Watts Water Technologies (NYSE: WTS) reported Q1 EPS of $0.55, $0.04 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $365.2 million versus the consensus estimate of $374.98 million.

Commenting on operating results, interim Chief Executive Officer and Chief Financial Officer, Dean P. Freeman, commented, “We were pleased with our results for the first quarter. We expanded our adjusted operating margins through cost containments in EMEA and the Americas. Our overall operating leverage was strong as well. Though we experienced what we believe to be some weather related order softness in the U.S. and continued soft markets in Europe, our order rates increased as the quarter progressed and continued into April for all regions. Included in restructuring charges for the first quarter is $2.7 million in severance costs related to changes in our Americas and corporate organizational structures to increase our operational efficiency and effectiveness.”

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