Mueller Water Products, Inc. (MWA) Exceeds Expectations with Preliminary Fiscal 2023 Results
Mueller Water Products, Inc. (NYSE:MWA) announces preliminary, unaudited financial results for fiscal 2023, exceeding expectations.
The company's consolidated net sales and adjusted EBITDA surpassed the forecasts provided with the third quarter 2023 results.
MWA returned approximately $48 million to shareholders through dividends and common stock repurchases in fiscal 2023.
The company's total liquidity as of September 30, 2023, was approximately $322 million.
On November 3, 2023, Mueller Water Products, Inc. (NYSE:MWA) announced selected preliminary financial information for its fourth quarter and fiscal year ended September 30, 2023. Despite a recent cybersecurity incident impacting its operational and information technology systems, the company's preliminary consolidated net sales and adjusted EBITDA exceeded the expectations provided with their third quarter 2023 results.
Financial Highlights
The company's consolidated net sales for fiscal 2023 are anticipated to be between $1,260 million and $1,275 million, marking a 1.0 percent to 2.2 percent increase from the prior year. This surpasses the company's previous expectations for annual consolidated net sales to be flat or down 2 percent compared with the prior year.
Adjusted EBITDA is expected to be between $197 million and $203 million, a 1.3 percent to 4.4 percent increase from the prior year. This also exceeds the company's previous expectations for annual consolidated adjusted EBITDA to be flat or down 5 percent compared with the prior year.
Shareholder Returns and Liquidity
During fiscal 2023, MWA returned approximately $48 million to shareholders through dividends and common stock repurchases, including $10 million of common stock repurchased during the fiscal 2023 fourth quarter. As of September 30, 2023, total debt outstanding was approximately $447 million and cash and cash equivalents were approximately $160 million. Total liquidity was approximately $322 million, including approximately $162 million of excess availability under the Companys ABL Agreement.
Looking Ahead
While the company is still working to restore normal operations from the cybersecurity incident, the preliminary financial results demonstrate the company's resilience and strong financial position. The company will make an announcement related to the timing of its earnings release and conference call to discuss the Companys fourth quarter and fiscal 2023 results at a later date.
These preliminary financial results are subject to further completion and may be revised as a result of managements further review of the Companys results and any adjustments or other developments that may result from the completion of the audit of the fiscal 2023 consolidated financial statements.
Explore the complete 8-K earnings release (here) from Mueller Water Products, Inc. for further details.
This article first appeared on GuruFocus.
