- Reported sales of $504 million increased 3%; organic sales
were flat versus prior year
- Reported operating margin of 17.3%, up 80 bps; adjusted
operating margin of 18.0%, up 120 bps
- Reported EPS of $1.96, up 12%; adjusted EPS of $2.04, up
14%
- Delivered strong year-to-date operating cash flow of $201
million and free cash flow of $182 million
- Increasing full-year 2023 operating margin outlook
- Closed on the acquisition of Bradley Corporation on October
23, 2023
*Performance relative to third quarter in 2022
Watts Water Technologies, Inc., (NYSE: WTS) – through its
subsidiaries, one of the world’s leading manufacturers and
providers of plumbing, heating and water quality products and
solutions – today announced results for the third quarter of
2023.
Chief Executive Officer Robert J. Pagano Jr. commented, “I would
like to thank the Watts team for delivering another quarter of
outperformance. We achieved record third quarter sales, operating
earnings, operating margin and EPS, even in comparison to a very
strong third quarter in 2022. Given our performance through the
third quarter and our fourth quarter expectations, we are
increasing our full-year 2023 operating margin outlook. Adjusted
operating margin is now expected to range from 17.6% to 17.7%,
raising the midpoint by over 60 basis points.”
Mr. Pagano continued, “We are pleased to have completed the
acquisition of Bradley Corporation after the third quarter closed.
This highly strategic and complementary acquisition expands our
addressable market and enables value creation through greater
scale, growth opportunities and meaningful synergies. Integration
is underway and progressing well. Our balance sheet remains strong,
and our robust cash flow continues to support investment in the
business and the execution of our long-term strategy.”
A summary of third quarter financial results is as follows:
Third Quarter Ended
September 24,
September 25,
(In millions, except per share
information)
2023
2022
% Change
Sales
$
504.3
$
487.8
3
%
Net income
65.8
58.7
12
%
Diluted net income per share
$
1.96
$
1.75
12
%
Special items (1)
0.08
0.04
Adjusted earnings per share (1)
$
2.04
$
1.79
14
%
__________________________
(1)
Special items and adjusted earnings per
share represent non-GAAP financial measures. For a reconciliation
of GAAP to non-GAAP items please see the tables attached to this
press release.
Third Quarter Financial Highlights Third quarter 2023
performance relative to third quarter 2022
- Sales of $504 million increased 3% on a reported basis and were
flat organically, primarily due to a tough prior-year comparison
with 12% organic growth in the third quarter of 2022. Low-single
digit organic growth in the Americas and in Asia Pacific, Middle
East and Africa (“APMEA”) was offset by a low-single digit organic
decline in Europe. Sales from acquisitions totaled approximately $9
million and are reported within APMEA. Favorable foreign exchange
movements added approximately $6 million.
- Operating margin increased 80 basis points on a reported basis
and 120 basis points on an adjusted basis, driven by favorable
price, product mix and productivity, which more than offset
inflation, lower volume and incremental investments. Reported
operating margin was unfavorably impacted by acquisition-related
charges.
Regional Performance
Americas
- Sales of $351 million were flat on a reported basis and
increased 1% on an organic basis, against a tough prior-year
comparison with 13% organic growth in the third quarter of 2022.
Strong growth in core valve products was mostly offset by declines
in gas connectors, marine instrumentation and radiant heating
products.
- Operating margin increased 260 basis points on a reported and
adjusted basis as benefits from price realization, favorable
product mix and productivity more than offset inflation, lower
volume and incremental investments.
Europe
- Sales of $120 million increased 6% on a reported basis, which
included favorable foreign exchange movements of 7%. Organic sales
decreased 1%, as price realization and low-single digit growth in
our fluid solutions products was more than offset by a decline in
sales of drains products.
- Operating margin decreased 80 basis points on a reported basis
and decreased 190 basis points on an adjusted basis. Reported
operating margin benefited from lower restructuring charges in
2023. Reported and adjusted operating margin both benefited from
increased price and productivity, but these benefits were more than
offset by inflation, lower volume and incremental investments.
