- Reported sales of $533 million increased 1%; organic sales
were flat
- Reported operating margin of 18.8%, up 60 bps; adjusted
operating margin of 19.5%, up 100 bps
- Reported EPS of $2.26, up 9%; adjusted EPS of $2.34, up
11%
- Delivered strong year-to-date operating cash flow of $101
million and free cash flow of $89 million
- Announcing $150 million share repurchase program
- Increasing full-year 2023 outlook
*Performance relative to second 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 second quarter of
2023.
“We achieved another quarter of record results that exceeded our
expectations, driven by the continued operational excellence of the
Watts team. I would like to thank the team for their contributions
to our success and their unwavering support of our customers,”
stated Chief Executive Officer Robert J. Pagano Jr. “We generated
record sales, operating earnings, operating margin and EPS, despite
the challenging comparison to a very strong second quarter in 2022.
Given our first half performance and our third quarter
expectations, we are increasing our full-year 2023 outlook. Organic
revenue growth is now expected to range from negative 2% to
positive 2%, raising the midpoint by 2%. Adjusted operating margin
is now expected to range from 16.7% to 17.3%, raising the midpoint
by 100 basis points. Our balance sheet and cash flow remain strong
and provide ample flexibility to continue to invest in the business
and support the execution of our long-term strategy.”
A summary of second quarter financial results is as follows:
Second Quarter Ended
June 25,
June 26,
(In millions, except per share
information)
2023
2022
% Change
Sales
$
532.8
$
526.6
1
%
Net income
75.9
69.7
9
%
Diluted net income per share
$
2.26
$
2.07
9
%
Special items (1)
0.08
0.04
Adjusted earnings per share (1)
$
2.34
$
2.11
11
%
__________________________
(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.
Second Quarter Financial Highlights Second quarter
2023 performance relative to second quarter 2022
- Sales of $533 million increased 1% on a reported basis and were
flat organically, primarily due to a tough prior year comparison
with 16% organic growth in the second quarter of 2022. Mid-single
digit organic growth in Europe and Asia Pacific, Middle East and
Africa (“APMEA”) was offset by a low-single digit organic decline
in the Americas. Sales from acquisitions totaled approximately $8
million and are reported within APMEA. Unfavorable foreign exchange
movements had an immaterial impact in the quarter.
- Operating margin increased 60 basis points on a reported basis
and 100 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 restructuring and
non-recurring acquisition charges.
Regional Performance
Americas
- Sales of $367 million decreased 2% on both a reported basis and
an organic basis, largely due to a tough prior year comparison with
22% organic growth in the second quarter of 2022. Growth in core
valve products was more than offset by declines in gas connectors,
marine instrumentation and radiant heating products.
- Operating margin increased 220 basis points on a reported basis
and 210 basis points on an adjusted basis as benefits from price
realization, favorable product mix and productivity more than
offset inflation, lower volume and incremental investments.
Europe
- Sales of $136 million increased 6% on a reported basis, which
included favorable foreign exchange movements of 1%. Organic sales
increased 5%, primarily driven by price realization, with sales
growth in fluid solutions products, partially offset by a decline
in sales of drains products.
- Operating margin increased 50 basis points on a reported basis
and decreased 10 basis points on an adjusted basis. Reported
operating margin benefited from a decline in 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 $30 million increased 33% on a reported basis, which
included unfavorable foreign exchange movements of 6%. Organic
sales increased 6%, driven by growth in the Middle East and
Australia. Sales from acquisitions totaled approximately $8
million.
- Operating margin decreased 720 basis points on a reported basis
but increased 250 basis points on an adjusted basis. Reported and
adjusted margins both benefited from increased trade and affiliate
sales volume, price and productivity, which more than offset
inflation. Reported operating margin was unfavorably impacted by
restructuring and non-recurring acquisition charges.
Cash Flow and Capital Allocation
- For the first six months of 2023, operating cash flow was $101
million and net capital expenditures were $12 million, resulting in
free cash flow of $89 million. In the comparable period last year,
operating cash flow was $45 million and net capital expenditures
were $12 million, resulting in free cash flow of $33 million.
Operating and free cash flow increased due to higher net income and
reduced working capital investment. Sequential improvement in
operating and free cash flow is expected throughout 2023 due to
normal seasonality.
- The Company repurchased approximately 24,000 shares of Class A
common stock at a cost of $4.0 million during the second quarter.
For the first six months of 2023, the Company repurchased
approximately 47,000 shares at a cost of approximately $7.7
million. Approximately $20 million remains available for stock
repurchases under the stock repurchase program authorized in 2019,
which has no expiration date.
