Watts Water: 3Q Earnings Snapshot
NORTH ANDOVER, Mass. (AP) _ Watts Water Technologies Inc. (WTS) on Wednesday reported third-quarter net income of $32.3 million.
On a per-share basis, the North Andover, Massachusetts-based company said it had net income of 94 cents. Earnings, adjusted for non-recurring costs, were $1.04 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The maker of valves for plumbing, heating and water needs posted revenue of $394.7 million in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $397.7 million.
Watts Water shares have risen 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $94.17, an increase of 35% in the last 12 months.