...May 24, 2023 Mueller Water Products Inc.'s leverage metrics remain strong despite diverging operating results from its two segments. Water Flow Solutions (WFS) has been a drag on the top line and margins as declining demand in its residential products, coupled with ongoing costs for the start-up of the new brass foundry and issues at the old foundry, have affected performance and metrics. We expect continued volume declines as channel destocking continues to reflect lower residential construction activity. On the other hand, Water Management Solutions' (WMS) revenue increased north of 35% in the second quarter, driven by volume growth and higher pricing across its product portfolio. We expect Mueller's revenue to increase in the mid- to high-single-digit percent area in 2023, driven by favorable demand trends in WMS, partially offset by continued volume declines on the back of weaker residential activity in WFS. We forecast S&P Global Ratings-adjusted EBITDA margins to expand 25 basis points...