- On July 31, 2023, the Company’s Board of Directors authorized
the repurchase of up to an additional $150 million of the Company’s
Class A common stock from time to time on the open market or in
privately negotiated transactions. The timing and number of any
shares repurchased will be determined by the Company’s management
based on its evaluation of market conditions. There is no
expiration date for this program.
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 second quarter 2023 results on Thursday,
August 3, 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 August 4, 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 revenue, margins and cash flow, and our ability to manage
challenging macro-economic and softer market conditions. 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; 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; 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)
Second Quarter Ended
Six Months Ended
June 25,
June 26,
June 25,
June 26,
2023
2022
2023
2022
Net sales
$
532.8
$
526.6
$
1,004.5
$
989.8
Cost of goods sold
280.0
287.4
533.6
552.0
GROSS PROFIT
252.8
239.2
470.9
437.8
Selling, general and administrative
expenses
150.8
141.6
284.5
267.7
Restructuring
1.6
1.7
1.3
2.7
OPERATING INCOME
100.4
95.9
185.1
167.4
Other (income) expense:
Interest income
(1.3)
—
(1.7)
(0.1)
Interest expense
1.7
1.7
3.2
3.1
Other (income) expense, net
(0.6)
—
(0.5)
0.3
Total other (income) expense
(0.2)
1.7
1.0
3.3
INCOME BEFORE INCOME TAXES
100.6
94.2
184.1
164.1
Provision for income taxes
24.7
24.5
43.5
39.9
NET INCOME
$
75.9
$
69.7
$
140.6
$
124.2
BASIC EPS
NET INCOME PER SHARE
$
2.27
$
2.08
$
4.21
$
3.70
Weighted average number of shares
33.5
33.5
33.4
33.6
DILUTED EPS
NET INCOME PER SHARE
$
2.26
$
2.07
$
4.19
$
3.68
Weighted average number of shares
33.6
33.6
33.5
33.7
Dividends declared per share
$
0.36
$
0.30
$
0.66
$
0.56
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Amounts in millions, except
share information)
(Unaudited)
June 25,
December 31,
2023
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
291.9
$
310.8
Trade accounts receivable, less reserve
allowances of $12.0 million at June 25, 2023 and $10.7 million at
December 31, 2022
271.4
233.8
Inventories, net:
Raw materials
157.1
138.0
Work in process
24.4
21.0
Finished goods
240.4
216.6
Total Inventories
421.9
375.6
Prepaid expenses and other current
assets
37.9
30.4
Total Current Assets
1,023.1
950.6
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost
611.8
595.6
Accumulated depreciation
(415.5)
(398.8)
Property, plant and equipment, net
196.3
196.8
OTHER ASSETS:
Goodwill
595.8
592.4
Intangible assets, net
108.6
113.7
Deferred income taxes
19.7
17.8
Other, net
60.9
59.6
TOTAL ASSETS
$
2,004.4
$
1,930.9
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
152.8
$
134.3
Accrued expenses and other liabilities
182.2
174.6
Accrued compensation and benefits
69.8
69.8
Total Current Liabilities
404.8
378.7
LONG-TERM DEBT
98.0
147.6
DEFERRED INCOME TAXES
17.5
26.2
OTHER NONCURRENT LIABILITIES
69.8
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: 27,388,423 shares at June 25, 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 June 25, 2023 and at December 31,
2022
0.6
0.6
Additional paid-in capital
663.6
651.9
Retained earnings
890.3
795.3
Accumulated other comprehensive loss
(142.9)
(149.9)
Total Stockholders' Equity
1,414.3
1,300.6
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,004.4
$
1,930.9
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Amounts in millions)
(Unaudited)
Six Months Ended
June 25,
