Zurn Elkay Water Solutions Corporation (NYSE:ZWS) Q3 2024 Earnings Conference Call October 30, 2024 8:30 AM ET
Company Participants
Bryan Wendlandt – Director-FP&A
Todd Adams – Chairman and Chief Executive Officer
David Pauli – Chief Financial Officer
Conference Call Participants
Bryan Blair – Oppenheimer
Andrew Buscaglia – BNP Paribas
Andrew Krill – Deutsche Bank
Nathan Jones – Stifel
Mike Halloran – Baird
Joe Ritchie – Goldman Sachs
Brett Linzey – Mizuho
Operator
Good morning and welcome to the Zurn Elkay Water Solutions Corporation’s Third Quarter 2024 Earnings Result Conference Call with Todd Adams, Chairman and Chief Executive Officer; David Pauli, Chief Financial Officer; and Bryan Wendlandt, Director of FP&A for Zurn Elkay Water Solutions. A replay of this conference call will be available as a webcast on the company’s Investor Relations website.
At this time for opening remarks and introduction, I’ll turn the call over to Bryan Wendlandt.
Bryan Wendlandt
Good morning everyone, and thanks for joining the call today. Before we begin, I’d like to remind everyone that this call contains certain forward-looking statements that are subject to the Safe Harbor language contained in the press release that we issued yesterday afternoon, as well as in our filings with the SEC.
In addition, some comparisons will refer to non-GAAP measures. Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they are helpful to investors, and contain reconciliations to the corresponding GAAP information. Consistent with prior quarters, we will speak to certain non-GAAP metrics as we feel they provide a better understanding of our operating results. These measures are not a substitute for GAAP. We encourage you to review the GAAP information in our earnings release and in our SEC filings.
With that, I’ll turn the call over to Todd Adams, Chairman and CEO of Zurn Elkay Water Solutions.
Todd Adams
Thanks, Bryan, and good morning everyone and thanks for taking the time to call in this morning. I’ll start on Page 3. The third quarter again slightly exceeded our guidance across the board and we are also raising our outlook again for the full year. We leveraged third quarter core growth of 4% into 9% adjusted EBITDA growth which drove margins to 25.6%, equating to 150 basis points of margin expansion year-over-year.
Through nine months, our consolidated EBITDA margins sit at 25% and as you may have seen in the release, we raised our outlook for the year-over-year margin expansion to 250 basis points to 270 basis points.