APMEA
- Sales of $33 million increased 33% on a reported basis, which
included unfavorable foreign exchange movements of 4% and acquired
sales of 36%, or $9 million. Organic sales increased 1%, driven by
growth in the Middle East and Australia, partially offset by a
decline in China.
- Operating margin decreased 30 basis points on a reported basis
but increased 70 basis points on an adjusted basis. Reported and
adjusted margins both benefited from increased affiliate sales
volume, price and productivity, which more than offset inflation
and dilution from the Enware acquisition. Reported operating margin
was unfavorably impacted by restructuring and acquisition-related
charges.
Cash Flow and Capital Allocation
- For the first nine months of 2023, operating cash flow was $201
million and net capital expenditures were $19 million, resulting in
free cash flow of $182 million. In the comparable period last year,
operating cash flow was $86 million and net capital expenditures
were $19 million, resulting in free cash flow of $67 million.
Operating and free cash flow increased due to higher net income and
reduced working capital investment. We expect normal seasonality to
result in solid operating and free cash flow in the fourth
quarter.
- The Company repurchased approximately 22,000 shares of Class A
common stock at a cost of $4.0 million during the third quarter.
For the first nine months of 2023, the Company repurchased
approximately 69,000 shares at a cost of approximately $11.7
million. Approximately $16 million remains available under the
stock repurchase program authorized in 2019, which has no
expiration date, and $150 million remains available under the stock
repurchase program authorized in July 2023.
For a reconciliation of GAAP to non-GAAP items and a statement
regarding the usefulness of these measures to investors and
management in evaluating our operating performance, please see the
tables attached to this press release.
Watts Water Technologies, Inc. will hold a live webcast of its
conference call to discuss third quarter 2023 results on Thursday,
November 2, 2023, at 9:00 a.m. EDT. This press release and the live
webcast can be accessed by visiting the Investor Relations section
of the Company's website at www.wattswater.com. Following the
webcast, the call recording will be available at the same address
until November 3, 2024.
Watts Water Technologies, Inc., through its subsidiaries, is a
world leader in the manufacture of innovative products to control
the efficiency, safety, and quality of water within residential,
commercial, and institutional applications. Watts’ expertise in a
wide variety of water technologies enables us to be a comprehensive
supplier to the water industry.
This Press Release includes “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995,
including statements relating to expected 2023 financial results,
including operating margins and cash flow. These forward-looking
statements reflect our current views about future events. You
should not rely on forward-looking statements because our actual
results may differ materially from those predicted as a result of a
number of potential risks and uncertainties. These potential risks
and uncertainties include, but are not limited to: the
effectiveness, timing and expected savings associated with our
cost-cutting actions, restructuring and transformation programs and
initiatives; integration of acquired businesses in a timely and
cost-effective manner, retention of supplier and customer
relationships and key employees, and the ability to achieve
synergies and cost savings in the amounts and within the time
frames currently anticipated; current economic and financial
conditions, which can affect the housing and construction markets
where our products are sold, manufactured and marketed; shortages
in and pricing of raw materials and supplies; our ability to
compete effectively; changes in variable interest rates on our
borrowings; inflation; failure to expand our markets through
acquisitions; failure to successfully develop and introduce new
product offerings or enhancements to existing products; failure to
manufacture products that meet required performance and safety
standards; foreign exchange rate fluctuations; cyclicality of
industries where we market our products, such as plumbing and
heating wholesalers and home improvement retailers; environmental
compliance costs; product liability risks and costs; changes in the
status of current litigation; the war in Ukraine and other global
crises; supply chain and logistical disruptions or labor shortages
and workforce disruptions that could negatively affect our supply
chain, manufacturing, distribution, or other business processes;
and other risks and uncertainties discussed under the heading “Item
1A. Risk Factors” and in Note 15 of the Notes to the Consolidated
Financial Statements in our Annual Report on Form 10-K for the year
ended December 31, 2022, filed with the SEC, as well as risk
factors disclosed in our subsequent filings with the SEC. We
undertake no duty to update the information contained in this Press
Release, except as required by law.
