- Sales of $341 million, down 7%
year-over-year primarily due to the 2015 exit of undifferentiated
products
- Organic sales down 1%; Americas down
3%, EMEA flat and Asia-Pacific up 26%
- GAAP operating margin of 10.7%;
adjusted operating margin of 12.1%, up 70 bps
- GAAP EPS of $0.63; adjusted EPS of
$0.71, up 6% from prior year
- Acquired PVI Industries, LLC, a
leading manufacturer of commercial water heating equipment, for
approximately $78 million
Watts Water Technologies, Inc. (NYSE: WTS) today announced third
quarter 2016 results. Sales of $341.1 million decreased 7% compared
to the same period in 2015. Third quarter GAAP EPS was $0.63 as
compared to ($0.73) for the same period last year. The significant
increase in GAAP EPS was primarily due to the 2015 settlement of
the Company’s pension plan and other benefit obligations. Adjusted
EPS was $0.71, up 6%, as compared to $0.67 for the same period last
year.
Remarking on operating results, Chief Executive Officer, Robert
J. Pagano Jr., said, “We delivered another strong quarter of EPS
growth and operating margin expansion despite some top-line
headwinds. Margins continued to benefit from our transformation and
productivity initiatives. We had a strong quarter in cash flow
generation, and we expect that trend to continue through the fourth
quarter.”
Commenting on the acquisition of PVI Industries, LLC, Mr. Pagano
noted, “We are excited about adding PVI to our portfolio. PVI is a
market leader in high capacity commercial water heaters and
complements AERCO’s position in high efficiency boilers. Like
AERCO, PVI is focused on differentiated product design for project
specific customer applications.”
Summarized third quarter results:
(In
millions, except per share information) Third Quarter Ended
October 2,2016
September 27,2015
% Change Sales $ 341.1 $ 366.3 (7 %) Net income
(loss) $ 21.9 $ (25.7 ) 185 % Diluted earnings (loss) per
share $ 0.63 $ (0.73 ) 186 % Special items (1) 0.08 1.40
Adjusted earnings per share (1) $ 0.71 $ 0.67 6 %
(1) Special items and adjusted earnings per share represent
non-GAAP financial measures. For a reconciliation of GAAP to
non-GAAP items please see the tables attached to this press
release.
Noteworthy Items
- Organic sales declined 1%. Regionally,
organic sales declined 3% in the Americas, were flat in Europe,
Middle East and Africa (EMEA), and were up 26% in Asia-Pacific. The
Americas sales performance was primarily due to lower than
anticipated sales of AERCO products which we believe to be
primarily attributable to project timing and certification delays.
We also experienced headwinds in the Americas retail channel
related to the exit of undifferentiated products which offset
growth in our core plumbing and valves product lines. EMEA sales
were generally in line with expectations while Asia-Pacific grew
substantially due to a recovery in commercial valves demand within
China and continued growth in Southeast Asia.
- Operating margin on a GAAP basis
increased 18.9 percentage points to 10.7%. Included in 2015
operating margin was a $65 million charge for the settlement of the
Company’s pension plan and other benefit obligations. Adjusted
operating margin increased 0.7 percentage points to 12.1% quarter
over quarter, driven primarily by favorable sales mix,
transformation initiatives and strong productivity.
- GAAP EPS of $0.63 was $1.36 higher than
the prior year primarily driven by a charge for the settlement of
the Company’s pension plan and other benefit obligations. Adjusted
EPS of $0.71 was 6% higher than last year as a result of improved
operational performance, lower interest expense and a lower
effective tax rate, which more than offset a $0.05 headwind from
the exit of undifferentiated products.
- For the first nine months of 2016,
operating cash flow was $69.6 million and net capital expenditures
were $26.3 million, resulting in free cash flow of $43.3 million.
In the comparable period last year, operating cash flow was $41.9
million, net capital expenditures were $19.1 million and free cash
flow was $22.8 million. Operating cash flow in 2015 included a
$49.2 million outflow for the settlement of the Company’s pension
plan and other benefit obligations.
- The Company repurchased approximately
74,000 shares of Class A common stock at a cost of approximately
$4.6 million during the third quarter. Year-to-date, approximately
433,000 shares have been purchased at a cost of approximately $22.2
million. Approximately $60 million available for stock repurchases
remains under the current stock repurchase program, which has no
expiration date.
