Zurn Elkay Water Solutions Q3 2024 Update
Ticker: ZWS · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 1439288
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Zurn Elkay Q3 2024 results are in. Check the filing for financial details.
AI Summary
Zurn Elkay Water Solutions Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing details its financial performance and operational updates for the quarter. Specific financial figures and operational highlights are detailed within the report.
Why It Matters
This filing provides investors with the latest financial performance data for Zurn Elkay Water Solutions, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information and risk factors that could impact the company's performance.
Key Numbers
- 2024 Q3 — Reporting Period (Covers the third quarter of fiscal year 2024.)
- 2024-09-30 — As of Date (Indicates the end date for the financial data presented.)
Key Players & Entities
- Zurn Elkay Water Solutions Corp (company) — Filer
- 20240930 (date) — Period of Report
- 20241029 (date) — Filing Date
- Milwaukee, WI (location) — Business Address
FAQ
What is the primary business of Zurn Elkay Water Solutions Corp?
Zurn Elkay Water Solutions Corp. operates in the General Industrial Machinery & Equipment sector, SIC code 3560.
What is the filing date of this 10-Q report?
This 10-Q report was filed on October 29, 2024.
What is the fiscal year end for Zurn Elkay Water Solutions Corp?
The company's fiscal year ends on December 31.
What was the previous name of Zurn Elkay Water Solutions Corp?
The company was formerly known as Zurn Water Solutions Corp, with a name change on October 5, 2021.
What is the SEC file number for Zurn Elkay Water Solutions Corp?
The SEC file number for Zurn Elkay Water Solutions Corp. is 001-35475.
Filing Stats: 4,536 words · 18 min read · ~15 pages · Grade level 9.6 · Accepted 2024-10-29 16:12:45
Key Financial Figures
- $0.01 — ter Solutions Corporation Common Stock, $0.01 par value per share 169,713,892 shares
Filing Documents
- zws-20240930.htm (10-Q) — 1042KB
- ex311ceocertification93024.htm (EX-31.1) — 10KB
- ex312cfocertification93024.htm (EX-31.2) — 9KB
- ex321ceocfocertification93.htm (EX-32.1) — 7KB
- 0001439288-24-000168.txt ( ) — 6862KB
- zws-20240930.xsd (EX-101.SCH) — 45KB
- zws-20240930_cal.xml (EX-101.CAL) — 89KB
- zws-20240930_def.xml (EX-101.DEF) — 172KB
- zws-20240930_lab.xml (EX-101.LAB) — 594KB
- zws-20240930_pre.xml (EX-101.PRE) — 392KB
- zws-20240930_htm.xml (XML) — 1169KB
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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 187.9 $ 136.7 Receivables, net 242.4 210.2 Inventories, net 278.6 277.6 Income taxes receivable 5.0 17.0 Other current assets 41.2 26.3 Total current assets 755.1 667.8 Property, plant and equipment, net 165.4 180.3 Intangible assets, net 908.4 952.4 Goodwill 796.5 796.0 Other assets 79.4 70.5 Total assets $ 2,704.8 $ 2,667.0 Liabilities and stockholders' equity Current liabilities: Current maturities of debt $ 0.9 $ 0.9 Trade payables 94.7 56.4 Compensation and benefits 33.1 30.5 Current portion of pension and postretirement benefit obligations 1.3 1.3 Other current liabilities 149.2 131.8 Total current liabilities 279.2 220.9 Long-term debt 494.7 494.4 Pension and postretirement benefit obligations 38.8 36.6 Deferred income taxes 193.4 210.0 Operating lease liability 46.2 37.3 Other liabilities 66.0 65.0 Total liabilities 1,118.3 1,064.2 Stockholders' equity: Common stock, $ 0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 169,846,056 at September 30, 2024 and 172,262,163 at December 31, 2023 1.7 1.7 Additional paid-in capital 2,840.9 2,847.0 Retained deficit ( 1,185.0 ) ( 1,178.2 ) Accumulated other comprehensive loss ( 71.1 ) ( 67.7 ) Total stockholders' equity 1,586.5 1,602.8 Total liabilities and stockholders' equity $ 2,704.8 $ 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net sales $ 410.0 $ 398.4 $