Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Contact:

 

Timothy M. MacPhee

 

 

 

 

Vice President — Investor Relations

 

 

 

 

Telephone:

(978) 689-6201

 

 

 

 

Fax:

(978) 794-0353

 

WATTS WATER TECHNOLOGIES REPORTS STRONG FINISH TO 2017

 

·                  4Q17 sales increased 7% to $366 million; organic growth of 3%

 

·                  4Q17 GAAP operating margin up 100 bps to 10.2%; adjusted operating margin of 11.4%, up 50 bps; both records for the fourth quarter

 

·                  GAAP EPS for 4Q17 of $(0.07) includes estimated tax charge of $25.1 million(1), or $(0.73) per share related to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”)

 

·                  Record 4Q17 adjusted EPS up 16% to $0.74

 

·                  2017 operating cash flow of $156 million and free cash flow of $127 million, a 13% and 24% increase, respectively, over the prior year

 

North Andover, Mass., February 12, 2018 —

Watts Water Technologies, Inc. (NYSE: WTS) today announced results for the fourth quarter and full-year 2017.

 

“We delivered a very good fourth quarter, which built upon the strong execution and results achieved throughout 2017,” said Chief Executive Officer Robert J. Pagano Jr.  “As expected, sales in the fourth quarter increased organically, both sequentially and year-over-year, driven by solid performance in the Americas and Europe. We leveraged our incremental sales into higher operating income, while achieving the benefits from our transformation initiatives.”

 

Sales for the fourth quarter and the full year were $366 million and $1.46 billion, up 7% and 4%, respectively, as compared to the similar periods of 2016.  Net loss per diluted share (EPS) for the fourth quarter and net income for the year ended December 31, 2017 was $(0.07) and $2.12, respectively, as compared to $0.51 and $2.44 for the prior-year periods.  Adjusted EPS for the fourth quarter and year ended December 31, 2017 was $0.74 and $3.02, respectively, as compared to $0.64 and $2.67 for the prior-year periods.  GAAP results were negatively impacted by the estimated charge relating to the Tax Act.   Adjusted EPS for the quarter and full year improved due to strong operating performances in the Americas and Europe.   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 Monday, February 12, 2018 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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