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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Mueller Water Products
Mueller Water Products (MWA) investor relations material
Mueller Water Products Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
Achieved record first-quarter net sales of $318.2 million, up 4.6% year-over-year, driven by higher pricing and manufacturing efficiencies, with strong operational execution and resilient end-market demand.
Adjusted EBITDA reached a Q1 record of $72.1 million, up 13.5% year-over-year, and adjusted EBITDA margin expanded to 22.7%.
Adjusted net income per diluted share increased 16% to $0.29, while reported net income per diluted share was $0.27.
Leadership transition underway, with a new CEO effective February 2026 and the outgoing CEO remaining as a senior advisor through year-end.
Continued strategic investments in capacity and operational efficiencies, including transition to a new brass foundry and increased capital expenditures.
Financial highlights
Gross profit rose 16.3% to $119.8 million, with gross margin expanding 380 basis points to 37.6%.
Operating income increased 19.6% to $56.7 million, with adjusted operating income up 14.5% to $60.0 million.
Adjusted net income per diluted share increased 16% to $0.29.
Free cash flow was $44.0 million, representing 96% of adjusted net income.
Capital expenditures were $17.2 million, focused on foundry investments.
Outlook and guidance
Fiscal 2026 net sales guidance raised to $1,470–$1,490 million, up 2.8%–4.2% year-over-year.
Adjusted EBITDA guidance increased to $355–$360 million, up 8.8%–10.4% year-over-year, with margin above 24%.
Free cash flow as a percentage of adjusted net income expected to exceed 85% for fiscal 2026.
Capital expenditures projected at $60–$65 million, targeting capacity expansion and operational enhancements.
H2 Adjusted EBITDA margin expected to be higher due to seasonality and price actions.
Water Management Solutions margin decline drivers
Key drivers for increased 2026 guidance
Impact of foundry investments on future capacity
What drove WMS margin contraction in Q1?
M&A focus areas given strong liquidity
Iron foundry investment impact on capacity/margins?
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Next Mueller Water Products earnings date
Q2 20265 May, 2026
Mueller Water Products
Next Mueller Water Products earnings date
Q2 20265 May, 2026
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Frequently asked questions
Mueller Water Products Inc. manufactures and markets products and services used in the transmission, distribution, and measurement of water. Mueller Water Products Inc's segments include Measurement Solutions and Water Transmission. The Measurement Solutions segment includes sales of onsite water measurement products; UVEX brand for underground pipe locating systems; installation of remote telemetry systems; U-Pipe installation software programs; FiberLok leak detection systems; and patent rights relating to the remote telemetry technologies and other intellectual property. Its Water Transmission segment sells plumbing products that are used in municipalities, businesses, multi-family homes, schools, universities and hospitals.
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