UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32892 MUELLER WATER PRODUCTS, INC. (Exact name of registrant as specified in its charter) Delaware 20-3547095 (State or other jurisdiction of (I.R.S. Employer incorporation or o ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 7.2% to $332.9 million compared to the prior year, driven by higher pricing across most product lines and increased volumes in Water Management Solutions, which offset lower volumes in Water Flow Solutions [2][58] - Adjusted operating income decreased by $1.2 million to $33.6 million, impacted by decreased volumes, inflation-related costs, and higher SG&A expenses [3][60] - Adjusted EBITDA of $48.1 million decreased by 4.9%, resulting in an adjusted EBITDA margin of 14.4%, down from 16.3% in the prior year [14][30] Business Line Data and Key Metrics Changes - Water Management Solutions net sales increased by 38.8% to $175.7 million, primarily due to increased volumes in hydrants and water application products, along with higher pricing [32] - Water Flow Solutions net sales decreased by 14.5% to $157.2 million, with higher pricing unable to offset lower volumes for iron gate valves and service brass products [61] - Specialty valves experienced double-digit net sales growth, driven by higher prices and increased volumes [31] Market Data and Key Metrics Changes - The new residential construction market accounted for 25% to 30% of net sales in 2022, with total housing starts down 18% year-over-year during the second quarter [38] - The municipal repair and replacement market remains strong, benefiting from healthy budgets, particularly in larger municipalities [39] - The company anticipates that the federal infrastructure bill will provide a tailwind for water infrastructure activity, with funding allocated to various projects [72] Company Strategy and Development Direction - The company aims to become a sustainability leader by providing intelligent products and services that help municipalities manage aging infrastructures and respond to climate impacts [11] - The focus is on improving operational efficiencies and increasing domestic manufacturing capacity to enhance delivery times and capture demand for American-made products [42] - The company is committed to returning to pre-pandemic margins by 2025 through strategic capital investments and operational initiatives [19][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA growth and conversion margin expectations in the second half of the year, supported by operational improvements [71] - The company reiterated its annual guidance for consolidated net sales and adjusted EBITDA growth, expecting higher pricing to drive top-line growth [40] - Management acknowledged ongoing inflationary pressures and the need for continued cost management, particularly in SG&A expenses [29][55] Other Important Information - The company reported a total debt of $447.5 million and cash and cash equivalents of $89.2 million as of March 31, 2023, with a net debt leverage ratio of 1.9 times [34] - Free cash flow for the six-month period was negative $42.7 million, primarily due to a decrease in cash provided by operating activities [33] - The company continues to utilize outsourcing for brass parts to mitigate lower production at its brass foundry operations [59] Q&A Session Summary Question: Discussion on margins in the Water Management Solutions segment - Management discussed the recent realignment of segment reporting and the sustainability of margin improvements, indicating that the jump in margins is expected to be maintained going forward [6] Question: Update on the certification process at the new foundry - Management provided updates on the production targets and the certification process, indicating that they are on track to meet their goals [84][106] Question: Insights on the backlog and lead times - Management expressed confidence that backlog will normalize before the demand wave from legislation, with expectations for lead times to return to historical norms [116] Question: Performance of the old foundry - Management highlighted improvements in the old foundry's performance due to better staffing and maintenance practices, contributing to increased production efficiency [119] Question: Update on the impact of the federal infrastructure bill - Management noted that they are tracking bids related to the infrastructure bill and are positioned to benefit from increased demand for American-made products [123]

Earnings Conference Call 2023 Second Quarter Ended March 31, 2023 May 9, 2023 In an effort to provide investors with additional information regarding the Company's results as determined by accounting principles generally accepted in the United States ("GAAP"), the Company also provides non-GAAP information that management believes is useful to investors. These non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should not consider any of th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32892 MUELLER WATER PRODUCTS, INC. (Exact name of registrant as specified in its charter) Delaware 20-3547095 (State or other jurisdiction of (I.R.S. Employer incorporation or ...

Non-GAAP Financial Measures The Company presents net debt and net debt leverage as performance measures because management uses them to evaluate its capital management and its financial position, and the investment community commonly uses them as measures of indebtedness. The Company presents free cash flow to assist management and investors in analyzing the Company's ability to generate liquidity from its operating activities. Forward-Looking Statements Forward-looking statements do not guarantee future pe ...

