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Mueller Water Products, Inc. Message Board

  • jamesburner69 jamesburner69 May 6, 2010 12:51 AM Flag

    short summary re resutls by analyst

    • F2Q10 results below expectations due to operating margins. EPS of ($0.11) was
    below our ($0.09) estimate and ($0.10) consensus.
    - GAAP EPS was ($0.15); includes $0.06 in restructuring partially offset by $0.01 in
    one-time benefits.
    • Revenue was ahead of our expectations. Revenue increased 2.3% internally yoy
    and was 5% above our estimate.
    - Mueller Co. revenue increased 23% yoy (6% sequentially), and was 6.5% above
    our estimate as shipments of all core products increased.
    - U.S. Pipe revenue decreased 11% yoy, but increased 4% sequentially and was
    2% above our estimate.
    - Anvil revenue decreased approximately 8% internally yoy, but was 6% above our
    • Bookings are encouraging. Bookings increased 40% at Mueller Co. during the
    quarter and 50% at U.S. Pipe as the positive trends experienced in F1Q
    strengthened throughout F2Q likely due in part to stimulus-funded projects.
    • However, operating margin was disappointing. Operating margin of -4.1% was
    250 bps below our estimate and prior year despite yoy revenue growth.
    - Mueller Co. operating margin of 6.9% was 460 bps higher YOY but 340 bps below
    our estimate. Volume leverage was partially offset by higher SG&A and
    - U.S. Pipe operating margin was -23.6%, well below -11.7% last year and our
    -15.3% estimate as pricing remains challenging, though not materially worse than
    we had modeled.
    • Our price target is $7 and assumes forward multiples of 7.1x EV/EBITDA and 13.4x
    earnings versus historical averages of 7.7x and 17.7x, respectively.

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