Company: MWA
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001350593-25-000012
Chunk: 125

Company: Mueller Water Products, Inc.
Filing Date: 2025-02-05
Form: 10-Q
Item: Part I, Item 2
Chunk 125
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 months ended December 31, 2024 was $20.3 million as compared with $24.6 million in the prior year period, a decrease of $4.3 million or 17.5%, primarily due to lower amortization, favorable foreign exchange impacts, and lower personnel-related expense, partially offset by higher commissions.  The decrease was partially offset by higher third-party fees and approximately 3% inflation.  SG&A as a percentage of net sales was 15.7% and 21.4% in the three months ended December 31, 2024 and 2023, respectively.

27

Corporate

SG&A for the three months ended December 31, 2024 was $13.8 million as compared with $13.1 million in the prior year period, an increase of $0.7 million or 5.3%, primarily as a result of approximately 3% inflation and higher third-party fees partially offset by lower personnel-related expense.  

Liquidity and Capital Resources

We had cash and cash equivalents on hand of $338.2 million at December 31, 2024 and $163.0 million of additional borrowing capacity under our ABL based on December 31, 2024 data. At December 31, 2024, cash and cash equivalents included $73.3 million, $12.0 million and $11.6 million in Israel, Canada and China, respectively.

We declared a quarterly dividend of $0.067 per share on January 23, 2025, payable on or about February 21, 2025 to stockholders of record as of February 10, 2025, which will result in an estimated $10.5 million cash outlay.

We did not repurchase any of our outstanding common stock during the three months ended December 31, 2024 under our publicly announced share repurchase program, and as of December 31, 2024, we had $80.0 million remaining under our share repurchase authorization.

The ABL and 4.0% Senior Notes contain customary representations and warranties, covenants and provisions governing an event of default.  These covenants restrict our ability to engage in certain activities, including but not limited to, the payment of dividends and the redemption of our common stock.

Net cash provided by operating activities was $54.1 million during the three months ended December 31, 2024 as compared with net cash provided by operating activities of $67.