- PVI, headquartered in Fort Worth, TX,
is a leading manufacturer of commercial stainless steel water
heating equipment focusing on the high capacity market. PVI’s water
heater product offering complements AERCO’s boiler products,
allowing Watts to comprehensively address our commercial customers’
heating and hot water requirements. PVI annual sales approximate
$50 million. The acquisition is effective today.
For a reconciliation of GAAP to non-GAAP items and a statement
regarding the usefulness of these measures to investors and
management in evaluating our operating performance, please see the
tables attached to this press release.
Watts Water Technologies, Inc. will hold a live web cast of its
conference call to discuss third quarter results for 2016 on
Thursday, November 3, 2016, at 9:00 a.m. Eastern Time. This press
release and the live web cast can be accessed by visiting the
Investor Relations section of the Company's website at
www.wattswater.com. Following the web cast, an archived version of
the call will be available at the same address until November 3,
2017.
Watts Water Technologies, Inc., through its subsidiaries, is a
world leader in the manufacture of innovative products to control
the efficiency, safety, and quality of water within residential,
commercial, and institutional applications. Its expertise in a wide
variety of water technologies enables it to be a comprehensive
supplier to the water industry.
This Press Release includes “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995,
including statements relating to cash flow generation through the
fourth quarter of 2016. These forward-looking statements reflect
our current views about future events. You should not rely on
forward-looking statements because our actual results may differ
materially from those predicted as a result of a number of
potential risks and uncertainties. These potential risks and
uncertainties include, but are not limited to: the effectiveness,
the timing and the expected costs and savings associated with our
ongoing restructuring and transformation programs and initiatives;
the current economic and financial condition, which can affect the
housing and construction markets where our products are sold,
manufactured and marketed; shortages in and pricing of raw
materials and supplies; our ability to compete effectively; changes
in variable interest rates on our borrowings; failure to expand our
markets through acquisitions; failure to successfully develop and
introduce new product offerings or enhancements to existing
products; failure to manufacture products that meet required
performance and safety standards; foreign exchange rate
fluctuations; cyclicality of industries where we market our
products, such as plumbing and heating wholesalers and home
improvement retailers; environmental compliance costs; product
liability risks; changes in the status of current litigation;
failure of the settlements in Ponzo v. Watts and Klug v. Watts to
gain approval; and other risks and uncertainties discussed under
the heading “Item 1A. Risk Factors” and in Note 15 of the Notes to
the Consolidated Financial Statements in our Annual Report on Form
10-K for the year ended December 31, 2015 filed with the SEC and
our subsequent filings with the SEC. We undertake no duty to update
the information contained in this Press Release, except as required
by law.
WATTS WATER TECHNOLOGIES, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share information)
(Unaudited) Third Quarter Ended Nine Months
Ended October 2, September 27,
October 2,
September 27,
2016 2015
2016 2015 Net sales $
341.1 $ 366.3 $
1,056.4 $ 1,109.4 Cost of goods sold
199.1 224.1
628.5 690.9
GROSS PROFIT
142.0 142.2
427.9 418.5 Selling, general
and administrative expenses
104.5 166.6
317.6 378.6
Restructuring and other charges, net
1.0 5.8
5.6 12.5
Gain on disposition
- -
(8.7 ) -
OPERATING INCOME (LOSS)
36.5 (30.2 )
113.4 27.4 Other (income) expense: Interest
income
(0.3 ) (0.3 )
(0.8 ) (0.7 )
Interest expense
4.9 6.2
17.1 18.0 Other income, net
(0.5 ) (0.2 )
(3.6 ) (0.8 ) Total other
expense
