Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Contact:

Timothy M. MacPhee

 

 

Treasurer, VP — Investor Relations

 

 

Telephone:

(978) 689-6201

 

 

Fax:

(978) 688-2976

 

WATTS WATER TECHNOLOGIES REPORTS THIRD QUARTER 2017 RESULTS

 

·                  Reported sales of $365 million, up 7% year-over-year driven primarily by PVI acquisition; organic sales up 1%

 

·                  GAAP operating margin of 12.1%, up 140 bps year-over-year; adjusted operating margin of 12.6%, up 50 bps year-over-year

 

·                  GAAP EPS of $0.77, up 22%; adjusted EPS of $0.80, up 13%; both records for the third quarter

 

·                  Year-to-date cash flow from operations up 5%; year-to-date free cash flow up 31%

 

North Andover, MA…November 1, 2017. 

Watts Water Technologies, Inc. (NYSE: WTS) today announced third quarter 2017 results. Sales of $365 million increased 7% compared to the same period in 2016. Third quarter GAAP EPS was $0.77 as compared to $0.63 for the same period last year. The increase was driven by higher volume, strong operating performance, benefits from the PVI acquisition and lower transformation costs.  Adjusted for special items, third quarter EPS was $0.80 as compared to $0.71 for the same period last year.  Adjusted earnings benefited from higher volume, operating improvements and the PVI acquisition.  A summary of third quarter financial results is as follows:

 

 

 

Third Quarter Ended

 

(In millions, except per share information)

 

October 1,
2017

 

October 2,
2016

 

% Change

 

 

 

 

 

 

 

 

 

Sales

 

$

364.7

 

$

341.1

 

7

%

 

 

 

 

 

 

 

 

Net income

 

$

26.5

 

$

21.9

 

21

%

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.77

 

$

0.63

 

22

%

 

 

 

 

 

 

 

 

Special items

 

0.03

 

0.08

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings per share

 

$

0.80

 

$

0.71

 

13

%

 


The following information was filed by Watts Water Technologies Inc (WTS) on Wednesday, November 1, 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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