Press Release: Mueller Water Products Reports 2021 Fourth Quarter and Fiscal Year Results
Press Release: Mueller Water Products Reports 2021 Fourth Quarter and Fiscal Year Results
Mueller Water Products Reports 2021 Fourth Quarter and Fiscal Year Results
Mueller Water Products報告2021年第四季度和財年業績
Achieved Net Sales of $295.6 million in Quarter, $1.1 billion in Fiscal Year
本季度實現淨銷售額2.956億美元，財年淨銷售額11億美元
Earned Net Income per Diluted Share of $0.12 in Quarter, $0.44 in Fiscal Year
本季度稀釋後每股淨收益為0.12美元，財年為0.44美元
Reported Adjusted Net Income per Diluted Share of $0.12 in Quarter, $0.56 in Fiscal Year
本季度公佈的調整後每股攤薄淨收益為0.12美元，財年為0.56美元
ATLANTA, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) announced today that its fiscal 2021 fourth quarter ended September 30, 2021 net sales were $295.6 million and net income was $18.4 million.
亞特蘭大，2021年11月8日(環球通訊社)--Mueller Water Products，Inc.(紐約證券交易所市場代碼：MWA)今天宣佈，截至2021年9月30日的2021財年第四季度淨銷售額為2.956億美元，淨收益為1840萬美元。
In the fourth quarter of 2021, the Company:
2021年第四季度，本公司：
-- Achieved net sales of $295.6 million, an increase of 11.4 percent as
compared with $265.3 million in the prior year quarter.
-- Generated operating income of $27.8 million as compared with $40.7
million in the prior year quarter and adjusted operating income of $29.7
million as compared with $41.8 million in the prior year quarter.
-- Reported net income of $18.4 million as compared with $26.7 million in
the prior year quarter and adjusted net income of $19.8 million as
compared with $27.5 million in the prior year quarter.
-- Reported net income per diluted share and adjusted net income per diluted
share of $0.12 as compared with net income per diluted share and adjusted
net income per diluted share of $0.17 in the prior year quarter.
-- Reported Adjusted EBITDA of $45.6 million as compared with $57.6 million
in the prior year quarter, resulting in an adjusted EBITDA margin of 15.4
percent as compared with 21.7 percent in the prior year quarter.
-- Repurchased $10.0 million of common stock during the quarter.
-實現淨銷售額2.956億美元，同比增長11.4%而去年同期為2.653億美元。-營業收入為2,780萬美元，而去年同期為4,070萬美元上一年季度為2000萬美元，調整後的營業收入為297美元600萬美元，而去年同期為4180萬美元。-報告的淨收入為1840萬美元，而去年為2670萬美元上一年季度和調整後的淨收益為1980萬美元而去年同期為2750萬美元。-公佈的稀釋後每股淨收益和調整後的稀釋後淨收益與稀釋後每股淨收益相比，調整後每股收益為0.12美元上一季度稀釋後每股淨收益為0.17美元。-報告的調整後EBITDA為4560萬美元，而去年同期為5760萬美元在上一年季度，調整後的EBITDA利潤率為15.46億美元，而去年同期為21.7%。-本季度回購了1000萬美元的普通股。
In the full fiscal year, the Company:
在整個財年，本公司：
-- Achieved net sales of $1,111.0 million, an increase of 15.2 percent, as
compared with the prior year of $964.1 million.
-- Generated net income of $70.4 million as compared with $72.0 million in
the prior year.
-- Reported net income per diluted share of $0.44 as compared with $0.45 in
the prior year, and achieved adjusted net income per diluted share of
$0.56 as compared with $0.52 in the prior year.
-- Achieved adjusted EBITDA of $203.6 million, an increase of 6.8 percent as
compared with $190.6 million in the prior year yielding an adjusted
EBITDA margin of 18.4 percent as compared with 19.8 percent in the prior
year.
-- Increased operating cash flow by $16.4 million to $156.7 million from
$140.3 million in the prior year and improved free cash flow by $21.4
million to $94.0 million from $72.6 million in the prior year.
