Zurn Elkay Water reports Q4 adjusted EPS 16c, consensus 16c

Reports Q4 revenue $340M, consensus $344.7M. Todd A. Adams, Chairman and Chief Executive Officer of Zurn Elkay, commented, "As a result of executing against our strategy over the past two years, we have put ourselves in a position to create a significant amount of value as we start 2023 as a premier, pure-play water business. The core Zurn business delivered another record year, with core sales growth of 11% on top of the 13% core growth we generated in 2021. We have accelerated the integration of the mid-year transaction with Elkay and start the year as a single business, with a clear path to the $50 million in synergies we expected and building momentum in our leading safe drinking water platform. With that backdrop, our Board of Directors has authorized a plan for the Company to repurchase up to $500 million of our common stock and we anticipate utilizing at least $100 million to repurchase shares during 2023. Our 2023 will be about executing against our strategic breakthrough’s and leveraging our expected $200 million of free cash flow to invest in our core business to create value for our shareholders."