<p><strong>Mueller Water Products</strong>（MWA 5.51%）是一家领先的水传输、分配和管理产品及解决方案供应商，于 2025 年 8 月 4 日发布了 2025 财年第三季度财报。最显著的消息是，收入（GAAP）达到了 3.803 亿美元，轻松超出分析师预期的 3.678 亿美元。调整后的每股收益（EPS）与市场一致，均为 0.34 美元。本季度在合并净销售额、毛利率和调整后的 EBITDA 方面创下了新的公司记录。管理层指出，订单活动高于预期，制造改进带来了利润增长，以及针对性提价的积极影响。尽管面临关税增加和货币压力，但整体表现超出预期，导致公司上调了全年财务指导。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第三季度</th>
<th>2025 年第三季度预估</th>
<th>2024 年第三季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>0.34 美元</td>
<td>0.34 美元</td>
<td>0.32 美元</td>
<td>6.3 %</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>3.803 亿美元</td>
<td>3.6778 亿美元</td>
<td>3.567 亿美元</td>
<td>6.6 %</td>
</tr>
<tr>
<td>营业利润率（GAAP）</td>
<td>19.4 %</td>
<td></td>
<td>18.8 %</td>
<td>0.6 个百分点</td>
</tr>
<tr>
<td>净利润率（GAAP）</td>
<td>13.8 %</td>
<td></td>
<td>13.3 %</td>
<td>0.5 个百分点</td>
</tr>
<tr>
<td>调整后 EBITDA（非 GAAP）</td>
<td>8640 万美元</td>
<td></td>
<td>8520 万美元</td>
<td>1.4 %</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于 2025 财年第二季度财报中提供的管理层指导。</p>
<h2>业务概述及近期战略重点</h2>
<p>Mueller Water Products 专注于水基础设施所需的产品和系统。其产品线包括调节水流的铁闸阀、用于公共安全的消防栓，以及先进的水管理解决方案，如压力控制和漏水检测。这些产品在美国大都市水系统中被广泛指定，提供了持续的销售和稳固的客户基础。</p>
<p>近年来，公司专注于现代化制造能力、扩展产品组合，并引入智能水监测等新技术。升级铸造厂和先进制造计划等投资被视为利润扩张、成本控制和产品质量的关键。其领先的市场地位、广泛的分销网络和持续的创新帮助公司在竞争激烈和受监管的环境中推动增长。</p>
<h2>季度亮点：财务和运营发展</h2>
<p>净销售额（GAAP）增长 6.6%，创下合并收入新高。大多数产品线的销量增加和近期的提价推动了这一增长。值得注意的是，水流解决方案和水管理解决方案两个部门均有贡献，其中水管理解决方案以 10.2% 的更快增速增长，主要归因于修理产品和消防栓的销售增加。</p>
<p>毛利润增长至 1.457 亿美元，毛利率较去年提高 1.5 个百分点，达到 38.3%。这一改善反映了更好的制造效率和规模效应，抵消了近期实施的关税带来的成本。管理层表示：“本季度我们的毛利率超过了 38%，反映出 320 个基点的显著环比改善。”</p>
<p>尽管营业收入和净利润率均较去年扩大，但结果部分受到销售、一般和行政（SG&amp;A）费用急剧上升的影响。SG&amp;A 费用增长 15.4%，达到 7100 万美元，主要受到与以色列新谢克尔相关的货币波动和一些通胀压力的推动，部分被较低的摊销费用抵消。公司的调整后 EBITDA 增长 1.4%，但 EBITDA 利润率从 23.9% 收缩至 22.7%，因为不利的外汇和持续的关税成本超过了一些运营收益。</p>
<p>2025 财年前 9 个月的经营现金流和自由现金流分别为 1.358 亿美元和 1.03 亿美元，均低于去年同期。管理层将下降归因于营运资本变化和较少的一次性负债，部分被较高的净收入抵消。资本支出上升至 3280 万美元，用于支持铁铸造厂的现代化和新的制造计划。公司回购了 1000 万美元的股票，总净杠杆降至调整后 EBITDA（非 GAAP）的 0.3 倍，表明公司财务状况良好。</p>
<p>铁闸阀作为许多美国水系统的支柱，继续显示出强劲的订单趋势，尽管基础设施投资持续。水管理解决方案中的修理产品，通常是用于维护水基础设施的快速周转零件，需求增加。然而，公司在服务黄铜产品和天然气分配产品方面遇到了一些疲软，可能表明这些领域的需求减弱或竞争加剧。公司未报告重大新产品发布，但重申了对环境、社会和治理（ESG）倡议的重视，并发布了新的年度 ESG 报告。</p>
<p>管理层在此期间关闭了一家传统的黄铜铸造厂，旨在提高利润率和运营灵活性。在此过程中，公司进行了 80 万美元的资产减值（GAAP，2025 财年第二季度），但预计关闭将对未来盈利产生积极影响。季度股息略有增加，升至每股 0.067 美元。这标志着公司资本回报计划的持续，包括股息和股票回购。</p>
<h2>前景及关注事项</h2>
<p>管理层提高了对 2025 财年的财务展望。2025 财年的净销售指导现为 14.05 亿至 14.15 亿美元，高于之前的 13.95 亿美元中点，而调整后的 EBITDA（非 GAAP）预计为 3.18 亿至 3.22 亿美元，高于之前的 3.10 亿至 3.15 亿美元。预计 2025 财年的自由现金流将超过调整后净收入的 80%。此次指导上调是由于强劲的季度表现和近期价格调整的好处，尽管管理层指出，较高的关税与未来价格上涨的好处之间存在滞后效应。</p>