June 26,
2023
2022
OPERATING ACTIVITIES
Net income
$
140.6
$
124.2
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
14.3
14.2
Amortization of intangibles
6.0
6.1
Loss on disposal and impairment of
long-lived asset
0.2
1.5
Stock-based compensation
9.5
8.2
Deferred income tax
(10.1)
(1.1)
Changes in operating assets and
liabilities, net of effects from business acquisitions:
Accounts receivable
(29.2)
(54.1)
Inventories
(35.0)
(72.5)
Prepaid expenses and other assets
(8.9)
(6.0)
Accounts payable, accrued expenses and
other liabilities
13.1
24.4
Net cash provided by operating
activities
100.5
44.9
INVESTING ACTIVITIES
Additions to property, plant and
equipment
(11.6)
(13.1)
Proceeds from the sale of property, plant
and equipment
—
0.8
Business acquisitions, net of cash
acquired
(11.7)
—
Net cash used in investing activities
(23.3)
(12.3)
FINANCING ACTIVITIES
Proceeds from long-term borrowings
30.0
75.0
Payments of long-term debt
(80.0)
(15.0)
Payments for tax withholdings on vested
stock awards
(15.6)
(12.9)
Payments for finance leases and other
(1.4)
(0.6)
Proceeds from share transactions under
employee stock plans
0.1
0.2
Payments to repurchase common stock
(7.7)
(61.1)
Dividends
(22.3)
(19.3)
Net cash used in financing activities
(96.9)
(33.7)
Effect of exchange rate changes on cash
and cash equivalents
0.8
(10.9)
DECREASE IN CASH AND CASH EQUIVALENTS
(18.9)
(12.0)
Cash and cash equivalents at beginning of
year
310.8
242.0
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
$
291.9
$
230.0
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions)
(Unaudited)
Net Sales
Second Quarter Ended
Six Months Ended
June 25, 2023
June 26, 2022
June 25, 2023
June 26, 2022
Americas
$
366.9
$
375.9
$
690.1
$
689.8
Europe
135.6
127.9
263.9
257.8
APMEA
30.3
22.8
50.5
42.2
Total
$
532.8
$
526.6
$
1,004.5
$
989.8
Operating Income
(Loss)
Second Quarter Ended
Six Months Ended
June 25, 2023
June 26, 2022
June 25, 2023
June 26, 2022
Americas
$
91.6
$
85.5
$
164.1
$
143.4
Europe
21.5
19.6
40.7
40.7
APMEA
2.5
3.6
6.5
6.6
Corporate
(15.2)
(12.8)
(26.2)
(23.3)
Total
$
100.4
$
95.9
$
185.1
$
167.4
Intersegment Sales
Second Quarter Ended
Six Months Ended
June 25, 2023
June 26, 2022
June 25, 2023
June 26, 2022
Americas
$
2.0
$
2.4
$
4.0
$
5.4
Europe
8.3
6.9
13.9
14.0
APMEA
28.5
29.0
50.6
52.5
Total
$
38.8
$
38.3
$
68.5
$
71.9
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
Second Quarter Ended
Six Months Ended
June 25,
June 26,
June 25,
June 26,
2023
2022
2023
2022
Net sales
$
532.8
$
526.6
$
1,004.5
$
989.8
Operating income - as reported
$
100.4
$
95.9
$
185.1
$
167.4
Operating margin %
18.8
%
18.2
%
18.4
%
16.9
%
Adjustments for special items:
Restructuring
$
1.6
$
1.7
$
1.3
$
2.7
Acquisition related costs
1.9
—
1.9
—
Total adjustments for special
items
$
3.5
$
1.7
$
3.2
$
2.7
Operating income - as adjusted
$
103.9
$
97.6
$
188.3
$
170.1
Adjusted operating margin %
19.5
%
18.5
%
18.7
%
17.2
%
Net income - as reported
$
75.9
$
69.7
$
140.6
$
124.2
Adjustments for special items - tax
effected:
Restructuring
$
1.2
$
1.3
$
1.0
$
2.0
Acquisition related costs
1.3
—
1.3
—
Total adjustments for special items -
tax effected
$
2.5
$
1.3
$
2.3
$
2.0
Net income - as adjusted
$
78.4
$
71.0
$
142.9
$
126.2
Diluted earnings per share - as
reported
$
2.26
$
2.07
$
4.19
$
3.68
Adjustments for special items
0.08
0.04
0.07
0.06
Diluted earnings per share - as
adjusted
$
2.34
$
2.11
$
4.26
$
3.74
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)
Second Quarter Ended
Second Quarter Ended
June 25, 2023
June 26, 2022
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