• Net cash used in operating activities for Q1 FY2023 was $6.5M compared with net cash provided by operating activities of $19.8M in prior year − Decrease was primarily due to an increase in inventories • New Residential Construction End Market − Total housing starts were down 15.6% y/y during first quarter with around a 1.4M seasonally adjusted annual rate in December 2022 − Expect construction activity to pick up in the Spring relative to first quarter, which is typical seasonality of core products − For ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 15.6% to $314.8 million compared to the prior year, driven by higher pricing and volume growth in Water Management Solutions [67][68] - Adjusted operating income decreased by 3.2% to $30.3 million, impacted by increased costs associated with unfavorable manufacturing performance and lower volumes [69] - Adjusted EBITDA decreased by 6.9% to $44.2 million, leading to an adjusted EBITDA margin of 14% compared to 17.4% in the prior year [69] - SG&A as a percentage of net sales decreased to 20% from 20.7% in the prior year [52] Business Line Data and Key Metrics Changes - Water Management Solutions net sales increased by 27.1% to $149.2 million, primarily due to higher pricing and increased volumes [1] - Water Flow Solutions net sales increased by 6.9%, primarily due to higher pricing across most product lines, but adjusted operating income decreased by 22.7% [70][71] Market Data and Key Metrics Changes - Total housing starts were down 15.6% year-over-year, with expectations for construction activity to pick up in the spring [5] - The municipal repair and replacement market remains resilient, partially offsetting the slowdown in residential construction activity [47][75] Company Strategy and Development Direction - The company is in a transformational period with large capital projects ramping up, aiming to enhance operational improvements and increase margins [6][76] - Focus on domestic sourcing requirements due to the Federal Infrastructure Bill, positioning the company well for increased demand in the municipal market [75][76] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the demand dynamics, noting the importance of monitoring municipal balance sheets and the impact of government interest in drinking water [9] - The company expects to return to pre-pandemic margins by 2025, driven by operational improvements and increased internal production [14][114] Other Important Information - The company had total debt of $447 million and cash and cash equivalents of $125.6 million at the end of the first quarter [72] - Free cash flow for the quarter was negative $16.4 million, primarily due to higher inventory levels [102][110] Q&A Session Summary Question: What is the perspective on demand dynamics and order slowdowns? - Management indicated that the slowdown is partly driven by destocking and that the municipal repair market is expected to provide some resilience [61][79] Question: How is inventory impacting free cash flow? - Higher inventory levels have negatively impacted free cash flow, and management plans to reduce inventory as supply chain conditions improve [80][110] Question: Why is there no guidance boost despite strong first-quarter results? - Management cited uncertainty in the external environment and the need to observe sell-through in channel inventories before adjusting guidance [82][83] Question: What is the outlook for backlog normalization? - Management expects backlog levels to normalize over the coming quarters, depending on end market activity and improvements in lead times [90][91]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32892 MUELLER WATER PRODUCTS, INC. (Exact name of registrant as specified in its charter) Delaware 20-3547095 (State or other jurisdiction of (I.R.S. Employer | Title of eac ...

Mueller Water Products, Inc. (NYSE:MWA) Q4 2022 Earnings Conference Call November 8, 2022 9:00 AM ET Company Participants Whit Kincaid - Senior Director, IR and Corporate Development John Hall - President, CEO & Director Martie Zakas - EVP & CFO Conference Call Participants Miguel De Jesus - Goldman Sachs Deane Dray - RBC Capital Markets Joe Giordano - Cowen Bryan Blair - Oppenheimer Brent Thielman - D.A. Davidson & Co. Operator Welcome, and thank you for standing by. [Operator Instructions]. And now I'll t ...

Where Intelligence Meets Infrastructure® Earnings Conference Call For The Fourth Quarter and Year Ended September 30, 2022 November 8, 2022 These slides are not intended to be a stand-alone presentation, but are for use in conjunction with the earnings call NON-GAAP Financial Measures In an effort to provide investors with additional information regarding the Company's results as determined by accounting principles generally accepted in the United States ("GAAP"), the Company also provides non-GAAP informat ...