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Mueller Water Products (MWA-0.13%), Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net sales of $1,314.7 million, an increase from $1,275.7 million in the previous year, attributed to higher pricing across most product lines and increased volumes in Water Flow Solutions.
Gross profit increased to $459.0 million from $379.5 million, driven by favorable manufacturing performance and price/cost dynamics.
Operating expenses totaled $277.3 million, up from $252.1 million, primarily due to strategic reorganization and other charges, including leadership transition costs and cybersecurity incident expenses.
A non-cash goodwill impairment charge of $16.3 million was recorded within the Water Management Solutions segment.
Net income for the year was $115.9 million, compared to $85.5 million in the previous year, with an effective tax rate increase to 29.1% from 21.6%.
Cash and cash equivalents were $309.9 million at year-end, with $238.8 million in cash provided by operating activities.
Capital expenditures were $47.4 million, consistent with the prior year, primarily associated with the new brass foundry in Decatur, Illinois.
Mueller Water Products operates through two segments: Water Flow Solutions and Water Management Solutions, with significant sales to two major customers.
The company anticipates a 1.9% to 3.4% increase in net sales for fiscal year 2025, facing challenges from interest rate environments and geopolitical tensions.
Mueller Water Products continues to focus on operational excellence, customer experience, and strategic investments in businesses and technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MUELLER WATER PRODUCTS annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.