Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Mueller Water Products, Inc. | form8-k11x4x15801.htm |
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES
(UNAUDITED)
Quarter ended September 30, 2015 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP Results: | |||||||||||||||||||
Net sales | $ | 192.0 | $ | 93.7 | $ | 25.7 | $ | — | $ | 311.4 | |||||||||
Gross profit | $ | 65.8 | $ | 25.5 | $ | 6.4 | $ | — | $ | 97.7 | |||||||||
Selling, general and administrative expenses | 20.4 | 16.9 | 8.2 | 7.7 | 53.2 | ||||||||||||||
Restructuring expenses | — | — | — | 0.1 | 0.1 | ||||||||||||||
Operating income (loss) | $ | 45.4 | $ | 8.6 | $ | (1.8 | ) | $ | (7.8 | ) | $ | 44.4 | |||||||
Capital expenditures | $ | 7.4 | $ | 1.8 | $ | 1.9 | $ | 0.1 | $ | 11.2 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 45.4 | $ | 8.6 | $ | (1.8 | ) | $ | (7.8 | ) | $ | 44.4 | |||||||
Pension settlement | 0.2 | 0.3 | — | — | $ | 0.5 | |||||||||||||
Restructuring | — | — | — | 0.1 | 0.1 | ||||||||||||||
Adjusted operating income (loss) | 45.6 | 8.9 | (1.8 | ) | (7.7 | ) | 45.0 | ||||||||||||
Depreciation and amortization | 9.7 | 3.9 | 1.2 | 0.1 | 14.9 | ||||||||||||||
Adjusted EBITDA | $ | 55.3 | $ | 12.8 | $ | (0.6 | ) | $ | (7.6 | ) | $ | 59.9 | |||||||
Adjusted operating margin | 23.8 | % | 9.5 | % | (7.0 | )% | 14.5 | % | |||||||||||
Adjusted EBITDA margin | 28.8 | % | 13.7 | % | (2.3 | )% | 19.2 | % | |||||||||||
Quarter ended September 30, 2014 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP results: | |||||||||||||||||||
Net sales | $ | 188.8 | $ | 107.7 | $ | 24.2 | $ | — | $ | 320.7 | |||||||||
Gross profit | $ | 63.2 | $ | 33.2 | $ | 4.9 | $ | — | $ | 101.3 | |||||||||
Selling, general and administrative expenses | 22.8 | 16.4 | 7.0 | 12.0 | 58.2 | ||||||||||||||
Restructuring expenses | 0.3 | (0.2 | ) | — | — | 0.1 | |||||||||||||
Operating income (loss) | $ | 40.1 | $ | 17.0 | $ | (2.1 | ) | $ | (12.0 | ) | $ | 43.0 | |||||||
Capital expenditures | $ | 7.3 | $ | 2.2 | $ | 1.7 | $ | 0.2 | $ | 11.4 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 40.1 | $ | 17.0 | $ | (2.1 | ) | $ | (12.0 | ) | $ | 43.0 | |||||||
Restructuring | 0.3 | (0.2 | ) | — | — | 0.1 | |||||||||||||
Adjusted operating income (loss) | 40.4 | 16.8 | (2.1 | ) | (12.0 | ) | 43.1 | ||||||||||||
Depreciation and amortization | 9.7 | 3.6 | 0.8 | 0.1 | 14.2 | ||||||||||||||
Adjusted EBITDA | $ | 50.1 | $ | 20.4 | $ | (1.3 | ) | $ | (11.9 | ) | $ | 57.3 | |||||||
Adjusted operating margin | 21.4 | % | 15.6 | % | (8.7 | )% | 13.4 | % | |||||||||||
Adjusted EBITDA margin | 26.5 | % | 18.9 | % | (5.4 | )% | 17.9 | % | |||||||||||
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES
(UNAUDITED)
Quarter ended June 30, 2015 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP Results: | |||||||||||||||||||
Net sales | $ | 187.8 | $ | 89.2 | $ | 24.0 | $ | — | $ | 301.0 | |||||||||
Gross profit | $ | 67.9 | $ | 24.0 | $ | 4.3 | $ | — | $ | 96.2 | |||||||||
Selling, general and administrative expenses | 21.1 | 16.8 | 7.8 | 7.2 | 52.9 | ||||||||||||||
Loss on Walter receivable | — | — | — | 11.6 | 11.6 | ||||||||||||||
Restructuring expenses | 0.1 | 0.2 | — | (0.1 | ) | 0.2 | |||||||||||||