-實現淨銷售額11.11億美元，增長15.2%，上年為9.641億美元。-產生的淨收入為7040萬美元，而去年為7200萬美元前一年。-公佈的稀釋後每股淨收入為0.44美元，而去年同期為0.45美元，並實現調整後的每股稀釋後淨收益0.56美元，上年為0.52美元。-實現調整後的EBITDA為2.036億美元，同比增長6.8%與前一年的1.906億美元相比，調整後的EBITDA利潤率為18.4%，而去年同期為19.8%年。-營業現金流增加1640萬美元，從1.567億美元增至1.567億美元上年為1.403億美元，自由現金流增加21.4美元從上年的7260萬美元增加到9400萬美元。
"The fourth quarter was a disappointing end to a strong year, which we achieved despite the ongoing pandemic and other challenges. In addition to the pandemic, we have faced many obstacles over the past year including significant raw material and other cost inflation, supply chain disruptions and labor availability challenges, which impacted fourth quarter operations and results. I am grateful to all of our team members for their perseverance and dedication throughout this past year, " said Scott Hall, President and Chief Executive Officer of Mueller Water Products.
Mueller Water Products總裁兼首席執行官斯科特·霍爾(Scott Hall)表示：“第四季度是強勁的一年令人失望的收官之年，儘管疫情仍在繼續，但我們還是取得了這一成就。除了大流行，我們在過去一年中還面臨着許多障礙，包括嚴重的原材料和其他成本上漲、供應鏈中斷和勞動力可用性挑戰，這些都影響了第四季度的運營和業績。我感謝我們所有團隊成員在過去一年中的堅持不懈和奉獻精神，”Mueller Water Products總裁兼首席執行官斯科特·霍爾(Scott Hall)説。
"Our consolidated net sales increased 11.4 percent for the fourth quarter and 15.2 percent for the full year. Following record sales growth in the third quarter, we experienced continued strong demand in the fourth quarter driven by both new residential construction and municipal repair and replacement activity. Fourth quarter orders remained elevated compared with pre-pandemic levels, and we ended the year with record backlog for our Infrastructure products.
我們第四季度的合併淨銷售額增長了11.4%，全年增長了15.2%。繼第三季度創紀錄的銷售增長之後，在新住宅建設和市政維修和更換活動的推動下，我們在第四季度經歷了持續的強勁需求。與大流行前的水平相比，第四季度的訂單仍然很高，我們的基礎設施產品在年底的積壓達到了創紀錄的水平。
"While our fourth quarter adjusted EBITDA decreased, primarily due to the challenging operating environment, we still achieved 6.8 percent adjusted EBITDA growth for the year. Although we realized improved pricing in the quarter for the majority of our products, it was not enough to offset the continued higher inflation. Additionally, during the quarter, our specialty valve product portfolio experienced longer delivery times for parts, delaying shipments, and our ongoing plant restructuring has been impacted by the supply chain disruptions and labor challenges.
雖然我們第四季度調整後的EBITDA有所下降，主要是因為具有挑戰性的經營環境，但我們全年仍實現了6.8%的調整後EBITDA增長。儘管我們在本季度實現了大多數產品的定價改善，但這不足以抵消持續上升的通脹。此外，在本季度，我們的特種閥門產品組合經歷了更長的零部件交付時間，推遲了發貨，我們正在進行的工廠重組受到供應鏈中斷和勞動力挑戰的影響。
"I am especially pleased with our cash flow for the year, where we generated $94.0 million of free cash flow. After the $19.7 million purchase of i2O Water and allocating $44.8 million to shareholders via our quarterly dividend and share repurchases, we ended the year with a stronger cash position compared with the prior year.
我對我們今年的現金流特別滿意，我們產生了9400萬美元的自由現金流。在以1970萬美元收購I2O水務公司並通過我們的季度股息和股票回購向股東分配4480萬美元之後，我們以比前一年更強勁的現金狀況結束了這一年。
"We believe that the record backlog across our short-cycle products coupled with the expected realization from higher pricing have positioned us to deliver net sales and adjusted EBITDA growth in fiscal 2022. We expect that our current pricing actions will more than cover anticipated inflation in fiscal 2022, assuming material costs do not increase beyond current levels. However, we expect the operating environment to remain challenging, especially in the first half of our fiscal year, with the potential for gradual improvement during the second half of the year.
