Watts Water (WTS) Beats Q4 Earnings & Revenue Estimates
Zacks Investment Research | Feb 10, 2020 09:05PM ET
Watts Water Technologies, Inc. (NYSE:WTS) reported healthy fourth-quarter 2019 results, wherein the bottom line and the top line surpassed the respective Zacks Consensus Estimate. The North Andover, MA-based company achieved its goals for 2019 to drive organic sales growth and margin expansion, and continued to reinvest in future growth, especially in its smart and connected products.
Net Income
On a reported basis, quarterly net income was $31.8 million or 93 cents per share compared with $32.3 million or 94 cents per share in the year-ago quarter. Better operating performances in all regions and lower net interest costs was more than offset by increased restructuring and other costs.
For 2019, net income was $131.5 million or $3.85 per share compared with $128 million or $3.73 per share in 2018. The improvement was backed by solid operating performance in the Americas and lower net interest costs, partly offset by restructuring and other costs and reduced foreign currency gains.
Fourth-quarter adjusted net income came in at $34.2 million or $1 per share compared with $30.1 million or 88 cents per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate by 2 cents.
Watts Water Technologies, Inc. Price, Consensus and EPS Surprise
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