4.1 5.7
12.7 16.5
INCOME (LOSS) BEFORE INCOME TAXES
32.4 (35.9 )
100.7
10.9 Provision (benefit) for income taxes
10.5 (10.2
)
34.0 5.7 NET INCOME (LOSS) $
21.9
$ (25.7 ) $
66.7 $ 5.2 BASIC EPS
NET INCOME (LOSS) PER SHARE $
0.63 $ (0.73 ) $
1.93 $ 0.15 Weighted average number of shares
34.5 35.0
34.5 35.0
DILUTED EPS NET INCOME (LOSS) PER SHARE $
0.63 $
(0.73 ) $
1.93 $ 0.15 Weighted average number
of shares
34.5 35.0
34.5 35.1
Dividends declared per share $
0.18 $ 0.17
$
0.53 $ 0.49
WATTS
WATER TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (Amounts in millions, except share
information) (Unaudited) October
2, December 31, ASSETS
2016 2015 CURRENT ASSETS: Cash
and cash equivalents $
338.6 $ 296.2 Trade accounts
receivable, less allowance for doubtful accounts of $13.0 million
at October 2, 2016 and $10.1 million at December 31, 2015
214.7 186.4 Inventories, net: Raw materials
82.2 88.5
Work in process
16.8 15.2 Finished goods
142.2
136.3 Total Inventories
241.2 240.0 Prepaid expenses
and other assets
41.9 46.1 Deferred income taxes
35.0
38.4 Assets held for sale
2.0 1.9 Total
Current Assets
873.4 809.0 PROPERTY, PLANT AND
EQUIPMENT: Property, plant and equipment
513.6 498.6
Accumulated depreciation
(328.8 ) (314.2 ) Property,
plant and equipment, net
184.8 184.4 OTHER
ASSETS: Goodwill
497.0 489.0 Intangible assets, net
178.9 192.8 Deferred income taxes
1.7 3.7 Other, net
11.5 11.9 TOTAL ASSETS $
1,747.3
$ 1,690.8 LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable $
85.8 $ 101.7 Accrued
expenses and other liabilities
141.5 145.7 Accrued
compensation and benefits
45.0 46.5 Current portion of
long-term debt
1.3 1.1 Total Current
Liabilities
273.6 295.0 LONG-TERM DEBT, NET OF
CURRENT PORTION
601.6 574.2 DEFERRED INCOME TAXES
70.8 71.8 OTHER NONCURRENT LIABILITIES
44.9 44.9
STOCKHOLDERS' EQUITY: Preferred Stock, $0.10 par value; 5,000,000
shares authorized; no shares issued or outstanding
- - Class
A Common Stock, $0.10 par value; 80,000,000 shares authorized; 1
vote per share; issued and outstanding: 27,875,171 shares at
October 2, 2016 and 28,049,908 shares at December 31, 2015
2.8 2.8 Class B Common Stock, $0.10 par value; 25,000,000
shares authorized; 10 votes per share; issued and outstanding:
6,379,290 shares at October 2, 2016 and December 31, 2015
0.6 0.6 Additional paid-in capital
531.2 512.0
Retained earnings
342.0 317.7 Accumulated other
comprehensive loss
(120.2 ) (128.2 ) Total
Stockholders' Equity
756.4 704.9 TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $
1,747.3 $
1,690.8
WATTS WATER TECHNOLOGIES, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions) (Unaudited)
Nine Months Ended October 2,
September 27,
2016 2015 OPERATING ACTIVITIES Net income $
66.7 $
5.2 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation
22.7 23.8 Amortization of
intangibles
15.3 15.9 Loss on disposal and impairment of
property, plant and equipment and other
1.8 1.6 Gain on
acquisition
(1.7 ) - Gain on disposition
(8.6
) - Stock-based compensation
10.6 7.7 Deferred income
tax benefit
2.9 (11.3 ) Defined benefit plans settlement
- 59.7 Changes in operating assets and liabilities, net of
effects from business acquisitions and divestitures: Accounts
receivable
(24.3 ) (20.0 ) Inventories
1.4 7.3
Prepaid expenses and other assets
8.7 (5.3 ) Accounts
payable, accrued expenses and other liabilities
(25.9
) (42.7 ) Net cash provided by operating activities
69.6 41.9 INVESTING ACTIVITIES Additions to
property, plant and equipment
(26.3 ) (19.2 )
Proceeds from the sale of property, plant and equipment
-
0.1 Net proceeds from the sale of assets, and other
4.2 33.8
Business acquisitions, net of cash acquired
(2.1 ) -
Net cash (used in) provided by investing activities
(24.2 ) 14.7 FINANCING ACTIVITIES Proceeds
from long-term borrowings
530.0 - Payments of long-term debt
(501.1 ) (1.3 ) Payments of capital leases and other
(1.6 ) (3.4 ) Proceeds from share transactions under
employee stock plans
7.3 2.1 Tax benefit of stock awards
exercised
0.4 0.2 Payments to repurchase common stock
(22.2 ) (32.0 ) Debt issuance costs
(2.1
) - Dividends
