Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $245.1 million and net income of $7.0 million for the fiscal 2013 first quarter ended December 31, 2012. The following compares 2013 first quarter results from continuing operations to the prior year period. In the quarter, the Company:
- Increased net sales 13.8 percent to $245.1 million from $215.4 million.
- Grew operating income 16.9 percent to $6.9 million from $5.9 million, while adjusted operating income increased 20.6 percent to $7.6 million from $6.3 million.
- Improved adjusted net loss per diluted share to $0.02 from a loss of $0.04.
- Increased adjusted EBITDA to $22.4 million from $21.3 million.
Subsequent to the end of the quarter, the Company announced its intention to redeem $22.5 million in principal amount of its 8.75 percent Senior Unsecured Notes on February 22, 2013.
“Our consolidated performance improved again in the first quarter, as demonstrated by a 13.8 percent increase in net sales and a 20.6 percent increase in adjusted operating income,” 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 was due to continued improvement in both the municipal and residential construction markets. Net sales of Mueller Co.’s newer technology products and services more than doubled in the quarter on a year-over-year basis, demonstrating the traction we believe these products and services are gaining in the marketplace. Although these products and services negatively impacted Mueller Co.’s adjusted operating margin in the quarter, the incremental margin from increased net sales was encouraging, and we believe there is room for further improvement especially as deployment of our Advanced Metering Infrastructure system grows.