ZWS - Why Zurn Elkay Stock Plunged by Over 11% on Wednesday
Zurn Elkay Water Solutions (NYSE: ZWS) divulged its first quarterly results as a recently merged entity on Wednesday, but the occasion wasn't auspicious. While the company more or less met analyst expectations, forward-looking investors didn't like what they saw on the horizon, and the shares took an 11% hit on the day.
Zurn Elkay, the result of a merger between the two namesake companies, fused together officially this past July 1. For the new entity's third quarter, its first under the new combination, it posted net sales of $418 million, an 82% improvement over the pro forma $230 million in the same period last year.
Non-GAAP (adjusted) net income also saw a boost, rising sharply from $24 million in the third quarter of 2021 to over $45 million, or $0.26 per share.
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Why Zurn Elkay Stock Plunged by Over 11% on Wednesday