusted operating income and adjusted EBITDA. Additionally, since the end of fiscal 2011, we have continued to reduce our debt and lowered our net debt leverage to 4.2x as of September 30, 2012,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products.
“Shipments of Mueller Co.’s valves, hydrants and brass products increased in the quarter year-over-year, which we believe reflects improvement in both the municipal and residential construction markets. Sales of Mueller Co.’s metering systems and leak detection products also continued to increase this quarter demonstrating the traction these products are gaining in the marketplace. On a year-over-year basis, Mueller Co.’s fourth quarter adjusted operating income increased 64 percent.
“At Anvil, despite slightly lower sales in the quarter due primarily to some softness in some of its end markets, operating income was essentially flat.