Watts Water Technologies Q1 Profit Rises

(RTTNews) - Watts Water Technologies Inc. (WTS) reported net income of $54.5 million or $1.61 per share in the first quarter of 2022 up from $41.7 million or $1.23 per share last year.

Adjusted net income was $1.63 up from $1.24 in the previous year.

Net sales for the first quarter grew to $463.2 million from $413.3 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.37 per share and revenues of $442.79 million for the quarter. Analysts' estimates typically exclude special items.

The company increased its full year 2022 outlook for adjusted operating margin expansion to 20 to 60 basis points from previous outlook of zero to 40 basis points. It maintained organic sales growth of 3% to 8%, compared to last year, due to the uncertainty caused by the war in Ukraine.