Zurn Elkay Water Solutions Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Zurn Elkay Water Solutions Corp filed its Q1 2024 10-Q report, detailing financial performance and operational data.</b>

AI Summary

Zurn Elkay Water Solutions Corp (ZWS) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Zurn Elkay Water Solutions Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Milwaukee, WI. The company was formerly known as Zurn Water Solutions Corp and Rexnord Corp. The filing includes financial data for the periods ending March 31, 2024, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Zurn Elkay Water Solutions Corp, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Zurn Elkay Water Solutions Corp's financial health and operational performance, crucial for investment decisions. Understanding the company's financial position and any changes from previous periods, as detailed in this report, is essential for assessing its current market standing and future prospects.

Risk Assessment

Risk Level: — Zurn Elkay Water Solutions Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or significant changes in revenue, expenses, or profitability.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-23 — Filing Date (Filed as of date)
• 2024 Q1 — Fiscal Quarter (Fiscal year)

Key Players & Entities

• Zurn Elkay Water Solutions Corp (company) — Filer
• Zurn Water Solutions Corp (company) — Former company name
• Rexnord Corp (company) — Former company name
• Milwaukee, WI (location) — Business address

FAQ

Industry Context

Zurn Elkay Water Solutions Corp operates in the industrial machinery and equipment sector, focusing on water solutions.

Regulatory Implications

The filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze revenue and net income trends for Q1 2024 compared to Q1 2023.
2. Examine any disclosed changes in debt or equity structure.
3. Review management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: Period End Date — End of the first fiscal quarter of 2024.
• 2024-04-23: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the previous filing for the period ending December 31, 2023.

Key Financial Figures

• $0.01 — ter Solutions Corporation Common Stock, $0.01 par value per share 172,696,845 shares

Filing Documents

• zws-20240331.htm (10-Q) — 843KB
• ex311ceocertification33124.htm (EX-31.1) — 10KB
• ex312cfocertification33124.htm (EX-31.2) — 9KB
• ex321ceocfocertification33.htm (EX-32.1) — 7KB
• 0001439288-24-000079.txt (&nbsp;) — 5967KB
• zws-20240331.xsd (EX-101.SCH) — 44KB
• zws-20240331_cal.xml (EX-101.CAL) — 84KB
• zws-20240331_def.xml (EX-101.DEF) — 159KB
• zws-20240331_lab.xml (EX-101.LAB) — 555KB
• zws-20240331_pre.xml (EX-101.PRE) — 368KB
• zws-20240331_htm.xml (XML) — 922KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33 Signature s 34 2 Table of Contents Private Securities Litigation Reform Act Safe Harbor Statement Our disclosure and analysis in this report concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and the realization of sales from our backlog, include forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions are forward-looking statements. Although these statements are based upon reasonable assumptions, including projections of orders, sales, operating margins, earnings, cash flows, research and development costs, working capital and capital expenditures, they are subject to risks and uncertainties that are described more fully herein and in our Annual Report on Form 10-K for the year ended December 31, 2023, in Part I, Item 1A, "Risk Factors" and in Part I under the heading "Cautionary Notice Regarding Forward-Looking Statements", as well as in our other filings with the Securities and Exchange Commission. Accordingly, we can give no assurance that we will achieve the results anticipated or implied by our forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Zurn Elkay Water Solutions Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in Millions, except share amounts) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 157.1 $ 136.7 Receivables, net 222.9 210.2 Inventories, net 286.6 277.6 Income taxes receivable 7.6 17.0 Other current assets 22.3 26.3 Total current assets 696.5 667.8 Property, plant and equipment, net 171.5 180.3 Intangible assets, net 937.2 952.4 Goodwill 794.3 796.0 Other assets 64.7 70.5 Total assets $ 2,664.2 $ 2,667.0 Liabilities and stockholders' equity Current liabilities: Current maturities of debt $ 0.9 $ 0.9 Trade payables 70.2 56.4 Compensation and benefits 15.2 30.5 Current portion of pension and postretirement benefit obligations 1.3 1.3 Other current liabilities 123.0 131.8 Total current liabilities 210.6 220.9 Long-term debt 494.5 494.4 Pension and postretirement benefit obligations 37.4 36.6 Deferred income taxes 209.2 210.0 Operating lease liability 34.7 37.3 Other liabilities 63.9 65.0 Total liabilities 1,050.3 1,064.2 Stockholders' equity: Common stock, $ 0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 172,868,217 at March 31, 2024 and 172,262,163 at December 31, 2023 1.7 1.7 Additional paid-in capital 2,845.2 2,847.0 Retained deficit ( 1,162.8 ) ( 1,178.2 ) Accumulated other comprehensive loss ( 70.2 ) ( 67.7 ) Total stockholders' equity 1,613.9 1,602.8 Total liabilities and stockholders' equity $ 2,664.2 $ 2,667.0 See notes to the condensed consolidated financial statements. 4 Table of Contents Zurn Elkay Water Solutions Corporation and Subsidiaries Condensed Consolidated Statements of Operations (in Millions, except share and per share amounts) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 Net sales $ 373.8 $ 372.1 Cost of sales 203.7 223.3 Gross profit 170.1 148.8 Selling, general an

View Full Filing

View this 10-Q filing on SEC EDGAR