Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Contact:

Timothy M. MacPhee

 

 

Vice President – Investor Relations

 

 

Telephone:      (978) 688-1811

 

 

Fax:                  (978) 688-2976

 

WATTS WATER TECHNOLOGIES REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR 2015

 

·                  4Q15 sales totaled $358 million, down 5% with 4% organic growth

 

·                  4Q15 adjusted operating margin expanded 60 bps to 9.9%; GAAP margin of (32.8%)

 

·                  4Q15 adjusted EPS was $0.59, up $0.01; GAAP EPS of ($3.41)

 

·                  2015 adjusted free cash flow was $131 million, up 17% year-over-year

 

·                  Recorded non-cash goodwill impairment of $130 million and initiated additional restructuring, both items associated with the EMEA business

 

·                  Announced settlement-in-principle of class actions involving legacy products

 

·                  Successfully completed the previously announced Apex acquisition; strengthens presence in Asia-Pacific

 

·                  Enhanced financial flexibility by entering into new credit facilities totaling $800 million

 

North Andover, MA…February 16, 2016. 

Watts Water Technologies, Inc. (NYSE: WTS) today announced results for the fourth quarter and year ended December 31, 2015.  Sales for the fourth quarter were $358.3 million, down 5%, as compared to the fourth quarter of 2014.  Sales for the year ended December 31, 2015 were $1.47 billion, down 3%, as compared to the year ended December 31, 2014.  Net loss per diluted share (EPS) for the fourth quarter and year ended December 31, 2015 was ($3.41) and ($3.24), respectively, as compared to ($0.22) and $1.42 for the fourth quarter and year ended December 31, 2014, respectively.  Adjusted for special items, fourth quarter and year ended December 31, 2015 EPS was $0.59 and $2.41, respectively, as compared to $0.58 and $2.51 for the fourth quarter and year ended December 31, 2014.  A summary of fourth quarter and full year financial results is as follows:

 


The following information was filed by Watts Water Technologies Inc (WTS) on Tuesday, February 16, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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