<p>公司在其他指导领域没有显著改变，维持对费用和资本投资的展望。在即将到来的季度及之后，投资者应关注关税、货币波动、两个运营部门的利润表现以及现金流趋势的进一步影响。预计为应对关税而推出的额外价格上涨将在今年晚些时候，特别是 2025 财年第 4 季度，带来收益，管理层已识别出滞后期。</p>
<p>季度股息提高了 4.7%，至每股 0.067 美元。</p>
<p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

<p>穆勒水务产品公司报告第三季度收入增长 6.6%，达到 3.803 亿美元，超出分析师预期。调整后的每股收益与市场一致，为 0.34 美元，净销售额、毛利率和调整后的息税折旧摊销前利润均创下新纪录。尽管面临关税和货币波动的挑战，公司仍提高了 2025 财年的指引，预计净销售额在 14.05 亿至 14.15 亿美元之间。公司强调了现代化努力和对水基础设施产品的强劲需求，同时指出销售和管理费用增加，以及每股小幅提高股息至 0.067 美元</p>

<p><strong>Mueller Water Products</strong>(MWA 5.51%), a leading supplier of products and solutions used for water transmission, distribution, and management, released its fiscal third quarter 2025 results on August 4, 2025. The most notable news was that revenue (GAAP) reached $380.3 million, easily outpacing analyst expectations of $367.8 million. Adjusted earnings per share (EPS) matched consensus at $0.34. The quarter established new company records in consolidated net sales, gross margin, and adjusted EBITDA. Management noted higher than expected order activity, margin gains from manufacturing improvements, and the positive impact of targeted price increases. Despite facing increased tariffs and currency headwinds, overall performance exceeded expectations and led the company to raise guidance for the full fiscal year.</p>
<div class="lb-trans"><p><strong>Mueller Water Products</strong>（MWA 5.51%）是一家领先的水传输、分配和管理产品及解决方案供应商，于 2025 年 8 月 4 日发布了 2025 财年第三季度财报。最显著的消息是，收入（GAAP）达到了 3.803 亿美元，轻松超出分析师预期的 3.678 亿美元。调整后的每股收益（EPS）与市场一致，均为 0.34 美元。本季度在合并净销售额、毛利率和调整后的 EBITDA 方面创下了新的公司记录。管理层指出，订单活动高于预期，制造改进带来了利润增长，以及针对性提价的积极影响。尽管面临关税增加和货币压力，但整体表现超出预期，导致公司上调了全年财务指导。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q3 2025</th>
<th>Q3 2025 Estimate</th>
<th>Q3 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$0.34</td>
<td>$0.34</td>
<td>$0.32</td>
<td>6.3 %</td>
</tr>
<tr>
<td>Revenue (GAAP)</td>
<td>$380.3 million</td>
<td>$367.78 million</td>
<td>$356.7 million</td>
<td>6.6 %</td>
</tr>
<tr>
<td>Operating Margin (GAAP)</td>
<td>19.4 %</td>
<td></td>
<td>18.8 %</td>
<td>0.6 pp</td>
</tr>
<tr>
<td>Net Income Margin (GAAP)</td>
<td>13.8 %</td>
<td></td>
<td>13.3 %</td>
<td>0.5 pp</td>
</tr>
<tr>
<td>Adjusted EBITDA (Non-GAAP)</td>
<td>$86.4 million</td>
<td></td>
<td>$85.2 million</td>
<td>1.4 %</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第三季度</th>
<th>2025 年第三季度预估</th>
<th>2024 年第三季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>0.34 美元</td>
<td>0.34 美元</td>
<td>0.32 美元</td>
<td>6.3 %</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>3.803 亿美元</td>
<td>3.6778 亿美元</td>
<td>3.567 亿美元</td>
<td>6.6 %</td>
</tr>
<tr>
<td>营业利润率（GAAP）</td>
<td>19.4 %</td>
<td></td>
<td>18.8 %</td>
<td>0.6 个百分点</td>