WATTS WATER
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in millions, except
per share information)
(Unaudited)
Third Quarter Ended
Nine Months Ended
September 24,
September 25,
September 24,
September 25,
2023
2022
2023
2022
Net sales
$
504.3
$
487.8
$
1,508.8
$
1,477.6
Cost of goods sold
269.9
269.9
803.5
821.9
GROSS PROFIT
234.4
217.9
705.3
655.7
Selling, general and administrative
expenses
146.9
135.8
431.4
403.5
Restructuring
0.4
1.7
1.7
4.4
OPERATING INCOME
87.1
80.4
272.2
247.8
Other (income) expense:
Interest income
(2.3)
(0.2)
(4.0)
(0.3)
Interest expense
1.2
1.9
4.4
5.0
Other expense (income), net
0.1
(0.1)
(0.4)
0.2
Total other (income) expense
(1.0)
1.6
—
4.9
INCOME BEFORE INCOME TAXES
88.1
78.8
272.2
242.9
Provision for income taxes
22.3
20.1
65.8
60.0
NET INCOME
$
65.8
$
58.7
$
206.4
$
182.9
BASIC EPS
NET INCOME PER SHARE
$
1.97
$
1.76
$
6.17
$
5.46
Weighted average number of shares
33.4
33.4
33.4
33.5
DILUTED EPS
NET INCOME PER SHARE
$
1.96
$
1.75
$
6.15
$
5.43
Weighted average number of shares
33.5
33.5
33.5
33.7
Dividends declared per share
$
0.36
$
0.30
$
1.02
$
0.86
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Amounts in millions, except
share information)
(Unaudited)
September 24,
December 31,
2023
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
362.7
$
310.8
Trade accounts receivable, less reserve
allowances of $11.9 million at September 24, 2023 and $10.7 million
at December 31, 2022
257.6
233.8
Inventories, net:
Raw materials
147.8
138.0
Work in process
21.5
21.0
Finished goods
217.1
216.6
Total Inventories
386.4
375.6
Prepaid expenses and other current
assets
34.9
30.4
Total Current Assets
1,041.6
950.6
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost
610.0
595.6
Accumulated depreciation
(416.0)
(398.8)
Property, plant and equipment, net
194.0
196.8
OTHER ASSETS:
Goodwill
590.9
592.4
Intangible assets, net
104.8
113.7
Deferred income taxes
19.5
17.8
Other, net
66.8
59.6
TOTAL ASSETS
$
2,017.6
$
1,930.9
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
121.2
$
134.3
Accrued expenses and other liabilities
180.8
174.6
Accrued compensation and benefits
78.3
69.8
Total Current Liabilities
380.3
378.7
LONG-TERM DEBT
98.2
147.6
DEFERRED INCOME TAXES
11.3
26.2
OTHER NONCURRENT LIABILITIES
75.8
77.8
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.10 par value;
5,000,000 shares authorized; no shares issued or outstanding
—
—
Class A common stock, $0.10 par value;
120,000,000 shares authorized; 1 vote per share; issued and
outstanding: 27,375,024 shares at September 24, 2023 and 27,314,679
shares at December 31, 2022
2.7
2.7
Class B common stock, $0.10 par value;
25,000,000 shares authorized; 10 votes per share; issued and
outstanding: 5,958,290 shares at September 24, 2023 and at December
31, 2022
0.6
0.6
Additional paid-in capital
668.6
651.9
Retained earnings
939.8
795.3
Accumulated other comprehensive loss
(159.7)
(149.9)
Total Stockholders' Equity
1,452.0
1,300.6
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,017.6
$
1,930.9
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Amounts in millions)
(Unaudited)
Nine Months Ended
September 24,
September 25,
2023
2022
OPERATING ACTIVITIES
Net income
$
206.4
$
182.9
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
21.8
21.5
Amortization of intangibles
9.0
9.1
Loss on disposal and impairment of
long-lived asset
0.2
1.4
Stock-based compensation
14.5
13.2
Deferred income tax
(16.9)
(5.9)
Changes in operating assets and
liabilities, net of effects from business acquisitions:
Accounts receivable
(19.1)
(51.0)
Inventories
(3.7)
(73.6)
Prepaid expenses and other assets
(5.6)
(4.1)
Accounts payable, accrued expenses and
other liabilities
(5.7)
(7.2)
Net cash provided by operating
activities
200.9
86.3
