Watts Water Technologies (WTS) Tops Q3 EPS by 1c

Watts Water Technologies (NYSE: WTS) reported Q3 EPS of $1.04, $0.01 better than the analyst estimate of $1.03. Revenue for the quarter came in at $395 million versus the consensus estimate of $397.01 million.

• Reported sales of $395 million, +1%
• Organic sales growth +2%, foreign exchange -1%
• GAAP and adjusted operating margin of 12.4% and 13.3%, respectively, both +40 basis points
• GAAP EPS of $0.94, +2%; adjusted EPS of $1.04, +5%
• Second half 2019 organic growth in line with previous outlook
• Purchased the assets of Backflow Direct LLC

Chief Executive Officer, Robert J. Pagano Jr., noted, “We continued to drive solid operating results during the quarter. We delivered record third quarter sales, operating margin and EPS, on both a GAAP and adjusted basis. Operating margin continued to benefit from increased price and productivity initiatives. Our current 2019 second half organic sales growth expectations are in line with our August outlook. The acquisition of Backflow Direct will allow us to better meet the needs of our customers through a broader product offering and enhance our R&D efforts.”

For earnings history and earnings-related data on Watts Water Technologies (WTS) click here.

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