<SEC-DOCUMENT>0001350593-18-000015.txt : 20180202
<SEC-HEADER>0001350593-18-000015.hdr.sgml : 20180202
<ACCEPTANCE-DATETIME>20180202105716
ACCESSION NUMBER:		0001350593-18-000015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180202
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180202
DATE AS OF CHANGE:		20180202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mueller Water Products, Inc.
		CENTRAL INDEX KEY:			0001350593
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				203547095
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32892
		FILM NUMBER:		18569179

	BUSINESS ADDRESS:	
		STREET 1:		1200 ABERNATHY RD, NE
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-206-4200

	MAIL ADDRESS:	
		STREET 1:		1200 ABERNATHY RD, NE
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mueller Holding Company, Inc.
		DATE OF NAME CHANGE:	20060123
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k02x02x18xscript.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="s327099CE712C58C196C47FC5B2AC0486"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM&#160;8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT PURSUANT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO SECTION 13 or 15(d) OF THE</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DATE OF REPORT (Date of earliest event reported):&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 2, 2018</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">MUELLER WATER PRODUCTS, INC.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact Name of Registrant as Specified in Its Charter)</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;text-indent:96px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:669px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:222px;"></td><td style="width:222px;"></td><td style="width:222px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">0001-32892</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">20-3547095</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or Other Jurisdiction of Incorporation or Organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(I.R.S. Employer Identification Number)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1200 Abernathy Road, Suite 1200</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Atlanta, Georgia 30328</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of Principal Executive Offices)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(770) 206-4200</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Not applicable.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:683px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:22px;"></td><td style="width:17px;"></td><td style="width:642px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:24%;"></td><td style="width:24%;"></td><td style="width:24%;"></td><td style="width:24%;"></td><td style="width:4%;"></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sE37DE096EABE50BF91DC2C44B4A30451"></a></div><div style="line-height:120%;padding-bottom:16px;text-align:left;-sec-extract:summary;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:683px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:66px;"></td><td style="width:10px;"></td><td style="width:605px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 7.01.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Regulation FD Disclosure.</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:5px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 2, 2018, Mueller Water Products, Inc. (the &#8220;Company&#8221;) held an investor conference call regarding its fiscal 2017 first quarter financial results.  A copy of management's prepared remarks is attached and furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.  The furnishing of the remarks is not intended to constitute a representation that such furnishing is required by Regulation FD or that the remarks include material investor information that is not otherwise publicly available.  In addition, the Company does not assume any obligation to update such information in the future.</font></div><div style="line-height:120%;padding-top:11px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information provided pursuant to this Item 7.01, including Exhibit 99.1 in Item 9.01, is &#8220;furnished&#8221; and shall not be deemed to be &#8220;filed&#8221; with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings. </font></div><div style="line-height:120%;padding-top:11px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:655px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:66px;"></td><td style="width:10px;"></td><td style="width:577px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Financial Statements and Exhibits.</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(d) Exhibits.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:11px;text-align:right;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit991script2-02x18.htm"><font style="font-family:inherit;font-size:10pt;">99.1</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management's Presentation, Conference Call Remarks - 1st Quarter Fiscal 2018 (February 2, 2018)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:617px;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:293px;"></td><td style="width:40px;"></td><td style="width:190px;"></td><td style="width:93px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:&#160; February 2, 2018</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MUELLER WATER PRODUCTS,&#160;INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Marietta Edmunds Zakas</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marietta Edmunds Zakas</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Executive Vice President and Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<DESCRIPTION>EXHIBIT 99.1