INVESTING ACTIVITIES
Additions to property, plant and
equipment
(19.0)
(20.2)
Proceeds from the sale of property, plant
and equipment
—
0.9
Business acquisitions, net of cash
acquired
(12.1)
—
Net cash used in investing activities
(31.1)
(19.3)
FINANCING ACTIVITIES
Proceeds from long-term borrowings
30.0
85.0
Payments of long-term debt
(80.0)
(45.0)
Payments for withholding taxes on vested
awards
(15.8)
(13.0)
Payments for finance leases and other
(2.0)
(1.4)
Proceeds from share transactions under
employee stock plans
0.1
0.2
Payments to repurchase common stock
(11.7)
(65.1)
Dividends
(34.4)
(29.4)
Net cash used in financing activities
(113.8)
(68.7)
Effect of exchange rate changes on cash
and cash equivalents
(4.1)
(20.8)
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
51.9
(22.5)
Cash and cash equivalents at beginning of
year
310.8
242.0
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
$
362.7
$
219.5
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions)
(Unaudited)
Net Sales
Third Quarter Ended
Nine Months Ended
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Americas
$
351.0
$
349.8
$
1,041.1
$
1,039.6
Europe
120.2
113.1
384.1
370.9
APMEA
33.1
24.9
83.6
67.1
Total
$
504.3
$
487.8
$
1,508.8
$
1,477.6
Operating Income
(Loss)
Third Quarter Ended
Nine Months Ended
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Americas
$
85.7
$
76.2
$
249.8
$
219.6
Europe
12.5
12.6
53.2
53.3
APMEA
5.4
4.1
11.9
10.7
Corporate
(16.5)
(12.5)
(42.7)
(35.8)
Total
$
87.1
$
80.4
$
272.2
$
247.8
Intersegment Sales
Third Quarter Ended
Nine Months Ended
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Americas
$
1.4
$
2.5
$
5.5
$
7.9
Europe
6.0
6.2
19.9
20.2
APMEA
16.8
10.8
67.4
63.2
Total
$
24.2
$
19.5
$
92.8
$
91.3
Key Performance Indicators and Non-GAAP
Measures
In this press release, we refer to non-GAAP financial measures
(including adjusted operating income, adjusted operating margins,
adjusted net income, adjusted earnings per share, organic sales,
free cash flow, cash conversion rate of free cash flow to net
income and net debt to capitalization ratio) and provide a
reconciliation of those non-GAAP financial measures to the
corresponding financial measures contained in our consolidated
financial statements prepared in accordance with GAAP. We believe
that these financial measures enhance the overall understanding of
our historical financial performance and give insight into our
future prospects. Adjusted operating income, adjusted operating
margins, adjusted net income and adjusted earnings per share
eliminate certain expenses incurred and benefits recognized in the
periods presented that relate primarily to our global restructuring
programs, acquisition-related costs, and the related income tax
impacts on these items. Management then utilizes these adjusted
financial measures to assess the run rate of the Company’s
operations against those of comparable periods. Organic sales
growth is a non-GAAP measure of sales growth excluding the impacts
of foreign exchange, acquisitions and divestitures from
period-over-period comparisons. Management believes reporting
organic sales growth provides useful information to investors,
potential investors and others, and allows for a more complete
understanding of underlying sales trends by providing sales growth
on a consistent basis. Free cash flow, cash conversion rate of free
cash flow to net income, and the net debt to capitalization ratio,
which are adjusted to exclude certain cash inflows and outlays, and
include only certain balance sheet accounts from the comparable
GAAP measures, are an indication of our performance in cash flow
generation and also provide an indication of the Company's relative
balance sheet leverage to other industrial manufacturing companies.
