Watts Water Technologies (WTS) Tops Q1 EPS by 8c, Revenues Beat; Withdraws FY20 Guidance
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Watts Water Technologies Reports First Quarter 2020 Results
May 6, 2020 4:15 PM EDTSales of $383 million were down 2% and 1% organically primarily as a result of the impact of the COVID-19 pandemic; foreign exchange was a 1% headwind GAAP operating margin of 12.5%, up 50 bps; adjusted operating margin of 12.6%, up 20 bps GAAP and adjusted EPS of $0.94 and $0.95, respectively; up 3% on GAAP basis and up 1% on adjusted basis Initiated cost and cash management actions to mitigate COVID-19 impact on business Enhanced financial flexibility by extending existing credit facility; low... More
