Mueller Water Products Files 2024 Annual Report

Ticker: MWA · Form: 10-K · Filed: Nov 20, 2024 · CIK: 1350593

Mueller Water Products, INC. 10-K Filing Summary
FieldDetail
CompanyMueller Water Products, INC. (MWA)
Form Type10-K
Filed DateNov 20, 2024
Risk Levellow
Pages15
Reading Time17 min
Key Dollar Amounts$0.01 M, $1,314.7 million, $755.5 m, $634.4 million, $714.1 million
Sentimentneutral

Sentiment: neutral

Topics: annual-report, sec-filing, financials

Related Tickers: MWA

TL;DR

MWA filed its 2024 10-K, all good on reporting requirements.

AI Summary

Mueller Water Products, Inc. filed its annual report for the fiscal year ended September 30, 2024. The company, incorporated in Delaware with its principal executive offices in Atlanta, GA, is registered with the SEC under file number 001-32892. Its common stock trades on the New York Stock Exchange under the ticker symbol MWA. The filing indicates the company has met its reporting requirements for the past 12 months and 90 days, and has submitted all required Interactive Data Files.

Why It Matters

This 10-K filing provides a comprehensive overview of Mueller Water Products' financial performance and operational status for the fiscal year 2024, crucial for investors assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-K filing?

This Form 10-K is an annual report required by the SEC, providing a comprehensive overview of Mueller Water Products, Inc.'s financial performance and business operations for the fiscal year ended September 30, 2024.

On which stock exchange is Mueller Water Products, Inc. common stock traded?

Mueller Water Products, Inc. common stock, par value $0.01, is traded on the New York Stock Exchange under the trading symbol MWA.

What is the company's principal executive office address?

The principal executive offices of Mueller Water Products, Inc. are located at 1200 Abernathy Road N.E., Suite 1200, Atlanta, GA 30328.

Has Mueller Water Products, Inc. met its recent filing obligations?

Yes, the filing indicates that Mueller Water Products, Inc. has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Does the company submit interactive data files electronically?

Yes, the filing confirms that Mueller Water Products, Inc. has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T during the preceding 12 months.

Filing Stats: 4,361 words · 17 min read · ~15 pages · Grade level 15.1 · Accepted 2024-11-20 15:36:01

Key Financial Figures

Filing Documents

Forward-Looking Statements

Forward-Looking Statements This report contains certain statements that may be deemed "forward-looking statements" within the meaning of the federal securities laws. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or anticipates will or may occur in the future are forward-looking statements including, without limitation, statements regarding outlooks, projections, forecasts, expectations, commitments, trend descriptions and the ability to capitalize on trends, value creation, Board of Directors and committee composition plans, long-term strategies and the execution or acceleration thereof, operational improvements, inventory positions, the benefits of capital investments, financial or operating performance including improving sales growth and driving increased margins, capital allocation and growth strategy plans, the Company's product portfolio positioning and the demand for the Company's products. Forward-looking statements are based on certain assumptions and assessments made by the Company in light of the Company's experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including, without limitation, logistical challenges and supply chain disruptions, geopolitical conditions, including the Israel-Hamas war, public health crises, or other events; inventory and in-stock positions of our distributors and end customers; an inability to realize the anticipated benefits from our operational initiatives, including our large capital investments in Decatur, Illinois, plant closures, and reorganization and related strategic realignment activities; an inability to attract or retain a skilled and diverse workforce, including executive officers, increased competition related to the workforce and labor market

BUSINESS

Item 1. BUSINESS 1 Our Company 1 Business Strategy 1 Description of Products and Services 2 Manufacturing 4 Purchased Components and Raw Materials 4 Patents, Licenses and Trademarks 4 Seasonality 5 Sales, Marketing and Distribution 5 Backlog 5 Competition 6 Research and Development 7 Regulatory and Environmental Matters 7 Human Capital 8 Securities Exchange Act Reports 10

RISK FACTORS

Item 1A. RISK FACTORS 11 Item 1C. CYBERSECURITY 22

PROPERTIES

Item 2. PROPERTIES 25

LEGAL PROCEEDINGS

Item 3. LEGAL PROCEEDINGS 26 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 Equity Compensation Plan Information 27 Sale of Unregistered Securities 27 Issuer Purchases of Equity Securities 27 Stock Price Performance Graph 28

[RESERVED]

Item 6. [RESERVED] 28

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 Overview 29 Results of Operations 31 Financial Condition 33 Liquidity and Capital Resources 34 Material Cash Requirements 36 Effect of Inflation 36 Seasonality 36 Critical Accounting Estimates 36

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 38

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 39

CONTROLS AND PROCEDURES

Item 9A. CONTROLS AND PROCEDURES 40

OTHER INFORMATION

Item 9B. OTHER INFORMATION 40

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 40 PART III

* DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Item 10* DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 41

* EXECUTIVE COMPENSATION

Item 11* EXECUTIVE COMPENSATION 44

* SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Item 12* SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 44

* CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Item 13* CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 45

* PRINCIPAL ACCOUNTANT FEES AND SERVICES

Item 14* PRINCIPAL ACCOUNTANT FEES AND SERVICES 45 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Item 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 46 * All or a portion of the referenced section is incorporated by reference from our definitive proxy statement that will be issued in connection with our upcoming 2025 Annual Meeting of Stockholders. Table of Contents Index to Financial Statements PART I

BUSINESS

Item 1. BUSINESS Our Company Mueller Water Products, Inc. ("Mueller," "we," "our," or the "Company") is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our products and services are used by municipalities and the residential and non-residential construction industries. Some of our products have leading positions as a result of their strong brand recognition and reputation for quality, service and innovation. We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States. Our iron gate valve or fire hydrant products are specified for use in the largest 100 metropolitan areas in the United States. Our large installed base, broad product range and well-known brands have led to long-standing relationships with the key distributors and end users of our products. Our consolidated net sales were $1,314.7 million in 2024. We operate our business through two segments, Water Flow Solutions and Water Management Solutions. Segment sales, operating results and additional financial data and commentary are provided in the Segment Analysis section in Part II, Item 7. " MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS " and in Note 14. of the Notes to Consolidated Financial Statements in Part II, Item 8. " FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA " of this Annual Report. Organization Updates In August 2023, Marietta Edmunds Zakas was appointed to Chief Executive Officer and to the Board of Directors. Ms. Zakas formerly served as our Chief Financial Officer. In May 2024, Paul McAndrew, Chief Operating Officer, was promoted to President and Chief Operating Officer. In September 2024, we announced that Steven S. Heinrichs, the Company's Chief Financial Officer ("CFO") and Chief Legal and Compliance Officer, will be transitioning from his position effective on or about December 31, 2024. Mr. Heinri

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