Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $299.4 million and net income of $14.1 million for the fiscal 2013 third quarter ended June 30, 2013. The following compares 2013 third quarter results from continuing operations with the prior year period. In the third quarter, the Company:
- Increased net sales $23.5 million to $299.4 million from $275.9 million
- Improved adjusted operating income 25.4 percent to $33.1 million from $26.4 million
- Increased adjusted net income per diluted share to $0.08 from $0.05
- Improved adjusted EBITDA 15.2 percent to $47.7 million from $41.4 million
- Generated free cash flow of $37.7 million, as compared with negative $3.4 million for the 2012 third quarter
“We are pleased with our third quarter results, with an 8.5 percent increase in net sales and a 25.4 percent increase in adjusted operating income,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “These results reflect our best overall quarter in the past five years with each of our business segments contributing to the improvement. Mueller Co. and Anvil each increased net sales and adjusted operating margins both year-over-year and sequentially.
“Mueller Co. continued to benefit from improved operating leverage and the ongoing recovery of our end markets. Net sales increased 9.1 percent and adjusted operating margin improved 180 basis points in the quarter to 15.3 percent. We also saw a strong increase in net sales for our metering and leak detection products and services in the third quarter, demonstrating the progress we continue to make in the marketplace.
“Anvil had a solid quarter, with net sales up 7.3 percent and adjusted operating income up 24.2 percent year-over-year.“With our improved operating performance and free cash flow generation, we reduced our net debt leverage to 3.6x at June 30, 2013.”