Mueller Water Products · NYSE:MWA
Mueller Water Products — Q1 FY2011 Earnings Presentation
16 slides from Mueller Water Products's earnings presentation, Feb 2, 2011
Slide 1: Earnings Conference Call For The First Quarter Ended December 31, 2010
Exhibit 99.2 Earnings Conference Call For The First Quarter Ended December 31, 2010 These slides are not intended to be a stand- alone presentation, but are for use in conjunction with the Earnings Call. February 2, 2011
Slide 2: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures The Company presents adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per share, free cash flow and net debt as non-GAAP measures. Adjusted income (loss) from operations represents
Slide 3: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address activities, events or developments that we intend, expect
Slide 4: Consolidated Non-GAAP Results
Consolidated Non-GAAP Results First Quarter Fiscal $ in millions (except per share amounts) 2011 2010 Net sales $287.6 $313.1 Adj. income (loss) from operations ($2.4) $0.7 Adj. operating income (loss) % of net sales (0.8%) 0.2% Adj. net loss per share ($0.06) ($0.07) Adj. EBITDA $17.7 $21.5 Adj. EB
Slide 5: Consolidated GAAP Results
Consolidated GAAP Results First Quarter Fiscal $ in millions (except per share amounts) 2011 2010 Net sales $287.6 $313.1 Gross profit $49.6 $55.9 Gross profit % of net sales 17.2% 17.9% Income (loss) from operations ($4.3) $0.3 Net loss per share ($0.08) ($0.07) • Net sales – Essentially flat exclu
Slide 6: Consolidated Non-GAAP Results
Consolidated Non-GAAP Results First Quarter Fiscal $ in millions (except per share amounts) 2011 2010 Adj. income (loss) from operations ($2.4) $0.7 Adj. operating income (loss) % of net sales (0.8%) 0.2% Adj. EBITDA $17.7 $21.5 Adj. EBITDA % of net sales 6.2% 6.9% SG&A $52.0 $55.2 Interest expense,
Slide 7: Mueller Co. Segment
Mueller Co. Segment First Quarter Fiscal $ in millions 2011 2010 Net sales $129.8 $133.3 Adj. income from operations $8.8 $16.0 Adj. operating income % of net sales 6.8% 12.0% Adj. EBITDA $20.5 $28.4 Adj. EBITDA % of net sales 15.8% 21.3% • Net sales – $3.7 million from higher prices and $0.7 millio
Slide 8: U.S. Pipe Segment
U.S. Pipe Segment First Quarter Fiscal $ in millions 2011 2010 Net sales $74.4 $79.7 Adj. loss from operations ($9.4) ($11.9) Adj. operating loss % of net sales (12.6%) (14.9%) Adj. EBITDA ($4.9) ($7.5) Adj. EBITDA % of net sales (6.6%) (9.4%) • Net sales – $11.7 million lower shipment volumes parti
Slide 9: Anvil Segment
Anvil Segment First Quarter Fiscal $ in millions 2011 2010 Net sales $83.4 $100.1 Adj. income from operations $6.5 $4.5 Adj. operating income % of net sales 7.8% 4.5% Adj. EBITDA $10.2 $8.4 Adj. EBITDA % of net sales 12.2% 8.4% • Net sales – Increased by $8.2 million year-over-year excluding $24.9 m
Slide 10: Free Cash Flow
Free Cash Flow Quarter ended December 31, 2010 2009 $70.0 Cash Flow from $60.1 Operations $60.0 Capital $8.7 Expenditures $50.0 $40.0 $30.0 $51.4 Free Cash Flow $20.0 Cash Flow from $5.2 $10.0 Operations Capital $6.4 Expenditures $0.0 ($1.2) Free Cash Flow ($10.0) 2010 2009 • Year-over-year change i
Slide 11: Net Debt
Net Debt $800 $737.4 December 31, $692.5 $ in Millions 2010 $700 $71.9 $124.0 ABL Revolver (LIBOR + 300 Basis Points) $49.0 $600 3 $500 Senior Subordinated Notes (7 / 8%) 420.0 $400 3 Senior Unsecured Notes (8 / 4 %) 221.5 ($ in Millions) $300 $620.6 $613.4 Other 2.0 $200 $100 Total Debt $692.5 $0 1
Slide 12: Second Quarter Comments and 2011 Outlook
Second Quarter Comments and 2011 Outlook End of formal slide presentation. Appendix slides to follow. Earnings Conference Call for Quarter Ended December 31, 2010 12
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Slide 14: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures Three months ended December 31, 2010 (in millions, except per share amounts) Mueller Co. U.S. Pipe Anvil Corporate Total GAAP results: Net sales $ 129.8 $ 74.4 $ 83.4 $ - $ 287.6 Gross profit (loss) $ 29.2 $ (2.4) $ 22.4 $ 0
Slide 15: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures Three months ended December 31, 2009 (in millions, except per share amounts) Mueller Co. U.S. Pipe Anvil Corporate Total GAAP results: Net sales $ 133.3 $ 79.7 $ 100.1 $ - $ 313.1 Gross profit (loss) $ 36.9 $ (4.0) $ 23.0 $
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