These non-GAAP financial measures are among the primary indicators
management uses as a basis for evaluating our cash flow generation
and our capitalization structure. In addition, free cash flow is
used as a criterion to measure and pay certain compensation-based
incentives. For these reasons, management believes these non-GAAP
financial measures can be useful to investors, potential investors
and others. The Company’s non-GAAP financial measures may not be
comparable to similarly titled measures reported by other
companies. The presentation of this additional information is not
meant to be considered in isolation or as a substitute for
financial measures prepared in accordance with GAAP.
TABLE 1
RECONCILIATION OF GAAP "AS
REPORTED" TO "AS ADJUSTED" NON-GAAP
EXCLUDING THE EFFECT OF
ADJUSTMENTS FOR SPECIAL ITEMS
(Amounts in millions, except
per share information)
(Unaudited)
CONSOLIDATED RESULTS
Third Quarter Ended
Nine Months Ended
September 24,
September 25,
September 24,
September 25,
2023
2022
2023
2022
Net sales
$
504.3
$
487.8
$
1,508.8
$
1,477.6
Operating income - as reported
$
87.1
$
80.4
$
272.2
$
247.8
Operating margin %
17.3
%
16.5
%
18.0
%
16.8
%
Adjustments for special items:
Restructuring
$
0.4
$
1.7
$
1.7
$
4.4
Acquisition-related costs
3.1
—
5.0
—
Total adjustments for special
items
$
3.5
$
1.7
$
6.7
$
4.4
Operating income - as adjusted
$
90.6
$
82.1
$
278.9
$
252.2
Adjusted operating margin %
18.0
%
16.8
%
18.5
%
17.1
%
Net income - as reported
$
65.8
$
58.7
$
206.4
$
182.9
Adjustments for special items - tax
effected:
Restructuring
$
0.3
$
1.3
$
1.2
$
3.3
Acquisition-related costs
2.3
—
3.6
—
Total adjustments for special items -
tax effected
$
2.6
$
1.3
$
4.8
$
3.3
Net income - as adjusted
$
68.4
$
60.0
$
211.2
$
186.2
Diluted earnings per share - as
reported
$
1.96
$
1.75
$
6.15
$
5.43
Adjustments for special items
0.08
0.04
0.15
0.10
Diluted earnings per share - as
adjusted
$
2.04
$
1.79
$
6.30
$
5.53
TABLE 2
SEGMENT INFORMATION -
RECONCILIATION OF GAAP "AS REPORTED" TO "AS ADJUSTED"
NON-GAAP
EXCLUDING THE EFFECT OF
ADJUSTMENTS FOR SPECIAL ITEMS
(Amounts in millions)
(Unaudited)
Third Quarter Ended
Third Quarter Ended
September 24, 2023
September 25, 2022
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
351.0
120.2
33.1
—
504.3
$
349.8
113.1
24.9
—
487.8
Operating income (loss) - as
reported
$
85.7
12.5
5.4
(16.5)
87.1
$
76.2
12.6
4.1
(12.5)
80.4
Operating margin %
24.4
%
10.4
%
16.2
%
17.3
%
21.8
%
11.2
%
16.5
%
16.5
%
Adjustments for special items
$
0.4
—
0.3
2.8
3.5
$
0.4
1.3
—
—
1.7
Operating income (loss) - as
adjusted
$
86.1
12.5
5.7
(13.7)
90.6
$
76.6
13.9
4.1
(12.5)
82.1
Adjusted operating margin %
24.5
%
10.4
%
17.2
%
18.0
%
21.9
%
12.3
%
16.5
%
16.8
%
Nine Months Ended
Nine Months Ended
September 24, 2023
September 25, 2022
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
1,041.1
384.1
83.6
—
1,508.8
$
1,039.6
370.9
67.1
—
1,477.6
Operating income (loss) - as
reported
$
249.8
53.2
11.9
(42.7)
272.2
$
219.6
53.3
10.7
(35.8)
247.8
Operating margin %
24.0
%
13.8
%
14.2
%
18.0
%
21.1
%
14.4
%
15.9
%
16.8