366.9
135.6
30.3
—
532.8
$
375.9
127.9
22.8
—
526.6
Operating income (loss) - as
reported
$
91.6
21.5
2.5
(15.2)
100.4
$
85.5
19.6
3.6
(12.8)
95.9
Operating margin %
24.9
%
15.8
%
8.4
%
18.8
%
22.7
%
15.3
%
15.6
%
18.2
%
Adjustments for special items
$
—
0.5
3.0
—
3.5
$
0.4
1.3
—
—
1.7
Operating income (loss) - as
adjusted
$
91.6
22.0
5.5
(15.2)
103.9
$
85.9
20.9
3.6
(12.8)
97.6
Adjusted operating margin %
24.9
%
16.2
%
18.2
%
19.5
%
22.8
%
16.3
%
15.7
%
18.5
%
Six Months Ended
Six Months Ended
June 25, 2023
June 26, 2022
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
690.1
263.9
50.5
—
1,004.5
$
689.8
257.8
42.2
—
989.8
Operating income (loss) - as
reported
$
164.1
40.7
6.5
(26.2)
185.1
$
143.4
40.7
6.6
(23.3)
167.4
Operating margin %
23.8
%
15.4
%
12.9
%
18.4
%
20.8
%
15.8
%
15.6
%
16.9
%
Adjustments for special items
$
0.1
0.1
3.0
—
3.2
$
0.5
2.3
(0.1)
—
2.7
Operating income (loss) - as
adjusted
$
164.2
40.8
9.5
(26.2)
188.3
$
143.9
43.0
6.5
(23.3)
170.1
Adjusted operating margin %
23.8
%
15.5
%
18.8
%
18.7
%
20.9
%
16.7
%
15.4
%
17.2
%
TABLE 3
SEGMENT INFORMATION -
RECONCILIATION OF REPORTED NET SALES TO NON-GAAP ORGANIC
SALES
(Amounts in millions)
(Unaudited)
Second Quarter Ended
Americas
Europe
APMEA
Total
Reported net sales June 25, 2023
$
366.9
$
135.6
$
30.3
$
532.8
Reported net sales June 26, 2022
375.9
127.9
22.8
526.6
Dollar change
$
(9.0)
$
7.7
$
7.5
$
6.2
Net sales % (decrease) increase
(2.4)
%
6.0
%
32.9
%
1.2
%
Decrease (increase) due to foreign
exchange
0.3
%
(1.3)
%
6.0
%
0.2
%
Increase due to acquisition
—
%
—
%
(32.9)
%
(1.4)
%
Organic sales (decrease)
increase
(2.1)
%
4.7
%
6.0
%
(0.0)
%
Six Months Ended
Americas
Europe
APMEA
Total
Reported net sales June 25, 2023
$
690.1
$
263.9
$
50.5
$
1,004.5
Reported net sales June 26, 2022
689.8
257.8
42.2
989.8
Dollar change
$
0.3
$
6.1
$
8.3
$
14.7
Net sales % increase
0.0
%
2.4
%
19.7
%
1.5
%
Decrease due to foreign exchange
0.4
%
2.0
%
6.4
%
1.1
%
Increase due to acquisition
—
%
—
%
(17.8)
%
(0.8)
%
Organic sales increase
0.4
%
4.4
%
8.3
%
1.8
%
TABLE 4
RECONCILIATION OF NET CASH
PROVIDED BY OPERATIONS TO FREE CASH FLOW
(Amounts in millions)
(Unaudited)
Six Months Ended
June 25,
June 26,
2023
2022
Net cash provided by operations - as
reported
$
100.5
$
44.9
Less: additions to property, plant, and
equipment
(11.6)
(13.1)
Plus: proceeds from the sale of property,
plant, and equipment
—
0.8
Free cash flow
$
88.9
$
32.6
Net income - as reported
$
140.6
$
124.2
Cash conversion rate of free cash flow to
net income
63.2
%
26.2
%
TABLE 5
RECONCILIATION OF LONG-TERM
DEBT (INCLUDING CURRENT PORTION) TO NET DEBT AND NET DEBT TO
CAPITALIZATION RATIO
(Amounts in millions)
(Unaudited)
June 25,
December 31,
2023
2022
Current portion of long-term debt
$
—
$
—
Plus: Long-term debt, net of current
portion
98.0
147.6
Less: Cash and cash equivalents
(291.9)
(310.8)
Net debt
$
(193.9)
$
(163.2)
Net debt
$
(193.9)
$
(163.2)
Plus: Total stockholders' equity
1,414.3
1,300.6
Capitalization
$
1,220.4
$
1,137.4
Net debt to capitalization ratio
(15.9)
%
(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
(1.0)% to 3.0%
Forecasted impact of acquisition / FX
(1.0)%
Organic sales growth
(2.0)% to 2.0%
Operating Margin
Operating margin range
16.6% to 17.2%
Forecasted restructuring / other costs
0.1%
Adjusted operating margin range
16.7% to 17.3%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802627742/en/
Diane McClintock SVP FP&A & Investor Relations email:
investorrelations@wattswater.com
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