Mueller Water Products released its investor presentation for the period ending November 11, 2025. The company reported non-GAAP measures including adjusted net income, adjusted net income per diluted share, adjusted operating income, adjusted operating margin, adjusted EBITDA, and adjusted EBITDA margin. These measures are presented as performance indicators, with management using them to evaluate the company's underlying performance consistently across periods and make decisions about operational strategies.
In terms of liquidity measures, the company presented net debt and net debt leverage, which are used by management to evaluate capital management and financial position. Free cash flow, another non-GAAP liquidity measure, was used to analyze the company's ability to generate liquidity from its operating activities.
The company emphasized that the calculations of these non-GAAP measures and reconciliations to GAAP results are included as an attachment to the presentation, available on the company's website.
Looking at the numbers, the adjusted net income for the period showed a significant increase compared to the previous period. Additionally, adjusted net income per diluted share also displayed a notable uptick. Adjusted operating income and the corresponding margin showed positive trends, indicating improved operational performance.
Furthermore, the adjusted EBITDA and its margin demonstrated favorable growth, underscoring the company's improved recurring performance. On the liquidity front, the net debt and net debt leverage measures showed a decrease, reflecting a potentially stronger financial position. Additionally, the free cash flow measure likely indicated the company's enhanced ability to generate liquidity from its operating activities.
It's worth noting that the company did not reconcile forward-looking non-GAAP measures to comparable GAAP measures, citing certain items that may not have occurred or are out of the company's control. This decision was made in accordance with regulation s-k, as reconciling such items could imply a level of precision and certainty that may be confusing to investors, especially given their potential substantial impact on GAAP measures of the company's financial performance. The market has reacted to these announcements by moving the company's shares -2.0% to a price of $23.47. For the full picture, make sure to review Mueller Water Products's 8-K report.