</tr>
<tr>
<td>净利润率（GAAP）</td>
<td>13.8 %</td>
<td></td>
<td>13.3 %</td>
<td>0.5 个百分点</td>
</tr>
<tr>
<td>调整后 EBITDA（非 GAAP）</td>
<td>8640 万美元</td>
<td></td>
<td>8520 万美元</td>
<td>1.4 %</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q2 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于 2025 财年第二季度财报中提供的管理层指导。</p>
</div><h2>Business Overview and Recent Strategic Priorities</h2>
<div class="lb-trans"><h2>业务概述及近期战略重点</h2>
</div><p>Mueller Water Products specializes in products and systems vital to water infrastructure. Its product lineup includes iron gate valves, which regulate water flow, fire hydrants for public safety, as well as advanced solutions for water management such as pressure control and leak detection. These products are widely specified in U.S. metropolitan water systems, providing recurring sales and a solid customer base.</p>
<div class="lb-trans"><p>Mueller Water Products 专注于水基础设施所需的产品和系统。其产品线包括调节水流的铁闸阀、用于公共安全的消防栓，以及先进的水管理解决方案，如压力控制和漏水检测。这些产品在美国大都市水系统中被广泛指定，提供了持续的销售和稳固的客户基础。</p>
</div><p>In recent years, the company has focused on modernizing manufacturing capabilities, expanding its portfolio, and introducing new technology like intelligent water monitoring. Investments such as upgrading foundries and advanced manufacturing initiatives are viewed as key to margin expansion, cost control, and product quality. Its leading market position, broad distribution network, and ongoing innovation help drive growth amid a competitive and regulated landscape.</p>
<div class="lb-trans"><p>近年来，公司专注于现代化制造能力、扩展产品组合，并引入智能水监测等新技术。升级铸造厂和先进制造计划等投资被视为利润扩张、成本控制和产品质量的关键。其领先的市场地位、广泛的分销网络和持续的创新帮助公司在竞争激烈和受监管的环境中推动增长。</p>
</div><h2>Quarter Highlights: Financial and Operational Developments</h2>
<div class="lb-trans"><h2>季度亮点：财务和运营发展</h2>
</div><p>Net sales (GAAP) rose 6.6%, marking a new high in consolidated revenue. Higher volumes across most product lines and recent price increases fueled this growth. Notably, both the Water Flow Solutions and Water Management Solutions segments contributed, with Water Management Solutions growing at a faster 10.2% pace, attributed to increased sales of repair products and hydrants.</p>
<div class="lb-trans"><p>净销售额（GAAP）增长 6.6%，创下合并收入新高。大多数产品线的销量增加和近期的提价推动了这一增长。值得注意的是，水流解决方案和水管理解决方案两个部门均有贡献，其中水管理解决方案以 10.2% 的更快增速增长，主要归因于修理产品和消防栓的销售增加。</p>
</div><p>Gross profit grew to $145.7 million, and gross margin increased by 1.5 percentage points to 38.3% compared to the prior year. The improvement reflected better manufacturing efficiencies and added scale, which offset costs from recently enacted tariffs. Management stated, “Our gross margin exceeded 38% this quarter, reflecting a significant sequential improvement of 320 basis points.”</p>