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<div><a name="sD066928D0B725A59AB0D25B5F28EE431"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">First Quarter</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">2018</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Conference</font><font style="font-family:inherit;font-size:16pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Call Script</font></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">February 2, 2018</font></div><div style="line-height:120%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">9:00 a.m.</font></div><div style="line-height:120%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:120%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Yolanda Kokayi </font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Good morning everyone.  Welcome to Mueller Water Products&#8217; </font><font style="font-family:inherit;font-size:16pt;">2018</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;conference call.  We issued our press release reporting results of operations for the quarter ended </font><font style="font-family:inherit;font-size:16pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:16pt;">&#32;yesterday afternoon.  A copy of it is available on our website, muellerwaterproducts.com.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Discussing the </font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">&#8217;s results and outlook for the full year are Scott Hall, our president and CEO, and Martie Zakas, our CFO.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">This morning&#8217;s call is being recorded and webcast live on the Internet.  We have also posted slides on our website to help illustrate the quarter&#8217;s results, as well as to address forward-looking statements and our non-GAAP disclosure requirements.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">At this time, please refer to slide 2.  This slide identifies non-GAAP financial measures referenced in our press release, on our slides and on this call, and discloses the reasons why we believe that these measures provide useful information to investors.  Reconciliations between GAAP and non-GAAP financial measures are included in the supplemental information within our press release and on our website.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Slide 3 addresses forward-looking statements made on this call.  This slide includes cautionary information identifying important factors that could cause actual results to differ materially from those included in forward-looking statements. Please review slides 2 and 3 in their entirety.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">During this call, all references to a specific year or quarter, unless specified otherwise, refer to our fiscal year, which ends on September 30. </font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">2</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">A replay of this morning&#8217;s call will be available for 30 days at 1-866-380-8124.  The archived webcast and corresponding slides will be available for at least 90 days in the Investor Relations section of our website.  In addition, we will furnish a copy of our prepared remarks on Form 8-K later this morning.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I'll now turn the call over to Scott.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Scott Hall</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks Yolanda.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thank you for joining us today as we discuss our 2018 first quarter results.  I'll give you a quick overview of the quarter and then Martie will follow with additional analysis.  I will then provide some further color on key performance indicators later in the call.  We will finish up with an updated discussion of our outlook for 2018.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">3</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Overall, I was pleased by the 6.6 percent growth in consolidated net sales.  We had a strong, </font><font style="font-family:inherit;font-size:16pt;">9.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;increase in Infrastructure net sales, primarily driven by higher shipment volumes, the addition of Singer Valve and favorable pricing.  These factors were partially offset by lower volumes in Technologies&#8217; meter business.  </font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">From an operating perspective, we benefited from ongoing manufacturing productivity improvements this quarter, however we continued to experience rising material costs, particularly in brass, which increased 3.6 percent sequentially and 23.8 percent year-over-year.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">You have heard much about tax legislation and we will spend time on it this morning.  The new tax legislation improved our first quarter earnings and will be an ongoing benefit by providing additional liquidity and earnings.  We will continue to balance our capital allocation among strategic investments to strengthen and grow the business, while at the same time returning cash to shareholders through share repurchases and dividends.  We repurchased $10 million worth of shares during the first quarter, and we recently declared a 25 percent increase in our quarterly dividend.</font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">4</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We remain confident in our ability to deliver both strong consolidated net sales growth and conversion margin improvement for 2018, driven by healthy end markets and continued execution of our strategic initiatives.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">With that, I&#8217;ll turn the call over to Martie.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Martie Zakas</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks Scott, and good morning.  I will start with our </font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;consolidated financial results, then review our segment performance.  I will then move on to the current and ongoing impact of the new tax legislation.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Consolidated net sales for the 2018 first quarter increased </font><font style="font-family:inherit;font-size:16pt;">$11.1 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">6.6 percent</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$178.3 million</font><font style="font-family:inherit;font-size:16pt;">.  Most of this growth was the </font><font style="font-family:inherit;font-size:16pt;">$13.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;increase from Infrastructure, which was partially offset by a </font><font style="font-family:inherit;font-size:16pt;">$2.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;decline for Technologies due to lower shipment volumes at Mueller Systems. </font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">5</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Gross profit improved this quarter by </font><font style="font-family:inherit;font-size:16pt;">$3.