Watts Water Technologies Inc (WTS) SEC Filing 10-Q Quarterly report for the period ending Sunday, April 2, 2017

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Watts Water Technologies Inc
Ticker: WTS CIK: 795403

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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