Watts Water Q1 record sales $571M, EPS $2.17; raises FY2024 outlook

WATTS WATER TECHNOLOGIES INC

2024-Q1 EPS reported $2.17 revenue$570,900,000

Record Q1 sales of $570.9M (+21% reported, +6% organic); reported EPS $2.17 (+12%), adjusted EPS $2.33 (+21%).
Adjusted operating margin 18.2%, up 30 bps; reported operating margin 16.9%, down 110 bps.
Announced 19% increase in quarterly dividend payments.
Raising FY2024 outlook: organic sales growth -4% to +1% (midpoint +50 bps); adj op margin 17.1%-17.7% (midpoint +20 bps).
Acquisitions of Bradley, Josam, Enware integrating well; strong cash flow supports strategic investments.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WATTS WATER TECHNOLOGIES INC reported the fiscal quarter ended March 31, 2024 results: revenue $570.9 million, net income $72.6 million, EPS $2.17. Guidance raised.

Period: the fiscal quarter ended March 31, 2024
Revenue: $570.9 million
Net income: $72.6 million
EPS: $2.17
Guidance: raised
Result: reported results

Exact text from the filing

SVP FP&A & Investor Relations email: investorrelations@wattswater.com WATTS WATER TECHNOLOGIES REPORTS RECORD FIRST QUARTER 2024 RESULTS ◾ Reported sales of $571 million increased 21%; organic sales increased 6% including ~7% due to extra shipping days ◾ Reported operating margin of 16.9%, down 110 bps; adjusted operating margin of 18.2%, up 30

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Source: SEC EDGAR

accession 0001558370-24-007370

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