Mueller Water Products · NYSE:MWA
Mueller Water Products — Q2 FY2015 Earnings Presentation
16 slides from Mueller Water Products's earnings presentation, Apr 29, 2015
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure® Earnings Conference Call For The Second Quarter Ended March 31, 2015 April 29, 2015 These slides are not intended to be a stand-alone presentation, but are for use in conjunction with the earnings call
Slide 2: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company reports its financial results under accounting These items are excluded because they are not principles generally accepted in the United States (“GAAP”), considered indicative of recurring operations. Free as well as through the use of non-GAAP measures. The c
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains certain statements that may be Forward-looking statements are based on certain deemed “forward-looking statements” within the meaning assumptions and assessments made by us in light of our of the Private Securities Litigation Reform Act of 1995.
Slide 4: Consolidated Non-GAAP Results
CONSOLIDATED NON-GAAP RESULTS Overall results for the quarter about as we expected 2Q FISCAL 2015 2014 Key factors include: strong net sales Net sales $290.3 $288.1 growth in primary end markets, harsh winter weather-related expenses, continuing decline in oil and gas Adj. operating income $26.3 $28
Slide 5: Consolidated GAAP Results
CONSOLIDATED GAAP RESULTS Gross profit • Gross profit essentially flat year 2Q FISCAL 2015 2014 over year Net sales $290.3 $288.1 SG&A Gross profit $82.1 $82.2 • Selling, general and administrative expenses were $55.8 million in the Gross margin 28.3% 28.5% 2015 second quarter, or 19.2 percent of ne
Slide 6: Consolidated Non-GAAP Results
CONSOLIDATED NON-GAAP RESULTS 2Q15 adjusted operating income decreased 6.1 percent to $26.3 million compared with $28.0 million in 2Q14 2Q FISCAL 2015 2014 2Q15 adjusted operating income benefited Adj. operating income $26.3 $28.0 from strong net sales growth into our primary end markets and was neg
Slide 7: Mueller Co. Segment Non-GAAP Results
MUELLER CO. SEGMENT NON-GAAP RESULTS Net sales • 2Q15 net sales increased 4.1 percent • 2Q15 domestic net sales of valves, hydrants and brass products increased about 12 percent 2Q FISCAL 2015 2014 due to growth in demand from both the residential construction and municipal markets Net sales $199.2
Slide 8: Anvil Segment Non-GAAP Results
ANVIL SEGMENT NON-GAAP RESULTS Net sales • 2Q15 net sales decreased 5.9 percent 2Q FISCAL 2015 2014 • 2Q15 net sales benefited from growth Net sales $91.1 $96.8 of approximately six percent into the non-residential construction market Adj. operating income $7.4 $8.6 • However, more than offset by an
Slide 9: Net Debt
NET DEBT $700 $ in millions $600.6 $600 March 31, $513.5 $105.1 2015 $500 $34.1 ($ in millions) $400 ABL Revolver (LIBOR + 175 basis points) $15.0 $300 Term Loan B (LIBOR* + 325 basis points) 496.4 $479.4 $495.5 $200 Other 2.1 $100 Total Debt $513.5 $0 3/31/2015 3/31/2014 Cash Net Debt Net debt leve
Slide 10: Second Quarter Comments, Third Quarter Comments and 2015 Full Year Outlook
Second Quarter Comments Third Quarter Comments and 2015 Full Year Outlook
Slide 11: Supplemental Data
Supplemental Data
Slide 12: Segment Results and Reconciliation of GAAP to Non-GAAP Performance Measures
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES Quarter ended March 31, 2015 ($ in millions, except per share amounts) Mueller Co. Anvil Corporate Total (in millions, except per share amounts) GAAP Results: Net sales $ 199.20 $ 91.10 $ - $ 290.30 Gross profit $ 56.60 $ 25
Slide 13: Segment Results and Reconciliation of GAAP to Non-GAAP Performance Measures
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES Quarter ended March 31, 2014 ($ in millions, except per share amounts) Mueller Co. Anvil Corporate Total (in millions, except per share amounts) GAAP results: Net sales $ 191.3 $ 96.8 $ - $ 288.1 Gross profit $ 55.1 $ 27.1 $
Slide 14: Segment Results and Reconciliation of GAAP to Non-GAAP Performance Measures
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES ($ in millions, except per share amounts) Year ended September 30, 2014 Mueller Co. Anvil Corporate Total GAAP results: Net sales $ 783.3 $ 401.4 $ - $ 1,184.7 Gross profit $ 235.0 $ 112.9 $ - 347.9 Selling, general and admi
Slide 15: Segment Results and Reconciliation of GAAP to Non-GAAP Performance Measures
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES Year ended September 30, 2013 ($ in millions, except per share amounts) Mueller Co. Anvil Corporate Total GAAP results: Net sales $ 729.5 $ 391.3 $ - $ 1,120.8 Gross profit $ 201.1 $ 112.1 $ - $ 313.2 Selling, general and ad
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