secwatch.observer — SEC 8-K summary
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Issuer:     WATTS WATER TECHNOLOGIES INC (WTS)
CIK:        0000795403
Form:       8-K
Filed at:   2023-05-03T23:59:59+00:00
Accession:  0001558370-23-007865
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Watts Water reports record Q1; adjusted EPS $1.92 (+18% YoY); raised margin guidance
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- Record Q1 sales $471.7M, up 2% reported / 4% organic; EPS $1.93 up 20%, adjusted EPS $1.92 up 18%.
- Record operating margin 18.0% (up 260bps); adjusted operating margin 17.9% (up 220bps).
- Raised FY2023 adjusted operating margin outlook to 15.7-16.3% from 15.4-16.0%; maintained organic sales guidance of -5% to +2%.
- Acquired Enware Australia (specialty plumbing/safety) for ~$30M annual revenue; closed March 31, 2023.
- Operating cash flow $33M, free cash flow $28M in Q1, significant YoY increase.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/795403/000155837023007865/0001558370-23-007865-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/795403/000155837023007865/wts-20230503x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-007865

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