On this page of StockholderLetter.com we present the latest annual shareholder letter from Mueller Water Products, Inc. — ticker symbol MWA. Reading current and past MWA letters to shareholders can bring important insights into the investment thesis.

 •  12/18/2024 Letter Continued (Full PDF)
 •  1/19/2024 MWA Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  MWA Benford's Law Stock Score = 92

MWA Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT
WHERE INTELLIGENCE
MEETS INFRASTRUCTURE  

OVERVIEW
Mueller Water Products, Inc. (NYSE:MWA) is a leading manufacturer and marketer of products and services used
in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio
includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe
condition assessment, pressure management products and software that provides critical water system data. Mueller
Water Products is one of the only companies that can fulfill the needs of water utilities from end to end     at the source,
at the plant, below the ground, on the street and in the cloud. Built on a solid legacy of innovation, we have the expertise
and vision to provide advanced infrastructure and technology solutions for transmitting, distributing, measuring and
monitoring water more safely and effectively than ever before. We help municipalities increase operational efficiencies,
improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where
Intelligence Meets Infrastructure  .
Mueller brands include Mueller  , Echologics  , Hydro Gate  , Hydro-Guard  , HYMAX  , i2O  , Jones  ,
Krausz  , Mi.Net  , Milliken  , Pratt  , Pratt Industrial  , Sentryx   , Singer   and U.S. Pipe Valve and Hydrant.
To learn more visit www.muellerwaterproducts.com.

MARIETTA
A EDMUNDS
S ZAKAS
S I Chief Executive Officer
December 18, 2024
Dearr Fellow
w Shareholders,
Mueller Water Products has experienced significant changes since our last annual report, and I am thrilled
to be sharing this update with all our valued shareholders. In the spring of 2024, I was reaffirmed as Chief
Executive Officer of Mueller, and it has been an honor to lead our talented and committed employees
throughout this transformative, record-setting year.
Mueller has a history of innovation and has been solving problems for our customers and advancing to
meet the needs of communities and industries alike for more than 165 years. In fact, through our broad
portfolio of products and solutions, we play a critical role in helping our customers deliver clean, safe
drinking water to millions of people.
Our outstanding performance this year is a testament to our dedicated employees, who serve our
customers and communities with tireless energy and passion. Our people are our most important asset,
and we strive to create a safe, inclusive and diverse work environment for them. Our five core values   
Respect, Integrity, Trust, Inclusion and Safety   define who we are and how we do business. And when we
act on our values, we help ensure the continued long-term success of the Company and our stakeholders.
In 2024, we achieved record levels for net sales, gross margin, adjusted EBITDA, adjusted net income
per diluted share and free cash flow, despite a challenging external environment. Here are some
highlights from our fiscal year:
  Increased consolidated net sales 3.1% to $1.315 billion, compared with $1.276 billion
in the prior year
  Generated net income of $115.9 million as compared with $85.5 million in the prior year, and
increased adjusted net income 53.3% to $150.2 million as compared with $98.0 million in
the prior year
  Reported net income per diluted share of $0.74 as compared with $0.55 in the prior year,
and increased adjusted net income per diluted share 52.4% to $0.96 as compared with $0.63
in the prior year
  Returned $49.9 million to shareholders through dividends and common stock repurchases, with
a 4.9% increase in our quarterly dividend per share

  Increased free cash flow $130.0 million to $191.4 million as compared with $61.4 million in the
prior year
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UHSODFH their aging infrastructure, increase the resiliency of their distribution networks, respond to waterrelated climate impacts and ensure the health and safety of their communities.
A great example is our EchoShore  leak detection solution which helped customers reduce water loss with
an estimated 1.8 billion gallons of water saved in 2023. Our technology benefits not only our customers
but also the communities in which they serve. And since 2020, we   ve helped customers identify an
estimated 5.8 billion gallons of water loss. In 2023, we also reduced our scope 1 and 2 greenhouse gas
emissions intensity by roughly 3% year-over-year and decreased total waste directed to disposal by more
than 15% year-over-year.
Looking to 2025 and beyond, our teams are focused on executing our key strategic priorities and servicing
our customers to drive continued net sales growth and future margin improvements. With these
strategies, we are well-positioned to capture the benefits from the investments needed to address the
aging North American water infrastructure and the incremental spending associated with the federal
infrastructure bill. Our strong, flexible balance sheet continues to provide ample capacity to support our
strategic priorities, including capital investments and acquisitions, as well as continuing to return cash to
shareholders through our quarterly dividend and share repurchases.
As always, we appreciate your support. I am confident in Mueller   s future knowing how our team members
differentiate us in the market. We are driven to be the leader in water infrastructure solutions, solving
challenges, enriching lives and safeguarding the future. The actions we are taking to execute our strategy
will further strengthen Mueller for the long term. Thank you for being a part of our journey and for your
continued support.
Sincerely,
Marietta Edmunds Zakas
Chief Executive Officer



 12/18/2024 Letter Continued (Full PDF)