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Mueller Water Products (MWA)

Mueller Water Products, Inc. (MWA) is a leading manufacturer and marketer of products and services for water transmission, distribution, and measurement in North America. The company primarily serves municipalities, residential construction, and industrial sectors. Its offerings include valves, hydrants, metering solutions, and advanced leak detection technologies.

  1. Water Flow Solutions - Manufactures iron gate valves, specialty valves, and service brass products for municipal water infrastructure, residential construction, and industrial applications.
  2. Water Management Solutions - Provides fire hydrants, repair and installation services, natural gas products, metering, leak detection, and pressure management and control solutions for municipal water systems and infrastructure monitoring.

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NamePositionExternal RolesShort Bio

Marietta Edmunds Zakas

ExecutiveBoard

Chief Executive Officer

University of Virginia Darden School Foundation Board of Trustees (since 2023); Director at BlueLinx Holdings Inc. (since 2022)

Marietta Edmunds Zakas is the CEO of Mueller Water Products since May 2024. Previously, she served as President and CEO from August 2023 to May 2024 and as Executive Vice President and CFO from January 2018 to August 2023.

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Chason A. Carroll

Executive

Senior Vice President, General Counsel, and Corporate Secretary

Chason A. Carroll is the Senior Vice President, General Counsel, and Corporate Secretary at MWA since January 2024. He previously served in various legal roles at MWA, including Vice President positions from August 2023 and earlier roles dating back to March 2013.

Melissa Rasmussen

Executive

Senior Vice President and Chief Financial Officer (CFO)

Melissa Rasmussen is the CFO of MWA since March 4, 2025, where she oversees financial planning, SEC reporting, and other critical functions. She brings over 25 years of finance experience, having served as CFO and Chief Accounting Officer at National Vision Holdings prior to joining MWA.

Paul McAndrew

Executive

President and Chief Operating Officer

Paul McAndrew has been the President and Chief Operating Officer at MWA since May 2024 , overseeing the company’s global manufacturing operations, supply chain, and commercial activities. He previously served in senior executive roles at MWA, including Executive Vice President and COO from August 2023 to May 2024 and Senior Vice President of Global Operations and Supply Chain from November 2022 to August 2023.

Richelle R. Feyerherm

Executive

Vice President, Operations Controller

Richelle R. Feyerherm serves as the Vice President, Operations Controller at MWA since November 2019. Previously, she was a Financial Officer for the Water Products division at Lonza Group, Ltd. from October 2011 to February 2019.

Scott P. Floyd

Executive

Senior Vice President, Sales and Marketing

Scott P. Floyd is the Senior Vice President, Sales and Marketing at MWA since March 2024, and previously held leadership roles including Senior Vice President, Water Flow Solutions (October 2021 to March 2024) and Senior Vice President, Infrastructure (June 2020 to September 2021).

Steven S. Heinrichs

Executive

Executive Vice President, Chief Financial Officer, and Chief Legal and Compliance Officer

Steven S. Heinrichs is the Executive Vice President, CFO, and Chief Legal and Compliance Officer at MWA since August 2023 ; he previously served as Executive Vice President, Chief Legal and Compliance Officer, and Secretary from August 2018 to August 2023.

Suzanne G. Smith

Executive

Vice President and Chief Accounting Officer

Suzanne G. Smith has served as Vice President and Chief Accounting Officer at MWA since January 2021, overseeing the company's accounting operations. Previously, she held chief accounting officer roles at ModivCare Inc. and Cumulus Media, and was a financial officer at Lonza Group, Ltd..

Todd P. Helms

Executive

Senior Vice President and Chief Human Resources Officer

Todd P. Helms has served as Senior Vice President and Chief Human Resources Officer at MWA since February 2020. He previously held executive roles at Synovus Financial Corporation and Genuine Parts Company.

Brian C. Healy

Board

Director

Board Member at Children's Aid and Family Services of New Jersey since 2017

Brian C. Healy has been a Director at MWA since February 2024 , after serving as a Board Observer from November 2023 to February 2024. He brings extensive expertise in finance and investment banking.

Brian L. Slobodow

Board

Independent Director

CEO of Better Being Co.; Director at Marmic Fire and Safety

Brian L. Slobodow serves as an Independent Director at Mueller Water Products since October 2022. He has extensive leadership experience, including serving as CEO of Better Being Co. since 2023 and as Director at Marmic Fire and Safety since 2021.

Christian A. Garcia

Board

Independent Director

Director at Bausch Health Companies since 2024; Director at TETRA Technologies since 2023

Christian A. Garcia is a seasoned financial leader with over 30 years of experience, having served in key roles including CFO positions at BrandSafway, Weatherford International, and Visteon, as well as multiple senior roles at Halliburton. He currently serves as an independent director at MWA since August 1, 2024 and is a member of the Audit Committee.

Christine Ortiz

Board

Independent Director

Morris Cohen Professor of Materials Science and Engineering at MIT; Director of Enovis Corporation (since 2022)

Christine Ortiz has served as an independent director at Mueller Water Products since November 2018, bringing expertise in materials science and strategic leadership. She also holds academic and board roles outside of MWA.