Operating income (loss) | $ | 46.7 | $ | 7.0 | $ | (3.5 | ) | $ | (18.7 | ) | $ | 31.5 | |||||||
Capital expenditures | $ | 4.8 | $ | 2.5 | $ | 1.9 | $ | 0.1 | $ | 9.3 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 46.7 | $ | 7.0 | $ | (3.5 | ) | $ | (18.7 | ) | $ | 31.5 | |||||||
Loss on Walter receivable | — | — | — | 11.6 | $ | 11.6 | |||||||||||||
Restructuring | 0.1 | 0.2 | — | (0.1 | ) | 0.2 | |||||||||||||
Adjusted operating income (loss) | 46.8 | 7.2 | (3.5 | ) | (7.2 | ) | 43.3 | ||||||||||||
Depreciation and amortization | 9.7 | 3.6 | 1.1 | 0.1 | 14.5 | ||||||||||||||
Adjusted EBITDA | $ | 56.5 | $ | 10.8 | $ | (2.4 | ) | $ | (7.1 | ) | $ | 57.8 | |||||||
Adjusted operating margin | 24.9 | % | 8.1 | % | (14.6 | )% | 14.4 | % | |||||||||||
Adjusted EBITDA margin | 30.1 | % | 12.1 | % | (10.0 | )% | 19.2 | % | |||||||||||
Quarter ended June 30, 2014 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP results: | |||||||||||||||||||
Net sales | $ | 186.4 | $ | 104.5 | $ | 27.6 | $ | — | $ | 318.5 | |||||||||
Gross profit | $ | 62.8 | $ | 27.2 | $ | 7.3 | $ | — | $ | 97.3 | |||||||||
Selling, general and administrative expenses | 20.9 | 17.7 | 6.8 | 9.9 | 55.3 | ||||||||||||||
Restructuring expenses | 0.1 | — | 0.1 | — | 0.2 | ||||||||||||||
Operating income (loss) | $ | 41.8 | $ | 9.5 | $ | 0.4 | $ | (9.9 | ) | $ | 41.8 | ||||||||
Capital expenditures | $ | 3.6 | $ | 2.2 | $ | 1.4 | $ | — | $ | 7.2 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 41.8 | $ | 9.5 | $ | 0.4 | $ | (9.9 | ) | $ | 41.8 | ||||||||
Restructuring | 0.1 | — | 0.1 | — | 0.2 | ||||||||||||||
Adjusted operating income (loss) | 41.9 | 9.5 | 0.5 | (9.9 | ) | 42.0 | |||||||||||||
Depreciation and amortization | 9.5 | 3.5 | 0.9 | 0.1 | 14.0 | ||||||||||||||
Adjusted EBITDA | $ | 51.4 | $ | 13.0 | $ | 1.4 | $ | (9.8 | ) | $ | 56.0 | ||||||||
Adjusted operating margin | 22.5 | % | 9.1 | % | 1.8 | % | 13.2 | % | |||||||||||
Adjusted EBITDA margin | 27.6 | % | 12.4 | % | 5.1 | % | 17.6 | % | |||||||||||
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES
(UNAUDITED)
Quarter ended March 31, 2015 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP Results: | |||||||||||||||||||
Net sales | $ | 177.3 | $ | 91.1 | $ | 21.9 | $ | — | $ | 290.3 | |||||||||
Gross profit | $ | 54.1 | $ | 25.5 | $ | 2.5 | $ | — | $ | 82.1 | |||||||||
Selling, general and administrative expenses | 21.7 | 18.1 | 7.1 | 8.9 | 55.8 | ||||||||||||||
Restructuring expenses | — | 0.2 | 0.1 | 0.4 | 0.7 | ||||||||||||||
Operating income (loss) | $ | 32.4 | $ | 7.2 | $ | (4.7 | ) | $ | (9.3 | ) | $ | 25.6 | |||||||
Capital expenditures | $ | 4.9 | $ | 3.4 | $ | 1.5 | $ | — | $ | 9.8 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 32.4 | $ | 7.2 | $ | (4.7 | ) | $ | (9.3 | ) | $ | 25.6 | |||||||
Restructuring | — | 0.2 | 0.1 | 0.4 | 0.7 | ||||||||||||||
Adjusted operating income (loss) | 32.4 | 7.4 | (4.6 | ) | (8.9 | ) | 26.3 | ||||||||||||
Depreciation and amortization | 9.7 | 3.6 | 1.0 | 0.1 | 14.4 | ||||||||||||||
Adjusted EBITDA | $ | 42.1 | $ | 11.0 | $ | (3.6 | ) | $ | (8.8 | ) | $ | 40.7 | |||||||
Adjusted operating margin | 18.3 | % | 8.1 | % | (21.0 | )% | 9.1 | % | |||||||||||
Adjusted EBITDA margin | 23.7 | % | 12.1 | % | (16.4 | )% | 14.0 | % | |||||||||||
