Mueller Water Products Inc 2023年度报告

Mueller Water Products, Inc. (NYSE:MWA)is a leading manufacturer and marketer of products and services usedin the transmission, distribution and measurement of water in North America. Our broad product and service portfolioincludes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipecondition assessment, pressure management products and software that provides critical water system data. MuellerWater Products is one of the only companies that can fulfill the needs of water utilities from end to end – at the source,at the plant, below the ground, on the street and in the cloud. Built on a solid legacy of innovation, we have the expertiseand vision to provide advanced infrastructure and technology solutions for transmitting, distributing, measuring andmonitoring water more safely and effectively than ever before. We help municipalities increase operational efficiencies,improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is WhereIntelligence Meets Infrastructure®. Mueller brands include Mueller®, Echologics®, Hydro Gate®, Hydro-Guard®, HYMAX®, i2O®, Jones®,Krausz®, Mi.Net®, Milliken®, Pratt®, Pratt Industrial®, Sentryx™, Singer®and U.S. Pipe Valve and Hydrant.To learn more visit www.muellerwaterproducts.com. MMARIETTAA EDMUNDSS ZAKASS IChief Executive Officer December 18, 2024 Dearr Felloww Shareholders, Mueller Water Products has experienced significant changes since our last annual report, and I am thrilledto be sharing this update with all our valued shareholders. In the spring of 2024, I was reaffirmed as ChiefExecutive Officer of Mueller, and it has been an honor to lead our talented and committed employeesthroughout this transformative, record-setting year. Mueller has a history of innovation and has been solving problems for our customers and advancing tomeet the needs of communities and industries alike for more than 165 years. In fact, through our broadportfolio of products and solutions, we play a critical role in helping our customers deliver clean, safedrinking water to millions of people. Our outstanding performance this year is a testament to our dedicated employees, who serve ourcustomers and communities with tireless energy and passion. Our people are our most important asset,and we strive to create a safe, inclusive and diverse work environment for them. Our five core values—Respect, Integrity, Trust, Inclusion and Safety—define who we are and how we do business. And when weact on our values, we help ensure the continued long-term success of the Company and our stakeholders. In 2024, we achieved record levels for net sales, gross margin, adjusted EBITDA, adjusted net incomeper diluted share and free cash flow, despite a challenging external environment. Here are somehighlights from our fiscal year:
Increased consolidated net sales 3.1% to $1.315 billion, compared with $1.276 billionin the prior year
Generated net income of $115.9 million as compared with $85.5 million in the prior year, andincreased adjusted net income 53.3% to $150.2 million as compared with $98.0 million inthe prior year
Reported net income per diluted share of $0.74 as compared with $0.55 in the prior year,and increased adjusted net income per diluted share 52.4% to $0.96 as compared with $0.63in the prior year
Returned $49.9 million to shareholders through dividends and common stock repurchases, witha 4.9% increase in our quarterly dividend per share
Increased free cash flow $130.0 million to $191.4 million as compared with $61.4 million in theprior year ,Q 6HSWHPEHU ZH SXEOLVKHG RXU IRXUWK (6* 5HSRUW ZKLFK KLJKOLJKWV RXU FRPPLWPHQW DQG RQJRLQJSURJUHVVWREHFRPLQJDPRUHVXVWDLQDEOHLQQRYDWLYHDQGLPSDFWIXORUJDQL]DWLRQ7RKHOSXVDFKLHYHWKDWJRDOZHDUHFRPPLWWHGWRSURYLGLQJSURGXFWVDQGVROXWLRQVWKDWKHOSFLWLHVDQGPXQLFLSDOLWLHVUHSDLUDQGUHSODFHtheir aging infrastructure, increase the resiliency of their distribution networks, respond to water-related climate impacts and ensure the health and safety of their communities. A great example is our EchoShoreleak detection solution which helped customers reduce water loss withan estimated 1.8 billion gallons of water saved in 2023. Our technology benefits not only our customersbut also the communities in which they serve. And since 2020, we’ve helped customers identify anestimated 5.8 billion gallons of water loss. In 2023, we also reduced our scope 1 and 2 greenhouse gasemissions intensity by roughly 3% year-over-year and decreased total waste directed to disposal by morethan 15% year-over-year. Looking to 2025 and beyond, our teams are focused on executing our key strategic priorities and servicingour customers to drive continued net sales growth and future margin improvements. With thesestrategies, we are well-positioned to capture the benefits from the investments needed to address theaging North American water infrastructure and the incre