Jeffery S. Sharritts

Board

Independent Director

Advisory Board Member at Georgia Chamber of Commerce; Advisory Board Member at Metro Atlanta Chamber of Commerce

Jeffery S. Sharritts has served as an independent director at Mueller Water Products, Inc. since March 2021. He brings extensive leadership experience from over two decades at Cisco Systems, Inc., and his strategic insights guide his contributions on the board.

Karl Niclas Ytterdahl

Board

Member of the Board of Directors

Director, Euro Motorparts Group

Karl Niclas Ytterdahl has been a member of the Board of Directors at MWA since February 8, 2023, having previously served as a Board Observer from October 2022 to February 2023.

Lydia W. Thomas

Board

Board Director

Council on Foreign Relations; Constant Associates Inc. Advisory Board

Lydia W. Thomas has served as a Board Director at MWA since January 2008 and has led key committees, including the Environment, Health and Safety Committee (2014-2022) and the Nominating and Corporate Governance Committee (since October 2022).

Shirley C. Franklin

Board

Independent Director

President of Clarke-Franklin & Associates, Inc.; President of Clark Lyons LLC; Co-founder of Authenticity Partners

Shirley C. Franklin has served as an Independent Director at Mueller Water Products (MWA) since November 2010, and she has extensive leadership experience including serving as Mayor of Atlanta and holding prominent roles in consulting and non-profit organizations.

Stephen C. Van Arsdell

Board

Non-Executive Chair of the Board of Directors

Director, Old National Bancorp (2022–present) ; Audit Committee Member, Brown Brothers Harriman (2015–present)

Stephen C. Van Arsdell has served as the Non-Executive Chair of the Board of Directors at Mueller Water Products since February 28, 2024. He is also an Independent Director since July 2019 and has an extensive background in leadership from his previous roles at Deloitte LLP.

Thomas J. Hansen

Board

Independent Director

Standex International Corporation: Lead Independent Director (2013–present)

Thomas J. Hansen has served as an Independent Director at Mueller Water Products, Inc. since October 2011, where he contributes expertise in corporate governance, financial/capital allocation, international business, and strategic planning. Previously, he held executive positions at Illinois Tool Works Inc. and served on multiple boards, highlighting his broad experience in leadership and oversight.

  1. Given the anticipated 80- to 100-basis point gross margin benefit from closing your legacy brass foundry, can you elaborate on how you expect seasonality and the timing of cost benefits to drive margin acceleration between the front and back halves of the fiscal year?
  2. With the ramp-up of your new brass foundry and the touted improvements in service, how do you see this transition enhancing your pricing power and competitive positioning in markets like lead service line replacements?
  3. In light of the recently announced tariffs and ongoing inflationary pressures, can you detail the potential cost increases from imported components and labor and how these might affect your overall pricing strategy?
  4. As you normalize lead times and work through the reduction of the elevated service brass backlog, what impact do you expect on near-term volume growth and channel inventory levels, and how might this influence your full-year sales outlook?
  5. Regarding the closure of the legacy brass foundry, can you clarify whether any outsourcing remains or if there are potential remediation liabilities that might lead to future costs, and what measures are in place to mitigate these risks?
Program DetailsProgram 1
Approval Date2015
End Date/DurationOngoing
Total Additional Amount$250.0 million
Remaining Authorization$80.0 million
DetailsMay suspend or discontinue at any time
CustomerRelationshipSegmentDetails

First Major Customer

Major distribution partner

All

20% of consolidated revenue in FY24 , 18% in FY23 , 21% in FY22. Outstanding A/R: $59.1 million (as of 9/30/24) , $46.4 million (as of 9/30/23).

Second Major Customer

Major distribution partner

All

18% of consolidated revenue in FY24 , 18% in FY23 , 20% in FY22. Outstanding A/R: $36.9 million (as of 9/30/24) , $37.7 million (as of 9/30/23).

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

i2O Water Ltd

2022

Mueller Water Products acquired i2O Water Ltd for a final purchase price of $19.5 million (after working capital adjustments) with the transaction included in its Water Management Solutions segment. The deal brought key assets including trade names, customer relationships, developed technology, and non-compete agreements, along with $12.1 million of goodwill, and was strategically aimed at enhancing its pressure management capabilities for over 100 water companies in 45 countries.

Recent press releases and 8-K filings for MWA.