Quarter ended March 31, 2014 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP results: | |||||||||||||||||||
Net sales | $ | 165.8 | $ | 96.8 | $ | 25.5 | $ | — | $ | 288.1 | |||||||||
Gross profit | $ | 49.4 | $ | 27.1 | $ | 5.7 | $ | — | $ | 82.2 | |||||||||
Selling, general and administrative expenses | 20.8 | 18.5 | 6.5 | 8.4 | 54.2 | ||||||||||||||
Restructuring expenses | 1.6 | 1.1 | — | — | 2.7 | ||||||||||||||
Operating income (loss) | $ | 27.0 | $ | 7.5 | $ | (0.8 | ) | $ | (8.4 | ) | $ | 25.3 | |||||||
Capital expenditures | $ | 4.8 | $ | 4.1 | $ | 1.7 | $ | 0.2 | $ | 10.8 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 27.0 | $ | 7.5 | $ | (0.8 | ) | $ | (8.4 | ) | $ | 25.3 | |||||||
Restructuring | 1.6 | 1.1 | — | — | 2.7 | ||||||||||||||
Adjusted operating income (loss) | 28.6 | 8.6 | (0.8 | ) | (8.4 | ) | 28.0 | ||||||||||||
Depreciation and amortization | 9.3 | 3.6 | 0.8 | 0.1 | 13.8 | ||||||||||||||
Adjusted EBITDA | $ | 37.9 | $ | 12.2 | $ | — | $ | (8.3 | ) | $ | 41.8 | ||||||||
Adjusted operating margin | 17.2 | % | 8.9 | % | (3.1 | )% | 9.7 | % | |||||||||||
Adjusted EBITDA margin | 22.9 | % | 12.6 | % | — | % | 14.5 | % | |||||||||||
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES
(UNAUDITED)
Quarter ended December 31, 2015 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP Results: | |||||||||||||||||||
Net sales | $ | 145.1 | $ | 97.1 | $ | 19.6 | $ | — | $ | 261.8 | |||||||||
Gross profit | $ | 41.3 | $ | 26.1 | $ | 3.9 | $ | — | $ | 71.3 | |||||||||
Selling, general and administrative expenses | 20.8 | 18.9 | 6.8 | 8.5 | 55.0 | ||||||||||||||
Restructuring expenses | 8.1 | — | — | 0.1 | 8.2 | ||||||||||||||
Operating income (loss) | $ | 12.4 | $ | 7.2 | $ | (2.9 | ) | $ | (8.6 | ) | $ | 8.1 | |||||||
Capital expenditures | $ | 3.4 | $ | 2.6 | $ | 1.2 | $ | — | $ | 7.2 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 12.4 | $ | 7.2 | $ | (2.9 | ) | $ | (8.6 | ) | $ | 8.1 | |||||||
Restructuring | 8.1 | — | — | 0.1 | 8.2 | ||||||||||||||
Adjusted operating income (loss) | 20.5 | 7.2 | (2.9 | ) | (8.5 | ) | 16.3 | ||||||||||||
Depreciation and amortization | 9.7 | 3.6 | 0.9 | 0.1 | 14.3 | ||||||||||||||
Adjusted EBITDA | $ | 30.2 | $ | 10.8 | $ | (2.0 | ) | $ | (8.4 | ) | $ | 30.6 | |||||||
Adjusted operating margin | 14.1 | % | 7.4 | % | (14.8 | )% | 6.2 | % | |||||||||||
Adjusted EBITDA margin | 20.8 | % | 11.1 | % | (10.2 | )% | 11.7 | % | |||||||||||
Quarter ended December 31, 2014 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP results: | |||||||||||||||||||
Net sales | $ | 138.1 | $ | 92.4 | $ | 26.9 | $ | — | $ | 257.4 | |||||||||
Gross profit | $ | 36.7 | $ | 25.4 | $ | 5.0 | $ | — | $ | 67.1 | |||||||||
Selling, general and administrative expenses | 18.8 | 18.1 | 6.9 | 9.2 | 53.0 | ||||||||||||||
Restructuring expenses | 0.1 | — | — | — | 0.1 | ||||||||||||||
Operating income (loss) | $ | 17.8 | $ | 7.3 | $ | (1.9 | ) | $ | (9.2 | ) | $ | 14.0 | |||||||
Capital expenditures | $ | 3.1 | $ | 3.1 | $ | 1.3 | $ | — | $ | 7.5 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 17.8 | $ | 7.3 | $ | (1.9 | ) | $ | (9.2 | ) | $ | 14.0 | |||||||
Restructuring | 0.1 | — | — | — | 0.1 | ||||||||||||||
Adjusted operating income (loss) | 17.9 | 7.3 | (1.9 | ) | (9.2 | ) | 14.1 | ||||||||||||
