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The company earned $0.94 per share last quarter, slightly ahead of the $0.92 analysts expected. Sales grew about 3 percent to $2.15 billion. This growth comes as the business continues to benefit from the Infrastructure Investment and Jobs Act, a federal law that provides long-term funding for municipalities to fix aging water systems and replace lead pipes.
Management kept its financial goals for the full year unchanged, which suggests they see steady demand ahead despite some price swings in materials like PVC. The company also spent $169 million buying back its own shares, a move that increases the ownership stake of remaining shareholders by reducing the total number of shares available. While the stock fell about 4 percent today, the underlying business remains a healthy link in the national effort to modernize water infrastructure.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
The company is set to report its latest quarterly performance next week. Analysts are looking for earnings of about $0.92 per share. The key thing to watch is whether federal infrastructure funding is starting to translate into more orders for water pipes and fittings, or if falling prices for materials like PVC are still weighing on the total sales numbers. This update is a routine heads-up. We will provide a full analysis once the actual results are released.
Management has established a reliable pattern of setting conservative targets and clearing them. Six consecutive beats suggest they have a firm handle on their costs and project timing.
| Expectation | |
|---|---|
| EPS | $0.92 |
| Revenue | $2.14B |
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