Mueller Water Products Reports Record Q3 2025 Results and Raises Full-Year Guidance
·$MWA
Earnings
Guidance Update
New Projects/Investments
  • Mueller Water Products achieved record financial results in Q3 FY2025, with net sales reaching $380.3 million and adjusted EBITDA at $86.4 million, driven by higher volumes, pricing, and manufacturing efficiencies.
  • The company raised its full-year FY2025 guidance, now expecting consolidated net sales between $1,405 million and $1,415 million and adjusted EBITDA between $318 million and $322 million, reflecting strong Q3 performance and current market expectations.
  • Mueller Water Products maintains a strong balance sheet with $78.8 million in net debt and a net debt to adjusted EBITDA ratio of 0.3x as of June 30, 2025, providing ample liquidity and flexibility for strategic priorities.
  • The company is well-positioned to benefit from significant long-term end market dynamics, including the estimated $50 billion to $80 billion lead service line replacement market in the U.S. and ongoing efforts to address aging water infrastructure.
Sep 2, 2025, 9:02 PM
Mueller Water Products Reports Record Q2 FY2025 Results & Strategic Updates
·$MWA
Earnings
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
  • Record Q2 performance: Achieved record consolidated net sales of $364.3M (up 3.1%), adjusted EBITDA of $84.5M, and record adjusted net income per diluted share of $0.34, reflecting robust operational outcomes .
  • FY2025 guidance update: Raised annual net sales guidance to between $1.39B and $1.4B and maintained adjusted EBITDA expectations at $310M to $315M, driven by proactive pricing measures and operational initiatives .
  • Strategic initiatives & operational improvements: Focused on higher pricing, lower SG&A expenses, efficient supply chain measures, and significant capital investments including a new brass foundry and facility consolidations .
  • Tariff mitigation strategies: Implemented targeted double-digit price increases for specialty valves and repair products alongside supply chain initiatives to counter tariff-induced cost pressures, with benefits expected in later quarters .
  • Segment strength: Water Flow Solutions and Water Management Solutions delivered improved net sales and margin performance in Q2 FY2025 .
May 7, 2025, 12:00 AM
Mueller Water Products Reports Q2 2025 Results
·$MWA
Earnings
Guidance Update
Share Buyback
  • Net sales increased by 3.1% to $364.3 million, with stronger operating income compared to the prior year quarter.
  • The company reported a net income per diluted share of $0.33 and an adjusted net income per diluted share of $0.34, reflecting improved profitability.
  • Mueller raised its annual guidance for fiscal 2025 consolidated net sales and reaffirmed its adjusted EBITDA guidance, indicating robust demand and effective cost management.
May 5, 2025, 12:00 AM
Mueller Water Products Reports Strong Q1 Fiscal 2025 Results at Symposium
·$MWA
Earnings
Guidance Update
Revenue Acceleration/Inflection
  • Record Q1 performance: The company delivered record first quarter results with net sales of $304.3M (+18.7% y/y) and record adjusted EBITDA, driven by disciplined operational execution and strong order levels ( ).
  • Strategic focus: Mueller emphasized enhancing customer experience, product innovation, and digital transformation to further boost growth and margins ( , ).
  • Robust fiscal guidance: The updated fiscal 2025 outlook anticipates net sales between $1,370M and $1,390M and adjusted EBITDA of $310M to $315M, reflecting ongoing momentum from Q1 ( ).
Feb 27, 2025, 5:45 PM
Mueller Water Products Reports Robust Q1 2025 Results
·$MWA
Earnings
Guidance Update
Share Buyback
  • Record Q1 performance with record Adjusted EBITDA and an Adjusted Net Income per Diluted Share of $0.25, driven by strong order levels and a +18.7% year-over-year net sales increase.
  • Fiscal 2025 guidance update: Net sales are projected between $1,370M and $1,390M and Adjusted EBITDA between $310M and $315M, reflecting benefits from recent price actions and Q1 momentum.
  • Strong liquidity and disciplined capital allocation: The company maintained robust free cash flow generation alongside steady capital expenditures, dividends, and share repurchases, supported by a solid balance sheet.
Feb 26, 2025, 12:00 AM
Mueller Water Products Inc Reports Strong Q1 2025 Earnings Results
·$MWA
Earnings
Guidance Update
Revenue Acceleration/Inflection
CFO Change
  • Record Q1 performance: Achieved record adjusted EBITDA levels driven by higher volumes and pricing actions, with net sales increasing 18.7% to $304.3M and adjusted net income per diluted share of $0.25 .
  • Margin improvements: Adjusted net income surged with a 92% YoY increase and a 340 basis point rise in adjusted EBITDA margin .
  • Robust cash flow: Generated $42M of Free Cash Flow after allocating $12M toward capital expenditures, demonstrating strong operational cash management .
  • Strategic optimization: Successfully closed the legacy brass foundry, with the new foundry expected to yield an 80- to 100-basis-point annual gross margin improvement and eliminate outsourcing costs .
  • Updated FY 2025 guidance: Now projects consolidated net sales between $1.37B and $1.39B and adjusted EBITDA between $310M and $315M, reflecting robust first quarter performance and operational efficiencies .
Feb 5, 2025, 2:30 PM
Mueller Water Products reports Q1 2025 results
·$MWA
Earnings
Revenue Acceleration/Inflection
Guidance Update
  • Net sales increased 18.7% to $304.3 million in Q1 2025, driven by higher volumes and improved pricing ( ).
  • Net income climbed to $35.3 million with earnings of $0.22 per diluted share and adjusted EPS of $0.25, reflecting strong profitability improvements ( ).
  • Based on the robust first quarter, the company raised its fiscal 2025 guidance for both net sales and adjusted EBITDA ( , ).
Feb 4, 2025, 12:00 AM