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$55.4 million</font><font style="font-family:inherit;font-size:16pt;">, and gross margin increased by </font><font style="font-family:inherit;font-size:16pt;">10</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">31.1 percent</font><font style="font-family:inherit;font-size:16pt;">, which we were pleased to see, given the inflationary environment. </font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Selling, general and administrative expenses were </font><font style="font-family:inherit;font-size:16pt;">$39.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the quarter and </font><font style="font-family:inherit;font-size:16pt;">$36.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the first quarter last year.  The increase was due primarily to the addition of SG&amp;A at Singer Valve and personnel-related expenses.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Operating income improved </font><font style="font-family:inherit;font-size:16pt;">45.8 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$20.7 million</font><font style="font-family:inherit;font-size:16pt;">, and adjusted operating income was </font><font style="font-family:inherit;font-size:16pt;">$15.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the 2018 first quarter and </font><font style="font-family:inherit;font-size:16pt;">$15.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the 2017 first quarter.  Our adjusted results this quarter excluded a gain of </font><font style="font-family:inherit;font-size:16pt;">$9.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;on the sale of an idle facility and expenses of </font><font style="font-family:inherit;font-size:16pt;">$3.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;related to strategic reorganization and other charges.  As we discussed before, we expect to report expenses related to our previously announced strategic reorganization throughout 2018.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Operating performance was favorably impacted by price, manufacturing productivity improvements and volume, which were almost entirely offset by </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">6</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">higher material costs and higher SG&amp;A personnel-related expenses, which includes R&amp;D staff and other engineers.  </font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted EBITDA for the </font><font style="font-family:inherit;font-size:16pt;">2018</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;increased to </font><font style="font-family:inherit;font-size:16pt;">$26.0 million</font><font style="font-family:inherit;font-size:16pt;">, compared with </font><font style="font-family:inherit;font-size:16pt;">$25.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in 2017.  For the trailing twelve months, adjusted EBITDA was </font><font style="font-family:inherit;font-size:16pt;">$164.3 million</font><font style="font-family:inherit;font-size:16pt;">, or 19.6 percent of net sales.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Net interest expense for the 2018 first quarter decreased by </font><font style="font-family:inherit;font-size:16pt;">$1.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$5.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;primarily due to higher interest income this year.</font></div><div style="line-height:232%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Now onto tax legislation...</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">On December 22, 2017, tax legislation was enacted that made significant revisions to federal income tax laws.  These changes included lowering the corporate income tax rate to 21 percent from 35 percent, overhauling the taxation of income earned outside the United States, and eliminating or limiting certain deductions.  The effective date of the tax rate change was January 1, 2018, therefore we are subject to a blended federal tax rate of 24.5 percent throughout our fiscal 2018.  </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">7</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For the 2018 first quarter, we reported a net income tax benefit of </font><font style="font-family:inherit;font-size:16pt;">$39.8 million</font><font style="font-family:inherit;font-size:16pt;">, which was largely driven by a benefit of </font><font style="font-family:inherit;font-size:16pt;">$42.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;related to remeasurement of our net deferred income tax liabilities using the enacted tax rates in effect when we expect to recognize the related tax expenses or benefits.  Other than this remeasurement benefit, income tax expense was </font><font style="font-family:inherit;font-size:16pt;">$2.8 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">18.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;of income before income taxes, which is lower than the statutory tax rate due to the impact of discrete items during the quarter, particularly certain effects of stock compensation transactions.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Also under this legislation, we are subject to a one-time transition tax on undistributed foreign earnings.  The amount of this tax is not reasonably estimable at this time, so we have not yet recorded a provision for this tax.  We expect to record tax expense for this transition tax later in 2018.  Although we will benefit from a lower corporate income tax rate in 2019 compared with our 2018 blended rate, we also expect to be unfavorably impacted by the elimination or reduction of certain deductions that are currently available to us, such as the domestic manufacturing deduction.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">8</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">The tax benefit from the remeasurement of our net deferred tax liabilities was excluded from the adjusted net income per share, which was $0.06 for the quarter and $0.04 in 2017. </font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now turn to segment performance, starting with Infrastructure.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Net sales for the 2018 first quarter increased </font><font style="font-family:inherit;font-size:16pt;">$13.8 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">9.4 percent</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$160.1 million</font><font style="font-family:inherit;font-size:16pt;">, primarily due to higher shipment volumes, the addition of Singer Valve and favorable pricing.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating income for the 2018 first quarter increased $1.8 million, or </font><font style="font-family:inherit;font-size:16pt;">6.8 percent</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$28.