我們認為，我們的短週期產品的創紀錄積壓，加上預期從更高的定價中實現，使我們有能力在2022財年實現淨銷售額和調整後的EBITDA增長。我們預計，假設材料成本不會超過目前的水平，我們目前的定價行動將超過2022財年的預期通脹。然而，我們預計經營環境仍將具有挑戰性，特別是在我們的財年上半年，下半年有逐步改善的潛力。
"During fiscal 2022, we will remain focused on executing our strategic initiatives and overcoming the external and internal operational challenges. We are excited about the progress we have made in our new product development programs and the growing market acceptance for digitally-enabled product offerings such as our Super Centurion Smart Hydrant, Sentryx software platform and i2O pressure management solutions. Additionally, we are making progress on our sustainability initiatives and will share our strategies, goals and progress in our second ESG report to be published in January 2022.
在2022財年，我們將繼續專注於執行我們的戰略計劃和克服外部和內部的運營挑戰。我們對我們在新產品開發計劃方面取得的進展以及市場對數字化產品的日益接受感到興奮，這些產品包括我們的Super Centurion智能消火栓、Sentryx軟件平臺和I2O壓力管理解決方案。此外，我們在可持續發展計劃方面正在取得進展，並將在2022年1月出版的第二份ESG報告中分享我們的戰略、目標和進展。
"With a strong balance sheet, liquidity and cash flow, we are well-positioned to accelerate growth and efficiencies through capital investments and acquisitions. We will continue to maintain a balanced approach to capital allocation returning cash to shareholders primarily through our quarterly dividend, which was recently increased by approximately 5.5 percent, as well as share repurchases. We remain committed to improving our culture of execution as we become a world class water technologies company bringing solutions to critical water infrastructure."
憑藉強勁的資產負債表、流動性和現金流，我們處於有利地位，可以通過資本投資和收購加快增長和效率。我們將繼續保持平衡的資本配置方式，主要通過我們最近增加了約5.5%的季度股息以及股票回購將現金返還給股東。我們將繼續致力於改善我們的執行文化，因為我們將成為一家世界級的水技術公司，為關鍵的水利基礎設施帶來解決方案。
Consolidated Results
合併結果
Net sales for the 2021 fourth quarter increased $30.3 million, or 11.4 percent, to $295.6 million as compared with $265.3 million in the 2020 fourth quarter.
2021年第四季度的淨銷售額增長了3030萬美元，增幅為11.4%，達到2.956億美元，而2020年第四季度的淨銷售額為2.653億美元。
Operating income decreased to $27.8 million from $40.7 million in the prior year quarter.
營業收入從去年同期的4070萬美元下降到2780萬美元。
During the fourth quarter, the Company incurred $1.9 million of strategic reorganization and other charges, which have been excluded from adjusted results. These charges primarily relate to our previously announced plant restructurings.
在第四季度，該公司發生了190萬美元的戰略重組和其他費用，這些費用已被排除在調整後的業績之外。這些費用主要與我們之前宣佈的工廠重組有關。
Adjusted operating income of $29.7 million for the quarter decreased 28.9 percent as compared with $41.8 million in the prior year quarter.
該季度調整後的營業收入為2970萬美元，比去年同期的4180萬美元下降了28.9%。
Segment Results
細分結果
Infrastructure
基礎設施
Net sales for the 2021 fourth quarter increased $29.9 million, or 12.4 percent, to $271.9 million as compared with $242.0 million in the 2020 fourth quarter, primarily as a result of increased shipment volumes and higher pricing.
與2020年第四季度的2.42億美元相比，2021年第四季度的淨銷售額增長了2990萬美元，增幅12.4%，達到2.719億美元，這主要是由於出貨量增加和定價上漲。
Operating income was $46.1 million and adjusted operating income, excluding $0.1 million of strategic reorganization charges, was $46.2 million in the quarter. Adjusted operating income decreased $10.6 million, or 18.7 percent, compared with the prior year quarter, as higher inflation, unfavorable manufacturing performance, which includes the impact of labor challenges, supply chain disruptions, our plant restructurings, and higher SG&A expenses more than offset higher pricing and increased volumes.
