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Mueller Water sees 'ongoing benefit' from tax legislation.

Says "pleased" by 6.6% growth in consolidated net sales in Q1. Says benefited from ongoing manufacturing productivity improvements. Says tax legislation improved Q1 earnings and will be an ongoing benefit by providing additional liquidity and earnings. Expects to report expenses related to strategic reorganization throughout 2018. Says will be subject to a one-time transition tax on undistributed foreign earnings later this year. Says will benefit from lower corporate income tax rate in 2019 compared with 2018 blended rate but expects to be unfavorably impacted by the elimination or reduction of certain deductions currently available. Says still experiencing unfavorable material cost environment, expects costs to be lower in 2H18 than 1H, but still up from a year ago. Expects near-term CapEx to be higher than historical CapEx. Expects Free Cash Flow to be higher than net income. Says will continue to look for strategic acquisitions to enhance product portfolio. Comments taken from Q1 earnings conference call.

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Publication:The Fly
Date:Feb 2, 2018
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