Mueller Water Products Reports Fiscal First Quarter 2010 Results

Mueller Water Products, Inc. reports that net sales in the 2010 first quarter of $313.1 million declined $54.6 million from $367.7 million in the 2009 first quarter. Net sales decreased $38.7 million due to lower shipment volumes and $22.3 million due to lower pricing. U.S. Pipe and Anvil experienced shipment volume declines, partially offset by higher shipment volumes at Mueller Co. Lower pricing occurred primarily at U.S. Pipe. Favorable changes in Canadian currency exchange rates increased net sales by $6.4 million.

Adjusted income from operations in the 2010 first quarter of $0.7 million declined $12.0 million from $12.7 million in the 2009 first quarter. Results were negatively impacted by the lower sales pricing, $22.5 million of higher per-unit overhead costs on products sold due to lower production and $10.9 million due to lower shipment volumes. The quarter's results were positively impacted by $25.5 million of lower raw material costs, $12.4 million of manufacturing cost savings and $7.1 million of lower selling, general and administrative expenses. More…