(18.2 ) (17.2 ) Net cash used in
financing activities
(7.5 ) (51.6 ) Effect of
exchange rate changes on cash and cash equivalents
4.5
(17.3 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
42.4 (12.3 ) Cash and cash equivalents at beginning
of year
296.2 301.1 CASH AND CASH EQUIVALENTS
AT END OF PERIOD $
338.6 $ 288.8
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES SEGMENT
INFORMATION (Amounts in millions) (Unaudited)
Net Sales Third Quarter Ended Nine Months
Ended
October 2, 2016
September 27, 2015
October 2, 2016
September 27, 2015
Americas
$ 215.8 $ 245.0
$ 677.6
$ 745.2 EMEA
109.8 110.9
338.2 332.1 Asia-Pacific
15.5 10.4
40.6
32.1 Total
$ 341.1 $
366.3
$ 1,056.4 $ 1,109.4
Operating Income (Loss) Third Quarter
Ended Nine Months Ended October 2, 2016
September 27, 2015
October 2, 2016
September 27, 2015
Americas
$ 32.2 $ 30.3
$ 95.7 $
90.6 EMEA
12.5 10.9
33.2 25.7 Asia-Pacific
1.4
1.2
12.2 0.9 Corporate
(9.6 )
(72.6 )
(27.7 ) (89.8 ) Total
$
36.5 $ (30.2 )
$ 113.4 $ 27.4
Intersegment Sales
Third Quarter Ended Nine Months Ended October 2,
2016
September 27, 2015
October 2, 2016
September 27, 2015
Americas
$ 2.9 $ 2.1
$ 9.1 $ 5.8
EMEA
2.8 2.3
8.3 7.8 Asia-Pacific
17.5
27.9
59.2 91.0
Total
$ 23.2 $ 32.3
$
76.6 $ 104.6
Key Performance Indicators and Non-GAAP
Measures
In this press release we refer to non-GAAP financial measures
(including adjusted operating income, adjusted operating margins,
adjusted net income, adjusted earnings per share, organic sales,
free cash flow, net debt to capitalization ratio and the cash
conversion rate of free cash flow to net income) and provide a
reconciliation of those non-GAAP financial measures to the
corresponding financial measures contained in our consolidated
financial statements prepared in accordance with GAAP. We believe
that these financial measures are appropriate to enhance an overall
understanding of our historical financial performance and future
prospects. Adjusted operating income, adjusted operating margins,
adjusted net income and adjusted earnings per share eliminate
certain expenses incurred in the periods presented that relate
primarily to our global restructuring programs, deployment costs,
acquisition related costs, gains on acquisition and
disposition, the related income tax impacts on these
items and other tax adjustments. Management then utilizes these
adjusted financial measures to assess the run-rate of the Company’s
operations against those of comparable periods. Organic
sales growth is a non-GAAP measure of sales growth excluding the
impacts of foreign exchange, acquisitions and divestitures from
period-over-period comparisons. Management believes reporting
organic sales growth provides useful information to investors,
potential investors and others, which allows for a more complete
understanding of underlying sales trends by providing sales growth
on a consistent basis. Free cash flow and the net debt to
capitalization ratio, which are adjusted to exclude certain cash
inflows and outlays, and include only certain balance sheet
accounts from the comparable GAAP measures, are an indication of
our performance in cash flow generation and also provide an
indication of the Company's relative balance sheet leverage to
other industrial manufacturing companies. The cash conversion rate
of free cash flow to net income is also a measure of our
performance in cash flow generation. These non-GAAP financial
measures are among the primary indicators management uses as a
basis for evaluating our cash flow generation and our
capitalization structure. In addition, free cash flow is used as a
criterion to measure and pay certain compensation-based incentives.
For these reasons, management believes these non-GAAP financial
measures can be useful to investors, potential investors and
others. The Company’s non-GAAP financial measures may not be
comparable to similarly titled measures reported by other
companies. The presentation of this additional information is not
meant to be considered in isolation or as a substitute for
financial measures prepared in accordance with GAAP.
