Watts Water Technologies Reports First Quarter 2020 Results
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Watts Water Technologies (WTS) Tops Q1 EPS by 8c, Revenues Beat; Withdraws FY20 Guidance
May 6, 2020 4:18 PM EDTWatts Water Technologies (NYSE: WTS) reported Q1 EPS of $0.95, $0.08 better than the analyst estimate of $0.87. Revenue for the quarter came in at $382.6 million versus the consensus estimate of $372.91 million.
Sales of $383 million were down 2% and 1% organically primarily as a result of the impact of the COVID-19 pandemic; foreign exchange was a 1% headwindGAAP operating margin of 12.5%, up 50 bps; adjusted operating margin of 12.6%, up 20 bpsGAAP and adjusted EPS of $0.94 and $0.95, respectively; up 3% on GAAP basis and up 1% on adjusted basisInitiated cost and cash management actions to... More