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Operating Income Increased 27.1 Percent Net Income Per Diluted Share Increased to $0.11
ATLANTA, Aug. 4, 2014 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE:MWA) today reported net sales of $318.5 million and net income of $18.5 million for its fiscal 2014 third quarter ended June 30, 2014. The following information compares fiscal 2014 third quarter results from continuing operations with those of the prior year period. In the quarter, the Company:
Increased net sales 6.4 percent to $318.5 million from $299.4 million;
Increased operating income 27.1 percent to $41.8 million from $32.9 million, and increased adjusted operating income 26.9 percent to $42.0 million from $33.1 million;
Increased income from continuing operations per diluted share to $0.11 from $0.10, and increased adjusted income from continuing operations per diluted share to $0.11 from $0.08;
Increased adjusted EBITDA 17.4 percent to $56.0 million from $47.7 million; and
Increased free cash flow to $46.2 million compared with $37.4 million a year ago.
"We are pleased with our improved overall performance in the third quarter, with year-over-year growth in net sales, net income per diluted share and free cash flow, as well as a 27 percent increase in operating income," said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products.
"Mueller Co.'s net sales increased 7 percent in the quarter, driven primarily by domestic shipments of valves, hydrants and brass products, which were up 28 percent. The increase in shipments was the primary driver of Mueller Co.'s 39 percent increase in adjusted operating income in the quarter to its highest level since the second quarter of 2007.
"Anvil's net sales increased 4 percent in the quarter to the highest level since the fourth quarter of 2009. Anvil's adjusted operating income declined in the quarter, primarily attributable to the approximately $3.5 million third-quarter impact of operational inefficiencies that occurred during the second quarter at Anvil's largest manufacturing facility. These inefficiencies have been resolved, as we discussed on our second-quarter conference call. Excluding these inefficiencies, Anvil's adjusted operating margin this quarter would have been roughly equivalent to that of last year.