TABLE 1 RECONCILIATION
OF GAAP "AS REPORTED" TO THE "ADJUSTED" NON-GAAP EXCLUDING
THE EFFECT OF ADJUSTMENTS FOR SPECIAL ITEMS (Amounts in
millions, except per share information) (Unaudited)
CONSOLIDATED RESULTS Third Quarter
Ended Nine Months Ended October 2, September 27,
October 2, September 27,
2016 2015
2016 2015
Net sales $ 341.1 $ 366.3
$
1,056.4 $ 1,109.4
Operating income (loss) - as
reported $ 36.5 $ (30.2 )
$ 113.4 $
27.4 Operating margin %
10.7 % -8.2 %
10.7
% 2.5 %
Adjustments for special items:
Acquisition related
costs
- Acquisition costs
- -
0.1 0.2 - Purchase accounting
adjustment
- -
0.5 0.9
- -
0.6 1.1 Restructuring and other charges,
net
1.0 5.8
5.6 12.5 Gain on disposition
- -
(8.7 ) - Long-term obligation
settlements
- 64.7 64.7
Deployment costs
related to transformation activities
- EMEA transformation
0.1 0.3
0.2 2.8 - Americas
& Asia-Pacific transformation
3.8 1.1
11.7 4.5
3.9 1.4 11.9
7.3 Total adjustments for
special items $ 4.9 $ 71.9
$ 9.4 $ 85.6
Operating
income - as adjusted $ 41.4 $ 41.7
$
122.8 $ 113.0 Adjusted operating margin %
12.1
% 11.4 %
11.6 % 10.2 %
Net income
(loss) - as reported $ 21.9 $ (25.7 )
$
66.7 $ 5.2
Adjustments for special items - tax
affected:
Acquisition related
costs
- Acquisition costs
- -
0.1 0.1 - Gain on acquisition
- -
(1.0 ) - - Purchase accounting adjustment
- -
0.4 0.6
- -
(0.5 ) 0.7 Restructuring and other charges,
net
0.6 3.6
3.6 8.3 Long-term obligation
settlements
- 44.6
- 44.6 Gain on disposition
- -
(8.3 ) -
Deployment costs
related to transformation activities
- EMEA transformation
0.1 0.2
0.2 1.9 - Americas
& Asia-Pacific transformation
2.2 0.9
7.1 3.1
2.3 1.1
7.3 5.0
Other
Items
- Tax adjustments
(0.2 ) -
1.5 -
Total Adjustments for special items - tax
affected: $ 2.7 $ 49.3
$ 3.6 $ 58.6
Net
income - as adjusted $ 24.6 $ 23.6
$
70.3 $ 63.8
Diluted earnings per share - as
reported $ 0.63 $ (0.73 )
$ 1.93 $
0.15 Adjustments for special items
0.08 1.40
0.11 1.66
Diluted earnings per share - as
adjusted $ 0.71 $ 0.67
$
2.04 $ 1.81
TABLE 2 SEGMENT INFORMATION - RECONCILIATION OF GAAP "AS
REPORTED" TO THE "ADJUSTED" NON-GAAP EXCLUDING THE EFFECT OF
ADJUSTMENTS FOR SPECIAL ITEMS (Amounts in millions)
(Unaudited)
Third Quarter Ended Third Quarter Ended
October 2, 2016
September 27, 2015
Americas EMEA
Asia-Pacific
Corporate Total Americas
EMEA
Asia-Pacific
Corporate Total Net sales
$ 215.8 109.8 15.5
- 341.1
$ 245.0 110.9
10.4 - 366.3
Operating income (loss) - as reported $ 32.2
12.5 1.4 (9.6 ) 36.5
$ 30.3 10.9 1.2 (72.6 ) (30.2 )
Operating margin % 14.9 % 11.4 % 9.0 % 10.7 % 12.4 % 9.8 % 11.5 %
-8.2 %
Adjustments for special items $ 4.1
0.4 0.5 (0.1 ) 4.9
$ 5.6 1.1 0.5
64.7 71.9
Operating income
(loss) - as adjusted $ 36.3 12.9 1.9 (9.7 ) 41.4
$ 35.9 12.0 1.7 (7.9 ) 41.7 Adjusted operating margin % 16.8
% 11.8 % 12.3 % 12.1 % 14.7 % 10.8 % 16.3 % 11.4 %
Nine Months Ended
Nine Months Ended October 2, 2016
September 27, 2015
Americas EMEA
Asia-Pacific