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;primarily due to increased shipment volumes, favorable pricing and manufacturing productivity improvements, which were partially offset by higher material costs.  We experienced higher material costs both year-over-year and sequentially.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted EBITDA for the </font><font style="font-family:inherit;font-size:16pt;">2018</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;increased $1.9 million, or 5.4  percent to </font><font style="font-family:inherit;font-size:16pt;">$37.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;versus </font><font style="font-family:inherit;font-size:16pt;">$35.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the 2017 </font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">9</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Moving on to Technologies&#8230;</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">In our 2018 first quarter, net sales decreased </font><font style="font-family:inherit;font-size:16pt;">$2.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$18.2 million</font><font style="font-family:inherit;font-size:16pt;">.  Echologics&#8217; net sales increased this quarter, however, this growth was more than offset by a relative decline in Mueller Systems&#8217; metering shipments that was primarily due to a difficult comparison with a year ago.  As a reminder, through the first six months of last year, Mueller Systems net sales were up over 20% as compared with 2016 when several large projects were at or near peak deployment.  Given the project nature of the Mueller Systems business, quarter-over-quarter comparisons are not necessarily meaningful.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating losses were </font><font style="font-family:inherit;font-size:16pt;">$4.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the 2018 first quarter and </font><font style="font-family:inherit;font-size:16pt;">$2.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the 2017 first quarter.  This decline in adjusted operating results was primarily due to lower shipment volumes previously mentioned. </font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Now I'll review our liquidity...</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Free cash flow, which is cash flows from operating activities of continuing operations, less capital expenditures, was negative </font><font style="font-family:inherit;font-size:16pt;">$5.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">10</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">the </font><font style="font-family:inherit;font-size:16pt;">2018</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">first quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;and negative </font><font style="font-family:inherit;font-size:16pt;">$24.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the prior year quarter.  Free cash flow was higher this quarter largely due to improved working capital management at Infrastructure and lower income tax payments this quarter compared with the first quarter of last year.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We invested </font><font style="font-family:inherit;font-size:16pt;">$6.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the quarter for capital expenditures, largely to upgrade our equipment and manufacturing capabilities to further drive productivity improvements and cost savings across the organization.  </font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">At </font><font style="font-family:inherit;font-size:16pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:16pt;">, total debt was comprised of a $478.2 million senior secured term loan due November 2021 and </font><font style="font-family:inherit;font-size:16pt;">$1.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of other.  The term loan accrues interest at a floating rate equal to LIBOR plus a margin of 250 basis points.  We have interest rate swap contracts that effectively fix the interest rate on $150.0 million of our term loan borrowings at 4.8 percent through September&#160;30, 2021.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Net debt leverage ratio was less than one, and our excess availability under the ABL Agreement was about $96 million.   </font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">11</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now turn the call to Scott to talk more about our results and updated 2018 outlook.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Scott Hall</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks Martie</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I'd like to talk now about five key areas for the quarter, the first being net sales growth and then on to operating performance, material cost, pricing, and then finally capital allocation.  At that point we'll move on to take a look at our full year outlook.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Starting with net sales growth...</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Infrastructure's first quarter net sales growth of 9.4 percent was driven by growth across all our major product lines, which includes valves, hydrants and brass products.  We are seeing favorable market dynamics in both our municipal and residential end-markets, and all indications to us are that the </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">12</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">fundamentals are very good for a healthy demand environment throughout  2018.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Although Technologies' first quarter net sales decreased year-over-year, we were pleased to see a $2.5 million increase in sales of our fixed and mobile leak detection solutions in the quarter.  This increase was more than offset by a decline in metering volumes and pipe condition assessment services.  As mentioned earlier, the decline in metering shipments this quarter was primarily due to a difficult comparison with a year ago when several large AMI projects were at peak deployment. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Technologies' fixed leak detection solutions continue to win new business and ended the quarter with more business under contract than a year ago.  Technologies is focused on growing sales of its AMI and leak detection technologies and improving operating performance over the course of the year. