Watts Water Technologies (NYSE: WTS) reported Q1 EPS of $1.92, $0.28 better than the analyst estimate of $1.64. Revenue for the quarter came in at $472 million versus the consensus estimate of $473.35 million.

Chief Executive Officer Robert J. Pagano Jr. commented, “We continued our solid execution into 2023 and delivered another record quarter. We drove organic sales growth in all regions despite the challenging comparison to a very strong first quarter in 2022 and generated record operating earnings, operating margin and EPS. As a result of our first quarter performance and our second quarter expectations, we are increasing our full year 2023 adjusted operating margin outlook to a range of 15.7% to 16.3% from our previous outlook of 15.4% to 16.0%, while maintaining our incremental investments. Although we continue to anticipate softer market conditions as 2023 progresses, we are maintaining our full year 2023 organic sales growth outlook of negative 5% to positive 2%. This would not be possible without the strong execution by the Watts team, and I would like to thank our employees who have remained focused on delivering quality and value to our customers.”

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