Depreciation and amortization | 9.5 | 3.5 | 1.6 | 0.1 | 14.7 | ||||||||||||||
Adjusted EBITDA | $ | 27.4 | $ | 10.8 | $ | (0.3 | ) | $ | (9.1 | ) | $ | 28.8 | |||||||
Adjusted operating margin | 13.0 | % | 7.9 | % | (7.1 | )% | 5.5 | % | |||||||||||
Adjusted EBITDA margin | 19.8 | % | 11.7 | % | (1.1 | )% | 11.2 | % | |||||||||||
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES
(UNAUDITED)
Year ended September 30, 2015 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP Results: | |||||||||||||||||||
Net sales | $ | 702.2 | $ | 371.1 | $ | 91.2 | $ | — | $ | 1,164.5 | |||||||||
Gross profit | $ | 229.1 | $ | 101.1 | $ | 17.1 | $ | — | $ | 347.3 | |||||||||
Selling, general and administrative expenses | 84.0 | 70.7 | 29.9 | 32.3 | 216.9 | ||||||||||||||
Loss on Walter receivable expenses | — | — | — | 11.6 | 11.6 | ||||||||||||||
Restructuring expenses | 8.2 | 0.4 | 0.1 | 0.5 | 9.2 | ||||||||||||||
Operating income (loss) | $ | 136.9 | $ | 30.0 | $ | (12.9 | ) | $ | (44.4 | ) | $ | 109.6 | |||||||
Capital expenditures | $ | 20.5 | $ | 10.3 | $ | 6.5 | $ | 0.2 | $ | 37.5 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 136.9 | $ | 30.0 | $ | (12.9 | ) | $ | (44.4 | ) | $ | 109.6 | |||||||
Loss on Walter receivable | — | — | — | 11.6 | 11.6 | ||||||||||||||
Restructuring | 8.2 | 0.4 | 0.1 | 0.5 | 9.2 | ||||||||||||||
Pension settlement | 0.2 | 0.3 | — | — | 0.5 | ||||||||||||||
Adjusted operating income (loss) | 145.3 | 30.7 | (12.8 | ) | (32.3 | ) | 130.9 | ||||||||||||
Depreciation and amortization | 38.8 | 14.7 | 4.2 | 0.4 | 58.1 | ||||||||||||||
Adjusted EBITDA | $ | 184.1 | $ | 45.4 | $ | (8.6 | ) | $ | (31.9 | ) | $ | 189.0 | |||||||
Adjusted operating margin | 20.7 | % | 8.3 | % | (14.0 | )% | 11.2 | % | |||||||||||
Adjusted EBITDA margin | 26.2 | % | 12.2 | % | (9.4 | )% | 16.2 | % | |||||||||||
Year ended September 30, 2014 | |||||||||||||||||||
Mueller Co. | Anvil | Mueller Technologies | Corporate | Total | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
GAAP results: | |||||||||||||||||||
Net sales | $ | 679.1 | $ | 401.4 | $ | 104.2 | $ | — | $ | 1,184.7 | |||||||||
Gross profit | $ | 212.1 | $ | 112.9 | $ | 22.9 | $ | — | $ | 347.9 | |||||||||
Selling, general and administrative expenses | 83.3 | 70.7 | 27.2 | 39.5 | 220.7 | ||||||||||||||
Restructuring expenses | 2.1 | 0.9 | 0.1 | — | 3.1 | ||||||||||||||
Operating income (loss) | $ | 126.7 | $ | 41.3 | $ | (4.4 | ) | $ | (39.5 | ) | $ | 124.1 | |||||||
Capital expenditures | $ | 18.8 | $ | 11.6 | $ | 6.1 | $ | 0.4 | $ | 36.9 | |||||||||
Non-GAAP results: | |||||||||||||||||||
Adjusted operating income (loss) and EBITDA: | |||||||||||||||||||
Operating income (loss) | $ | 126.7 | $ | 41.3 | $ | (4.4 | ) | $ | (39.5 | ) | $ | 124.1 | |||||||
Restructuring | 2.1 | 0.9 | 0.1 | — | 3.1 | ||||||||||||||
Adjusted operating income (loss) | 128.8 | 42.2 | (4.3 | ) | (39.5 | ) | 127.2 | ||||||||||||
Depreciation and amortization | 38.0 | 14.2 | 4.1 | 0.4 | 56.7 | ||||||||||||||
Adjusted EBITDA | $ | 166.8 | $ | 56.4 | $ | (0.2 | ) | $ | (39.1 | ) | $ | 183.9 | |||||||
Adjusted operating margin | 19.0 | % | 10.5 | % | (4.1 | )% | 10.7 | % | |||||||||||
Adjusted EBITDA margin | 24.6 | % | 14.1 | % | (0.2 | )% | 15.5 | % | |||||||||||