Watts Water Technologies (NYSE: WTS) reported Q3 EPS of $0.67, $0.03 better than the analyst estimate of $0.64. Revenue for the quarter came in at $366.3 million versus the consensus estimate of $361.05 million.

• Signed definitive agreement to purchase the shares of Apex Valves Limited

Robert J. Pagano Jr., Chief Executive Officer, commented, “I am pleased with the progress we’ve made on our many initiatives during the third quarter. We completed the sale of U.S non-core product lines and associated assets, settled our pension obligations, and continued to make headway on existing transformation programs, including entering into an agreement to sell a manufacturing facility in China dedicated to non-core products, and finalizing the details of Phase 2 of the Americas transformation program. Operationally, despite the reduction in sales volumes and incremental general and administrative charges, our adjusted margin profile was fairly consistent with the third quarter last year. Overall, we were pleased with the third quarter results and the progress achieved on our transformational efforts.”

Commenting on the purchase of Apex, Mr. Pagano noted, “The Apex acquisition will allow us to expand our Asia-Pacific presence with a leading supplier of control valves for hot water and filtration applications primarily in the New Zealand market place. Annual sales approximated $12 million in 2014, with a strong operating margin profile.”

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