MWA - Mueller Water Products +2% on beating Q4 estimates; provides FY21 outlook

Mueller Water Products ([[MWA]] +2.3%) reported FQ4 sales of $265.3M (-0.6% Y/Y); and Adj. operating income was $41.8M vs. $42.6M in the prior year quarter.Sales by segments: Infrastructure $242.5M (+3.3% Y/Y); and Technologies $22.8M (-29.2% Y/Y).Q4 Gross margin expanded by 212 bps to 35.4%; and operating margin improved by 73 bps to 15.3%.Adj. EBITDA increased by 1.2% Y/Y to $57.6M; and margin improved by 40 bps to 21.7%.Net cash provided by operating activities YTD was $140.3M, compared to $92.5M a year ago; and Free cash flow was $72.6MFor FY21 company anticipates that growth in the residential construction end market will help offset anticipated challenges in the project-related portion of the municipal end market.FY21 Outlook: Company currently anticipates consolidated net sales to be between flat and 3% higher than the prior year; expects adj. EBITDA to increase between 4% and 7%; and expects to generate positive free cash flow for the full year. Additionally, Expects SG&A expenses

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Mueller Water Products +2% on beating Q4 estimates; provides FY21 outlook