Watts Water reports record Q2 2021: sales $467M (+38%), adj. EPS $1.48 (+100%), raises FY outlook

WATTS WATER TECHNOLOGIES INC

2021-Q2 EPS reported $2.34 revenue$880,300,000

Sales $467M, +38% reported; +32% organic; GAAP operating margin 11.3% (+210 bps).
Adjusted operating margin 14.9% (+380 bps); GAAP EPS $1.11 (+88%); adj. EPS $1.48 (+100%).
Recorded $18M restructuring charge related to exit of French facility.
Management raised adjusted full-year 2021 outlook citing stronger demand across all regions.
Q2 2020 comps impacted by COVID-19; underlying R&R market strength and U.S. freeze benefited results.

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