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Zurn Elkay Water Solutions Corporation (ZWS-0.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $1,566.5 million, a 2.4% increase from the previous year. This growth was driven by a 3% increase in core sales, offset by a 1% decline due to the planned exit from certain residential sink products.
Income from operations for the year was $244.6 million, representing 15.6% of net sales. This marks an increase from $191.4 million, or 12.5% of net sales, in the prior year, largely due to productivity synergies and restructuring actions related to the Elkay Merger.
Interest expense, net decreased to $33.1 million from $38.5 million in the previous year, attributed to interest earned on higher cash balances and reduced interest expense following a voluntary prepayment on the Term Loan.
The company reported a net income from continuing operations of $158.9 million, compared to $104.2 million in the previous year. This increase is primarily due to improved operating income and lower interest expenses.
Net income for the year was $160.2 million, compared to $112.7 million in the prior year, with diluted net income per share at $0.92, up from $0.64 per share.
Zurn Elkay reported cash provided by operating activities of $293.5 million, an increase from $253.9 million in the prior year, due to higher net income and lower cash used for trade working capital.
The company completed the Elkay Merger on July 1, 2022, for a purchase price of $1,457.8 million. Elkay's assets and liabilities were measured at estimated fair value at the merger date.
The company’s largest customer accounted for 19% of consolidated net sales for the year. No other customer accounted for more than 10% of sales.
Zurn Elkay continues to focus on its strategic initiatives, including restructuring actions to drive efficiencies and reduce operating costs, while modifying its footprint to reflect market changes and acquisition impacts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zurn Elkay Water Solutions Corporation annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.