該季度的營業收入為4610萬美元，不包括10萬美元的戰略重組費用，調整後的營業收入為4620萬美元。與去年同期相比，調整後的營業收入減少了1060萬美元，降幅為18.7%，這是因為較高的通脹、不利的製造業績(包括勞動力挑戰、供應鏈中斷、我們工廠重組的影響)以及更高的SG&A費用，足以抵消價格上漲和產量增加的影響。
Adjusted EBITDA of $59.3 million decreased $10.3 million, or 14.8 percent, as compared with $69.6 million in the prior year quarter.
調整後的EBITDA為5930萬美元，比去年同期的6960萬美元減少了1030萬美元，或14.8%。
Technologies
技術
Net sales for the 2021 fourth quarter increased $0.4 million, or 1.7 percent, to $23.7 million, as compared with $23.3 million in the 2020 fourth quarter. This increase was primarily as a result of the acquisition of i2O Water. Organic net sales declined slightly compared with the prior year as higher pricing was more than offset by lower volumes.
2021年第四季度的淨銷售額增加了40萬美元，增幅為1.7%，達到2370萬美元，而2020年第四季度的淨銷售額為2330萬美元。這一增長主要是由於收購了I2O Water。有機淨銷售額與上一年相比略有下降，因為較高的定價被較低的銷量所抵消。
Operating loss and adjusted operating loss were each $4.3 million in the quarter. Adjusted operating loss increased $2.0 million as compared with $2.3 million in the prior year quarter, primarily as a result of unfavorable performance, increased expenses associated with our acquisition of i2O Water and higher inflation, which were partially offset by higher pricing.
該季度的營業虧損和調整後的營業虧損分別為430萬美元。調整後的營業虧損比去年同期的230萬美元增加了200萬美元，這主要是因為業績不佳、與我們收購I2O Water相關的費用增加以及通脹上升，這些都被更高的定價部分抵消了。
Adjusted EBITDA was a loss of $2.4 million as compared with a loss of $0.2 million in the prior year quarter.
調整後的EBITDA為虧損240萬美元，而去年同期為虧損20萬美元。
Interest Expense, Net
利息支出，淨額
Interest expense, net for the 2021 fourth quarter was $4.4 million as compared with $6.0 million in the prior year quarter. The decrease in net interest expense in the quarter resulted primarily from lower interest expense as a result of the refinancing of our 5.5% Senior Notes with 4.0% Senior Notes.
利息支出，2021年第四季度淨額為440萬美元，而去年同期為600萬美元。本季度淨利息支出的減少主要是由於我們5.5%的優先債券和4.0%的優先債券的再融資導致利息支出減少。
Income Taxes
所得税
For the 2021 fourth quarter, income tax expense was $5.9 million, or 24.3 percent of income before income taxes. For the fiscal year, income tax expense was $24.5 million, or 25.8 percent of income before taxes, as compared with the prior year effective tax rate of 23.5 percent.
2021年第四季度，所得税支出為590萬美元，佔所得税前收入的24.3%。本會計年度的所得税支出為2450萬美元，佔税前收入的25.8%，而上一財年的有效税率為23.5%。
Cash Flow and Balance Sheet
現金流和資產負債表
Net cash provided by operating activities for the fiscal year ended September 30, 2021 increased $16.4 million to $156.7 million as compared with $140.3 million in the prior year, primarily as a result of the $22.0 million Walter Energy tax payment in the prior year.
在截至2021年9月30日的會計年度中，經營活動提供的淨現金增加了1640萬美元，增至1.567億美元，而上一財年為1.403億美元，這主要是由於上一財年繳納了2200萬美元的沃爾特能源税。
The Company invested $16.6 million in capital expenditures during the fourth quarter, bringing the year-to-date total to $62.7 million as compared with $67.7 million in the prior year.
該公司第四季度的資本支出為1660萬美元，使今年迄今的資本支出總額達到6270萬美元，而去年同期為6770萬美元。
Free cash flow (defined as net cash provided by operating activities less capital expenditures) for the year ended September 30, 2021 increased $21.4 million to $94.0 million as compared with $72.6 million in the prior year.
截至2021年9月30日的一年，自由現金流(定義為經營活動提供的淨現金減去資本支出)增加了2140萬美元，達到9400萬美元，而上一年為7260萬美元。
譯文內容由第三人軟體翻譯。