%
Adjustments for special items
$
0.5
0.1
3.3
2.8
6.7
$
0.8
3.7
(0.1)
—
4.4
Operating income (loss) - as
adjusted
$
250.3
53.3
15.2
(39.9)
278.9
$
220.4
57.0
10.6
(35.8)
252.2
Adjusted operating margin %
24.0
%
13.9
%
18.1
%
18.5
%
21.2
%
15.4
%
15.8
%
17.1
%
TABLE 3
SEGMENT INFORMATION -
RECONCILIATION OF REPORTED NET SALES TO NON-GAAP ORGANIC
SALES
(Amounts in millions)
(Unaudited)
Third Quarter Ended
Americas
Europe
APMEA
Total
Reported net sales September 24, 2023
$
351.0
$
120.2
$
33.1
$
504.3
Reported net sales September 25, 2022
349.8
113.1
24.9
487.8
Dollar change
$
1.2
$
7.1
$
8.2
$
16.5
Net sales % increase
0.3
%
6.3
%
32.9
%
3.4
%
Decrease (increase) due to foreign
exchange
0.2
%
(6.8)
%
4.0
%
(1.2)
%
Increase due to acquisition
—
%
—
%
(36.1)
%
(1.8)
%
Organic sales (decrease)
increase
0.5
%
(0.5)
%
0.8
%
0.4
%
Nine Months Ended
Americas
Europe
APMEA
Total
Reported net sales September 24, 2023
$
1,041.1
$
384.1
$
83.6
$
1,508.8
Reported net sales September 25, 2022
1,039.6
370.9
67.1
1,477.6
Dollar change
$
1.5
$
13.2
$
16.5
$
31.2
Net sales % increase
0.1
%
3.6
%
24.6
%
2.1
%
Decrease (increase) due to foreign
exchange
0.4
%
(0.7)
%
5.5
%
0.3
%
Increase due to acquisition
—
%
—
%
(24.6)
%
(1.1)
%
Organic sales increase
0.5
%
2.9
%
5.5
%
1.3
%
TABLE 4
RECONCILIATION OF NET CASH
PROVIDED BY OPERATIONS TO FREE CASH FLOW
(Amounts in millions)
(Unaudited)
Nine Months Ended
September 24,
September 25,
2023
2022
Net cash provided by operations - as
reported
$
200.9
$
86.3
Less: additions to property, plant, and
equipment
(19.0)
(20.2)
Plus: proceeds from the sale of property,
plant, and equipment
—
0.9
Free cash flow
$
181.9
$
67.0
Net income - as reported
$
206.4
$
182.9
Cash conversion rate of free cash flow to
net income
88.1
%
36.6
%
TABLE 5
RECONCILIATION OF LONG-TERM
DEBT (INCLUDING CURRENT PORTION) TO NET DEBT AND NET DEBT TO
CAPITALIZATION RATIO
(Amounts in millions)
(Unaudited)
September 24,
December 31,
2023
2022
Current portion of long-term debt
$
—
$
—
Plus: Long-term debt, net of current
portion
98.2
147.6
Less: Cash and cash equivalents
(362.7)
(310.8)
Net debt
$
(264.5)
$
(163.2)
Net debt
$
(264.5)
$
(163.2)
Plus: Total stockholders' equity
1,452.0
1,300.6
Capitalization
$
1,187.5
$
1,137.4
Net debt to capitalization ratio
(22.3)
%
(14.3)
%
TABLE 6
2023 FULL YEAR OUTLOOK -
RECONCILIATION OF REPORTED NET SALES TO ORGANIC SALES GROWTH AND
OPERATING MARGIN TO ADJUSTED OPERATING MARGIN
(Unaudited)
Total Watts
Full Year
2023 Outlook
Approximately
Net Sales
Reported net sales growth
3.0%
Forecasted impact of acquisition / FX
(3.0)%
Organic sales growth
Flat
Operating Margin
Operating margin range
17.0% to 17.1%
Forecasted restructuring / other costs
0.6%
Adjusted operating margin range
17.6% to 17.7%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101211066/en/
Diane McClintock SVP FP&A & Investor Relations email:
investorrelations@wattswater.com
Watts Water Technologies (NYSE:WTS)
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Watts Water Technologies (NYSE:WTS)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024