Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Contact:

Timothy M. MacPhee

 

 

 

Treasurer, VP – Investor Relations

 

 

 

Telephone:

(978) 689-6201

 

 

 

Fax:

(978) 794-0353

 

WATTS WATER TECHNOLOGIES REPORTS FIRST QUARTER 2017 RESULTS

 

·                  GAAP EPS of $0.63, up 34%; adjusted EPS of $0.65, up 14%

 

·                  Reported sales of $347 million, up 1% year-over-year driven by acquisitions; organic sales down 1%

 

·                  Strong GAAP operating margin of 10.3%, up 120 bps; adjusted operating margin of 11.1%, up 30 bps

 

North Andover, MA…May 4, 2017. 

Watts Water Technologies, Inc. (NYSE: WTS) today announced first quarter 2017 sales of $347 million, an increase of 1% as compared to the same period last year.  First quarter net income per diluted share (EPS) was $0.63 as compared to $0.47 for the same period last year.  The improvement in GAAP EPS was primarily driven by lower restructuring and transformation deployment costs, and a favorable effective tax rate.  Adjusted for special items, first quarter EPS was $0.65 as compared to $0.57 for the same period last year.  Adjusted earnings improved due to strong productivity, and lower interest expense and a favorable tax rate.  A summary of first quarter financial results is as follows:

 

 

 

First Quarter Earnings Summary

 

(In millions, except per share information)

 

2017

 

2016

 

% Change

 

Sales

 

$

347.2

 

$

344.2

 

0.9

%

Net income

 

21.7

 

16.2

 

34.0

%

Diluted earnings per share

 

$

0.63

 

$

0.47

 

34.0

%

Special items

 

0.02

 

0.10

 

 

 

Adjusted earnings per share (1)

 

$

0.65

 

$

0.57

 

14.0

%

 


The following information was filed by Watts Water Technologies Inc (WTS) on Thursday, May 4, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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