Watts Water reports Q1 adjusted EPS $2.33, consensus $2.10

Reports Q1 revenue $571M, consensus $547.2M. CEO Robert Pagano Jr. commented, “Our first quarter results exceeded expectations as we delivered record first quarter sales, operating earnings, adjusted operating margin and EPS… As a result of our first quarter performance, we are increasing our full year 2024 outlook. Organic sales growth is now expected to range from negative 4% to positive 1%, raising the midpoint by 50 basis points. Adjusted operating margin is now expected to range from 17.1% to 17.7%, raising the midpoint by 20 basis points. The integrations of our recent acquisitions of Bradley Corporation, Josam Company and Enware are all progressing well. Our balance sheet remains strong, and our robust cash flow has continued to support incremental strategic investments into the business, return of capital to shareholders and the execution of our long-term strategy.”