Watts Water Technologies Q4 Profit Down

(RTTNews) - Watts Water Technologies, Inc. (WTS) Monday reported fourth-quarter net income of $31.8 million or $0.93 per share, down from $32.3 million or $0.94 per share last year.

Adjusted earnings for the quarter were $1.00 per share, up from $0.88 per share last year.

Sales for the fourth quarter rose to $400.3 million from $387.6 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.98 per share and revenues of $397.14 million.

"We finished 2019 with a solid fourth quarter, in-line with our expectations," said Chief Executive Officer Robert J. Pagano Jr. "We delivered record fourth quarter sales driven by organic growth in all regions. We leveraged the sales growth along with the benefits from productivity and restructuring to drive higher operating income, and record fourth quarter operating margin and earnings per share, all on an adjusted basis. For the full year, organic sales growth and adjusted operating margin expansion met our original 2019 expectations."