Zurn Elkay Water Solutions Corp. Files 10-Q for Q2 2024
Ticker: ZWS · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1439288
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**Zurn Elkay Q2 10-Q filed. Check financials for latest performance.**
AI Summary
Zurn Elkay Water Solutions Corp. reported its financial results for the period ending June 30, 2024. The company's filing details its financial position and performance, with specific figures for revenue, expenses, and assets to be found within the full report.
Why It Matters
This 10-Q filing provides investors and analysts with a detailed look at Zurn Elkay's financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the financial quarter covered by the report.)
- 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
- 414-643-3000 — Business Phone (Contact number for the company.)
Key Players & Entities
- Zurn Elkay Water Solutions Corp (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240730 (date) — Filing date
- Rexnord Corp (company) — Former company name
- ElkayManufacturingCompanyMember (company) — Related entity or segment
FAQ
What was Zurn Elkay Water Solutions Corp.'s revenue for the quarter ending June 30, 2024?
The provided text does not contain specific revenue figures for the quarter ending June 30, 2024.
What is the company's primary industry classification?
The company's Standard Industrial Classification is GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560].
When was the company formerly known as Rexnord Corp?
The company was formerly known as Rexnord Corp, with a date of name change on 20110523.
What is the filing date of this 10-Q report?
This 10-Q report was filed on 20240730.
What is the company's principal executive office address?
The company's business address is 511 WEST FRESHWATER WAY, MILWAUKEE, WI 53204.
Filing Stats: 4,563 words · 18 min read · ~15 pages · Grade level 9.3 · Accepted 2024-07-30 16:17:28
Key Financial Figures
- $0.01 — ter Solutions Corporation Common Stock, $0.01 par value per share 170,928,495 shares
Filing Documents
- zws-20240630.htm (10-Q) — 996KB
- ex102scheduleofcompensatio.htm (EX-10.2) — 13KB
- ex311ceocertification63024.htm (EX-31.1) — 10KB
- ex312cfocertification63024.htm (EX-31.2) — 9KB
- ex321ceocfocertification63.htm (EX-32.1) — 7KB
- image.jpg (GRAPHIC) — 16KB
- 0001439288-24-000125.txt ( ) — 6651KB
- zws-20240630.xsd (EX-101.SCH) — 45KB
- zws-20240630_cal.xml (EX-101.CAL) — 88KB
- zws-20240630_def.xml (EX-101.DEF) — 167KB
- zws-20240630_lab.xml (EX-101.LAB) — 588KB
- zws-20240630_pre.xml (EX-101.PRE) — 387KB
- zws-20240630_htm.xml (XML) — 1087KB
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 24
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
Controls and Procedures
Item 4. Controls and Procedures 33
OTHER INFORMATION
Part II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Other Information
Item 5. Other Information 34
Exhibits
Item 6. Exhibits 35 Signature s 36 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 162.7 $ 136.7 Receivables, net 240.1 210.2 Inventories, net 276.2 277.6 Income taxes receivable 0.7 17.0 Other current assets 43.5 26.3 Total current assets 723.2 667.8 Property, plant and equipment, net 168.5 180.3 Intangible assets, net 922.3 952.4 Goodwill 795.1 796.0 Other assets 72.4 70.5 Total assets $ 2,681.5 $ 2,667.0 Liabilities and stockholders' equity Current liabilities: Current maturities of debt $ 0.9 $ 0.9 Trade payables 77.9 56.4 Compensation and benefits 26.2 30.5 Current portion of pension and postretirement benefit obligations 1.3 1.3 Other current liabilities 148.8 131.8 Total current liabilities 255.1 220.9 Long-term debt 494.6 494.4 Pension and postretirement benefit obligations 38.1 36.6 Deferred income taxes 197.0 210.0 Operating lease liability 39.0 37.3 Other liabilities 63.3 65.0 Total liabilities 1,087.1 1,064.2 Stockholders' equity: Common stock, $ 0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 171,097,696 at June 30, 2024 and 172,262,163 at December 31, 2023 1.7 1.7 Additional paid-in capital 2,842.5 2,847.0 Retained deficit ( 1,178.1 ) ( 1,178.2 ) Accumulated other comprehensive loss ( 71.7 ) ( 67.7 ) Total stockholders' equity 1,594.4 1,602.8 Total liabilities and stockholders' equity $ 2,681.5 $ 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net sales $ 412.0 $ 403.2 $ 785.8 $ 775.3 Cost of sales 2