ATLANTA, April 17, 2020 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) today announced additional information regarding the Company’s operations and financial position amid the ongoing coronavirus (COVID-19) situation.
“The outbreak of COVID-19 is affecting cities and countries around the world and temporarily changing the way we live and work. This pandemic has also caused a shift in how we manage our business, think about work and how our work gets done. However, what has not changed is our commitment to our employees, customers and communities. We have taken steps to safeguard employees and provide business continuity for our customers by changing the way we work at all of our facilities, including our plants and warehouses. These steps include implementing work procedures that support social distancing and increasing the frequency of sanitation at our facilities, which help keep our teams safe while at work and protect the communities of which they are a part,” said Scott Hall, President and Chief Executive Officer of Mueller Water Products.
Mueller Water Products continues to operate as an essential business providing products and services that are considered essential to the nation’s critical water, energy and public works infrastructure. At this time, all of the Company’s manufacturing plants and distribution centers are operational, with minimal downtime and production suspensions due to COVID-19 challenges and government mandates. Customer service and sales teams are leveraging digital channels and processes to remain engaged with customers. At each of its locations, the Company has implemented preparedness plans to keep employees safe and ensure business continuity through the COVID-19 pandemic.
Mueller Water Products believes it has a strong balance sheet, access to liquidity and solid financial flexibility with no significant long-term debt maturities until 2026. As of March 31, 2020, Mueller Water Products had $447 million of total debt outstanding and $111 million of cash and cash equivalents. In addition, the Company had approximately $159 million of excess availability, based on March 31, 2020 data, under its asset based lending agreement.
The Company expects to report solid financial results for its second quarter, including growth in both consolidated net sales and adjusted EBITDA as compared with the prior year quarter. However, Mueller Water Products is withdrawing its previously announced full-year 2020 financial guidance, which was issued on February 4, 2020, due to the unpredictability of the duration and magnitude of the impact of the COVID-19 pandemic, which may be material on its end markets and operations. The Company will provide additional details during its upcoming second quarter earnings conference call.
Mr. Hall added, “We are continuing to stay abreast of the events surrounding COVID-19, knowing that the situation is very fluid. As events unfold, we will take additional action as needed. Our most valuable assets are our employees and our customers. Their respective communities depend on us. During this critical time, we are working to protect our workforce and ensure that our customers have the vital infrastructure and emergency repair products and services they require to continue delivering clean, safe drinking water to diverse communities across the world.”
About Mueller Water Products, Inc.
Mueller Water Products, Inc. (NYSE: MWA) is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, and pipe condition assessment. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure®. Visit us at www.muellerwaterproducts.com.