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">13</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:16pt;">On the manufacturing front, I continue to be encouraged by the operating performance at Infrastructure, as we again delivered meaningful cost savings and productivity improvements in the quarter.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We are still experiencing an unfavorable material cost environment that more than offset these improvements, as first quarter material costs rose about 5.5 percent compared with the prior year quarter, or about 1 percent sequentially, which lowered our conversion margin in the quarter.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We believe the impact from higher year-over-year material costs to be less in the second half of 2018, compared to the first half of the year, but still higher than a year ago.  We expect to offset these higher material costs with additional productivity improvements and improved pricing.  First quarter pricing was up solidly year-over-year and sequentially, but not enough to fully offset the increase to material costs.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">As we've stated before, price changes tend to lag changes in input costs.  We believe we can satisfactorily address increases in material costs with </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">14</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">appropriate pricing actions over time.  In December, we announced price increases for valves, hydrants and gas products effective in the second quarter in the U.S. and Canadian markets.  Over time, we expect our pricing yields to exceed material cost inflation.  On a sequential basis, we have improved pricing over each of the last three quarters.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Moving on to capital allocation...  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Our capital allocation strategy remains focused on enhancing our position as a water infrastructure company and adding long-term value for our shareholders.  We will continue to balance our capital allocation among strategic investments to strengthen and grow the business and returning cash to shareholders.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">In conjunction with our strategy to enhance productivity and accelerate product innovation, we believe some of the provisions of the new tax legislation will provide the backdrop to realize more benefit from these investments.  For example, the immediate income tax deduction related to </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">15</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">capital assets placed in service, as well as a lower U.S. federal corporate tax rate, will further enhance our already strong cash position.  We are analyzing additional investment opportunities that will help us expand the product portfolio, broaden manufacturing capabilities and efficiencies, and support growth initiatives.  As I have previously discussed, I expect near-term capital expenditures to be higher than they have been historically to help support our strategic growth initiatives.   Additionally, we will continue to look for strategic acquisitions to expand our product portfolio and geographic footprint.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Since January 2017, we have repurchased $65 million worth of shares and have $185 million remaining as part of our ongoing buyback program.   Additionally, we recently declared a 25 percent increase in our quarterly dividend.   This is the fourth increase to our quarterly dividend in the last three years.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">As we have repeatedly mentioned, we will continue to take a balanced approach in our capital allocation that will seek opportunities on the M&amp;A </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">16</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">front, reinvest in the business, buy back shares and return earnings to shareholders through dividends.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#32;I'd like to wrap up the call now with a review of our current full year expectations for consolidated results.  </font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I remain confident in our outlook for 2018, which remains unchanged.  For our key end markets, we expect residential construction market percentage growth to be in the mid-single digit range, while municipal spending growth will be in the low-single digit range.  State and local seasonally-adjusted tax receipts continue to increase year-over-year, as do water rates; both good indicators of future growth.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Our expectations for our operating performance in 2018 remain unchanged.  We continue to anticipate that consolidated net sales will grow in  the 4 to 7 percent range.  Although we did not see strong conversion margins this quarter,  we continue to expect our conversion margin will range from 35 to 40 percent in 2018. We are on track to deliver the anticipated cost savings from </font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">17</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">our strategic reorganization, while also increasing investments in new product development, engineering resources and productivity initiatives. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Martie will now provide some final comments on our 2018 outlook.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks Scott....</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Turning to some of the other expectations for our 2018 performance...  Corporate expenses are expected to be between $33 and $36 million. We expect depreciation and amortization to range from $44 to $46 million, net interest expense to be between $21 and $23 million,&#160;and capital expenditures to range from $40 to $48 million.  As Scott outlined, we are evaluating possibilities for additional capital expenditures in 2018.  We anticipate that our adjusted effective income tax rate for the full year will be between 26 and 29 percent, excluding the one-time transition tax.  Based on our current expectations for capital expenditures, we expect free cash flow to be higher than adjusted net income. </font></div><div style="line-height:232%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:14pt;"></font><font style="font-family:inherit;font-size:16pt;">With that, Operator, please open this call for questions.</font></div><div><br></div><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">18</font></div></div>	</body>
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