Mueller Water Q3 Profit Rises

(RTTNews) - Mueller Water Products, Inc. (MWA), Tuesday said its profit for the third quarter improved from a year ago on increased sales, driven by higher shipment volumes and higher sales prices. Earnings for the quarter came in ahead of Wall Street estimates, while revenues were almost flat with expectations.

Mueller Water reported a third quarter profit of $14.1 million or $0.09 per share, an increase from $9.8 million or $0.06 per share in the prior-year quarter.

Income from continuing operations improved to $16.0 or $0.10 per share from $5.9 million or $0.04 per share in the same quarter last year.

Adjusted net income for the third quarter rose to $0.08 per share from $0.05 per share in the year-ago quarter. On average, ten analysts polled by Thomson Reuters expected earnings of $0.08 per share for the quarter.

The Atlanta, Georgia headquartered company said its third-quarter net sales increased 8.5 percent to $299.4 million from $275.9 million in the corresponding quarter a year ago. Ten analysts had a consensus revenue estimate of $300.18 million for the quarter.

Adjusted operating income for the quarter improved 25.4 percent to $33.1 million from $26.4 million last year. Adjusted operating margin improved 180 basis points to 15.3 percent.

Mueller Water Products is involved in the the manufacture and marketing of products and services used in the transmission, distribution, and measurement of water, mostly in the U.S. and Canada.

Mueller Water shares closed Tuesday flat at $7.29, but lost $0.01 or 0.13% in after-hours trade on the NYSE.