<div class="lb-trans"><p>毛利润增长至 1.457 亿美元，毛利率较去年提高 1.5 个百分点，达到 38.3%。这一改善反映了更好的制造效率和规模效应，抵消了近期实施的关税带来的成本。管理层表示：“本季度我们的毛利率超过了 38%，反映出 320 个基点的显著环比改善。”</p>
</div><p>While operating income and net income margins both widened compared to the prior year, the results were partially held back by a sharp rise in selling, general, and administrative (SG&amp;A) expenses. SG&amp;A expense increased 15.4% to $71.0 million, driven mainly by currency fluctuations related to the Israeli shekel and some inflationary pressures, partly offset by lower amortization expense. Adjusted EBITDA for the company increased 1.4%, but the EBITDA margin contracted to 22.7% from 23.9%, as unfavorable foreign exchange and ongoing tariff costs outpaced some operational benefits.</p>
<div class="lb-trans"><p>尽管营业收入和净利润率均较去年扩大，但结果部分受到销售、一般和行政（SG&amp;A）费用急剧上升的影响。SG&amp;A 费用增长 15.4%，达到 7100 万美元，主要受到与以色列新谢克尔相关的货币波动和一些通胀压力的推动，部分被较低的摊销费用抵消。公司的调整后 EBITDA 增长 1.4%，但 EBITDA 利润率从 23.9% 收缩至 22.7%，因为不利的外汇和持续的关税成本超过了一些运营收益。</p>
</div><p>Cash flow from operations and free cash flow for 9M FY2025 were $135.8 million and $103.0 million, respectively, both lower than in the prior year periods. Management attributed the decline to working capital changes and fewer one-time liabilities, partially offset by higher net income. Capital expenditures rose to $32.8 million for 9M FY2025, supporting the modernization of iron foundries and new manufacturing initiatives. The company bought back $10 million in stock, and total net leverage dropped to 0.3 times adjusted EBITDA (non-GAAP), indicating a strong balance sheet position.</p>
<div class="lb-trans"><p>2025 财年前 9 个月的经营现金流和自由现金流分别为 1.358 亿美元和 1.03 亿美元，均低于去年同期。管理层将下降归因于营运资本变化和较少的一次性负债，部分被较高的净收入抵消。资本支出上升至 3280 万美元，用于支持铁铸造厂的现代化和新的制造计划。公司回购了 1000 万美元的股票，总净杠杆降至调整后 EBITDA（非 GAAP）的 0.3 倍，表明公司财务状况良好。</p>
</div><p>Iron gate valves, which form the backbone of many U.S. water systems, continued to show robust order trends amid ongoing infrastructure investment. Repair products, typically fast-turnaround parts for maintaining water infrastructure, saw heightened demand in Water Management Solutions. However, the company encountered pockets of weakness, with lower volumes in service brass products and natural gas distribution products—potentially signaling softer demand or increased competition in those areas. The company did not report significant new product launches but reaffirmed an emphasis on Environmental, Social, and Governance (ESG) initiatives and published a new annual ESG report.</p>
