Mueller Water Products Business Update - Seite 2

Selected Preliminary Financial Information for Fiscal 2023:

• Consolidated net sales are anticipated to be between $1,260 million and $1,275 million (1.0 percent to 2.2 percent higher than the prior year), as compared with expectations for annual consolidated net sales to be between flat and down 2 percent compared with the prior year ⁽¹⁾
• Adjusted EBITDA is expected to be between $197 million and $203 million (1.3 percent to 4.4 percent higher than the prior year), as compared with expectations for annual consolidated adjusted EBITDA to be between flat and down 5 percent compared with the prior year ^(1,2)
• During fiscal 2023, approximately $48 million was returned to shareholders through dividends and common stock repurchases, including $10 million of common stock repurchased during the fiscal 2023 fourth quarter
• As of September 30, 2023, total debt outstanding was approximately $447 million and cash and cash equivalents were approximately $160 million
• As of September 30, 2023, total liquidity was approximately $322 million, including approximately $162 million of excess availability under the Company’s ABL Agreement
  

⁽¹⁾ See Full-Year Fiscal 2023 Outlook provided with Q3FY23 earnings release dated August 3, 2023.
⁽²⁾ Adjusted EBITDA includes estimated GAAP operating income with a range between $122 million and $128 million, with strategic reorganization and other charges of approximately $10 million, a $6 million warranty charge, pension expense other than service of $4 million and depreciation and amortization of approximately $63 million. Strategic reorganization and other charges include expenses associated with the leadership transition and other charges, including restructuring charges related to severance and certain transaction-related expenses.  

Note Regarding Preliminary Information

The Company’s management has prepared the estimates for the three months and year ended September 30, 2023, presented above in good faith based upon the most recent information available to the Company’s management from its internal reporting procedures as of the date of this release. The preliminary estimated ranges set forth herein are preliminary, unaudited, subject to further completion and reflect the Company’s current good faith estimates, are subject to additional financial closing procedures and may be revised as a result of management’s further review of the Company’s results and any adjustments or other developments that may result from the completion of the audit of the fiscal 2023 consolidated financial statements. Unless otherwise indicated or the context otherwise requires, “expectations” refer to the expectations set forth in the Company’s earnings release dated August 3, 2023. The Company and its independent auditors have not completed their normal quarterly review or annual audit procedures as of and for the three months and year ended September 30, 2023, and there can be no assurance that its final results for this quarterly and annual period will not differ from these estimates. Any such differences could be material. During such procedures, items may be identified which might result in material adjustments to the preliminary financial information presented above. As a result, the Company’s actual results may differ materially from the fourth quarter and year end estimates above. Accordingly, you should not place undue reliance on these preliminary estimates. These estimates should not be viewed as a substitute for the Company’s annual audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In addition, these preliminary estimates as of and for the three months and year ended September 30, 2023, are not necessarily indicative of the results to be achieved for any future period. Factors that could cause these preliminary estimates to differ include, but are not limited to, the discovery of new information that alters expectations about fourth quarter and year end results or impacts valuation methodologies underlying these results. The Company undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial information for the three months and fiscal year ended September 30, 2023.