ATLANTA, April 29, 2014 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE:MWA) today reported net sales of $288.1 million and net income of $9.7 million for the fiscal 2014 second quarter ended March 31, 2014. The following compares fiscal 2014 second quarter results from continuing operations with those of the prior year period. In the 2014 second quarter, the Company:
- Increased net sales 1.8 percent to $288.1 million from $283.1 million;
- Increased operating income 4.1 percent to $25.3 million from $24.3 million, and increased adjusted operating income 13.4 percent to $28.0 million from $24.7 million;
- Increased net income per diluted share to $0.06 from $0.04, and increased adjusted net income per diluted share to $0.07 from $0.05; and
- Increased adjusted EBITDA 5.3 percent to $41.8 million from $39.7 million.
"We are pleased with the 13 percent year-over-year improvement in Mueller Water Products' adjusted operating income for the second quarter, especially given adverse weather effects experienced in many parts of the United States," said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products.
"Mueller Co.'s net sales increased 2 percent year-over-year. Domestic order dollars for our valves, hydrants and brass products grew more than 20 percent reflecting the continued strength of our key end markets. This increase in orders is not fully reflected in shipments for the quarter primarily due to the timing of our price increase on valves and hydrants this year as compared to last year, as well as the harsh winter weather. Mueller Co.'s adjusted operating income increased 18 percent year-over-year in the quarter, with improvement across all product lines."Although Anvil's net sales increased slightly, its adjusted operating income declined 7 percent and its adjusted operating margin decreased 80 basis points to 9 percent primarily due to operating challenges during the quarter at its largest manufacturing facility.