<div class="lb-trans"><p>铁闸阀作为许多美国水系统的支柱，继续显示出强劲的订单趋势，尽管基础设施投资持续。水管理解决方案中的修理产品，通常是用于维护水基础设施的快速周转零件，需求增加。然而，公司在服务黄铜产品和天然气分配产品方面遇到了一些疲软，可能表明这些领域的需求减弱或竞争加剧。公司未报告重大新产品发布，但重申了对环境、社会和治理（ESG）倡议的重视，并发布了新的年度 ESG 报告。</p>
</div><p>Management closed a legacy brass foundry during the period, aiming to boost margins and operational flexibility. In doing so, the company took a $0.8 million asset write-down (GAAP, Q2 FY2025), but expects the closure to positively impact future profitability. There was a minor increase in the quarterly dividend, which rose to $0.067 per share. This marks a continuation of the company’s capital return program, including both dividends and share repurchases.</p>
<div class="lb-trans"><p>管理层在此期间关闭了一家传统的黄铜铸造厂，旨在提高利润率和运营灵活性。在此过程中，公司进行了 80 万美元的资产减值（GAAP，2025 财年第二季度），但预计关闭将对未来盈利产生积极影响。季度股息略有增加，升至每股 0.067 美元。这标志着公司资本回报计划的持续，包括股息和股票回购。</p>
</div><h2>Outlook and What to Watch</h2>
<div class="lb-trans"><h2>前景及关注事项</h2>
</div><p>Management raised its financial outlook for fiscal 2025. Guidance for net sales now stands at $1,405–$1,415 million for FY2025, up from a previous midpoint of $1,395 million, while adjusted EBITDA (non-GAAP) is forecast at $318–$322 million, up from $310–$315 million. Free cash flow is expected to exceed 80% of adjusted net income for FY2025. The guidance uplift follows the strong quarter and the benefit of recent price actions, though management noted there is a lag between higher tariffs and the benefit from future price increases.</p>
<div class="lb-trans"><p>管理层提高了对 2025 财年的财务展望。2025 财年的净销售指导现为 14.05 亿至 14.15 亿美元，高于之前的 13.95 亿美元中点，而调整后的 EBITDA（非 GAAP）预计为 3.18 亿至 3.22 亿美元，高于之前的 3.10 亿至 3.15 亿美元。预计 2025 财年的自由现金流将超过调整后净收入的 80%。此次指导上调是由于强劲的季度表现和近期价格调整的好处，尽管管理层指出，较高的关税与未来价格上涨的好处之间存在滞后效应。</p>
</div><p>The company did not alter other guidance areas significantly, maintaining its outlook for expenses and capital investment. For the upcoming quarter and beyond, investors should watch for further impacts from tariffs, currency swings, margin performance in both operating segments, and cash flow trends. The rollout of additional price increases to address tariffs is expected to benefit results later in the year, particularly in Q4 FY2025, following a lag period identified by management.</p>
<div class="lb-trans"><p>公司在其他指导领域没有显著改变，维持对费用和资本投资的展望。在即将到来的季度及之后，投资者应关注关税、货币波动、两个运营部门的利润表现以及现金流趋势的进一步影响。预计为应对关税而推出的额外价格上涨将在今年晚些时候，特别是 2025 财年第 4 季度，带来收益，管理层已识别出滞后期。</p>
</div><p>The quarterly dividend was raised 4.7% to $0.067 per share.</p>
<div class="lb-trans"><p>季度股息提高了 4.7%，至每股 0.067 美元。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
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Mueller Water Products 第三季度收入增长 6.6%