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 RECORD YEAR

AND ANNOUNCES $150 MILLION SHARE REPURCHASE PROGRAM

 

·                  4Q18 sales increased 6% to $388 million; organic growth of 7%

 

·                  4Q18 operating margin of 11.7%; up 150 bps on GAAP basis, up 30 bps on adjusted basis

 

·                  4Q18 GAAP EPS of $0.85 increased $0.92 compared to prior year; results in 4Q17 include a tax charge of $0.73 per share related to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”)

 

·                  4Q18 adjusted EPS up 19% to $0.88

 

·                  2018 operating cash flow of $169 million and free cash flow of $136 million, a 9% and 7% increase, respectively, over the prior year

 

·                  Announcing $150 million share repurchase program

 

North Andover, Mass., February 7, 2019 —

Watts Water Technologies, Inc. (NYSE: WTS) today announced results for the fourth quarter and full-year 2018.

 

“I am pleased that we finished the year with a strong fourth quarter.  We continued to drive top-line growth and margin expansion, which as in prior quarters, was led by an excellent performance from the Americas,” said Chief Executive Officer Robert J. Pagano Jr.  “We delivered record quarterly sales driven by solid organic growth in the Americas and Europe. We leveraged our incremental sales and the benefits from productivity and restructuring into higher operating income, and record fourth quarter operating margin and earnings per share.”

 

Commenting on the stock repurchase program, Mr. Pagano noted, “This action reflects our ongoing commitment to enhance shareholder value and to execute our balanced cash allocation strategy. We expect to use available cash to fund this program.  We remain committed to our long-term growth strategy of growing the business organically and through acquisitions and we believe we will continue to have sufficient capital available to fund future acquisitions and innovative initiatives.”

 

Sales for the fourth quarter and the full year were $388 million and $1.57 billion, up 6% and 7%, respectively, as compared to the similar periods of 2017.  Net income per diluted share (EPS) for the fourth quarter and for the year ended December 31, 2018 was $0.85 and $3.64, respectively, as compared to $(0.07) and $2.12 for the prior-year periods.  GAAP results for the current and prior year quarters and full years were impacted by provisional adjustments relating to the Tax Act, which will be finalized in our Annual Report on Form 10-K.  Adjusted EPS for the fourth quarter and year ended December 31, 2018 was $0.88 and $3.74, respectively, as compared to

 


The following information was filed by Watts Water Technologies Inc (WTS) on Thursday, February 7, 2019 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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