Corporate Total Americas
EMEA
Asia-Pacific
Corporate Total Net sales
$ 677.6 338.2 40.6
- 1,056.4
$ 745.2 332.1
32.1 - 1,109.4
Operating income (loss) - as reported $ 95.7
33.2 12.2 (27.7 ) 113.4
$ 90.6 25.7 0.9 (89.8 ) 27.4
Operating margin % 14.1 % 9.8 % 30.0 % 10.7 % 12.2 % 7.7 % 2.8 %
2.5 %
Adjustments for special items $ 13.1
3.4 (7.0 ) (0.1 ) 9.4
$ 11.8 5.1 3.9
64.8 85.6
Operating income
(loss) - as adjusted $ 108.8 36.6 5.2 (27.8 ) 122.8
$ 102.4 30.8 4.8 (25.0 ) 113.0 Adjusted operating margin %
16.1 % 10.8 % 12.8 % 11.6 % 13.7 % 9.3 % 15.0 % 10.2 %
TABLE 3 SEGMENT INFORMATION -
RECONCILIATION OF REPORTED NET SALES TO ORGANIC SALES
(Unaudited)
Third Quarter Ended Americas
EMEA Asia-Pacific Total
Reported net sales October 2, 2016 $ 215.8 $ 109.8 $ 15.5 $ 341.1
Reported net sales September 27, 2015 245.0 110.9
10.4 366.3 Dollar change $ (29.2 ) $ (1.1 ) $ 5.1
$ (25.2 )
Net Sales % increase (decrease)
-11.9 % -1.0 % 49.0 %
-6.9 % Decrease due to foreign exchange - 0.5 % 5.3 %
0.1 % Decrease due to divestitures 9.1 % - 15.4 % 6.6 % (Increase)
due to acquisition - - -43.9 % -1.2 % subtotal 9.1 %
0.5 % -23.2 % 5.5 %
Organic sales (decrease) increase
-2.8 % -0.5 % 25.8 %
-1.4 %
Nine Months Ended Americas
EMEA Asia-Pacific Total
Reported net sales October 2, 2016 $ 677.6 $ 338.2 $ 40.6 $ 1,056.4
Reported net sales September 27, 2015 745.2 332.1
32.1 1,109.4 Dollar change $ (67.6 ) $ 6.1 $
8.5 $ (53.0 )
Net Sales % increase (decrease)
-9.1 % 1.8 % 26.5 %
-4.8 % Decrease due to foreign exchange 0.3 % 0.5 %
4.3 % 0.5 % Decrease due to divestitures 11.4 % - 16.8 % 8.1 %
(Increase) due to acquisition - - -35.4 % -1.0 %
subtotal 11.7 % 0.5 % -14.3 % 7.6 %
Organic sales increase
2.6 % 2.3 % 12.2 %
2.8 %
TABLE 4 RECONCILIATION OF NET CASH PROVIDED BY OPERATIONS
TO FREE CASH FLOW (Amounts in millions)
(Unaudited) Nine Months Ended October
2, September 27,
2016 2015 Net cash provided by
operations - as reported $
69.6 $ 41.9 Less: additions to
property, plant, and equipment
(26.3 ) (19.2 ) Plus:
proceeds from the sale of property, plant, and equipment
-
0.1 Free cash flow $
43.3 $ 22.8
Net income - as reported $
66.7 $ 5.2
Cash conversion rate of free cash flow to net income
64.9 % 438.5 %
TABLE 5
RECONCILIATION OF LONG-TERM DEBT (INCLUDING CURRENT PORTION) TO
NET DEBT AND NET DEBT TO CAPITALIZATION RATIO (Amounts in
millions) (Unaudited) October 2,
December 31,
2016 2015 Current portion of long-term
debt $
1.3 $ 1.1 Plus: Long-term debt, net of current
portion
601.6 574.2 Less: Cash and cash equivalents
(338.6 ) (296.2 ) Net debt $
264.3 $
279.1 Net debt $
264.3 $ 279.1 Plus: Total
stockholders' equity
756.4 704.9
Capitalization $
1,020.7 $ 984.0
Net debt to capitalization ratio
25.9 % 28.4 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161102006671/en/
Watts Water Technologies, Inc.Timothy M. MacPhee,
978-689-6201Treasurer, VP – Investor RelationsFax: 978-688-2976
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