- Reported sales of $467 million, up 38%; up 32% on an organic
basis
- GAAP operating margin of 11.3%, up 210 bps; adjusted
operating margin of 14.9%, up 380 bps
- GAAP EPS of $1.11, up 88%; adjusted EPS of $1.48, up
100%
- Recorded $18 million of restructuring and other charges
related to French facility exit
- Increasing adjusted full year 2021 outlook
Note: Second quarter 2021 performance relative to second
quarter in 2020
Watts Water Technologies, Inc. (NYSE: WTS) today announced
second quarter 2021 results.
Chief Executive Officer Robert J. Pagano Jr. commented, “I want
to recognize and thank the exemplary performance of the Watts team
and especially our associates in supply chain and operations in
navigating through the dual challenges of stronger than anticipated
market demand as well as unique dynamics challenging the supply
chains globally. Although much of this quarter’s performance
improvement is related to COVID-19’s impact last year, underlying
market conditions, especially in repair and replacement, were
stronger than we originally anticipated. Consequently, we delivered
a record quarter, with both sales and adjusted operating margin
higher than expected across all regions. As we guided, the February
weather freeze in the South-Central U.S. continued to benefit us.
After another stronger than expected quarter, which included
recording restructuring and other charges associated with the
successfully completed negotiations to exit one of our French
operations, we are again raising our adjusted full year 2021
outlook.”
A summary of second quarter results is as follows:
Second Quarter Ended
June 27,
June 28,
(In millions, except per share
information)
2021
2020
% Change
Sales
$
467.0
$
338.7
38
%
Net income
37.5
20.2
86
%
Diluted net income per share
$
1.11
$
0.59
88
%
Special items (1)
0.37
0.15
Adjusted earnings per share (1)
$
1.48
$
0.74
100
%
(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.
Second Quarter 2021 Financial Highlights
Second quarter 2021 performance relative to second quarter in
2020
- Sales of $467 million increased 38% on a reported basis and 32%
organically primarily driven by the global economic recovery
following the significant negative effect of COVID-19 last year. In
addition, the continuing impact of the February 2021 freezing
weather in the South-Central U.S. was estimated to have contributed
approximately 4% of incremental sales during the second
quarter.
- Operating margin increased 210 basis points and 380 basis
points on a reported and adjusted basis, respectively, benefiting
from price, volume, productivity and restructuring savings,
partially offset by incremental investments, and the return of
expenses related to business normalization. GAAP operating margin
was negatively impacted by higher restructuring charges in 2021
related to the approved French facility exit.
Regional Performance:
Americas
- Sales of $307 million increased 29% on a reported basis and 28%
on an organic basis, supported by the global economic recovery.
Sales attributable to the February 2021 freezing weather in the
South-Central U.S. contributed approximated 5% to growth.
- Operating margin increased 560 basis points on a GAAP basis and
270 basis points on an adjusted basis as benefits from volume,
pricing, productivity and restructuring savings were partially
offset by incremental investments and normalized costs. The GAAP
operating margin benefited from lower year-over-year restructuring
and footprint optimization charges.
Europe
- Sales of $137 million increased 55% on a reported basis,
including a 41% organic increase, primarily driven by the global
economic recovery, and a 14% positive foreign exchange impact.
- Operating margin decreased 650 basis points and increased 700
basis points, on a GAAP and adjusted basis, respectively. Both
benefited from volume, pricing, productivity and restructuring
savings partially offset by incremental investments and normalized
costs. The GAAP operating margin was negatively impacted by the
charges related to the restructuring activities in France.
APMEA
- Sales of $23 million increased 75% on a reported basis,
including acquired sales of 14% and a 10% positive foreign exchange
impact. Organically, sales increased 51% from strong growth in
China and New Zealand and from the global economic recovery.
- Operating margin increased 1,250 basis points and 460 basis
points on a GAAP and adjusted basis, respectively, both benefiting
from volume, productivity initiatives, restructuring savings as
well as higher affiliate volume, which were partially offset by
normalized costs. The GAAP operating margin benefited from lower
year-over-year restructuring charges.
Cash Flow and Capital Allocation
- For the first six months of 2021, operating cash flow
approximated $73 million, net capital expenditures approximated $8
million and free cash flow approximated $65 million. In the
comparable period last year, operating cash flow approximated $47
million, net capital expenditures approximated $22 million and free
cash flow approximated $25 million. The increase in operating cash
flow was primarily related to higher net income. The free cash flow
increase was primarily driven by higher net income and lower net
capital expenditures. We expect continued improvement in operating
cash flow and in free cash flow during the second half of 2021, due
to normal seasonality.
- The Company repurchased approximately 31,000 shares of Class A
common stock at an investment of $4 million during the second
quarter. For the first six months of 2021, the Company repurchased
approximately 62,000 shares at an investment of approximately $8
million.
Mr. Pagano concluded, “I’m pleased with our performance during
the quarter which was supported by a strengthening macro backdrop
and continued solid execution across our organization. Given
accelerating demand in our end markets, especially the continued
strength in repair and replacement activity, we are updating our
adjusted full year 2021 outlook. We now expect consolidated organic
revenue growth of 10% to 14% and consolidated adjusted operating
margin expansion of 100 to 150 basis points, compared to last year.
Market uncertainties appear to have eased to some extent, but we
continue to closely monitor nonresidential new construction
activity, supply chain issues, inflation, vaccine implementations
and the impact of the virus variants. We remain focused on our
long-term strategic priorities while addressing lingering near-term
disruptions caused by the pandemic.”
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 webcast of its
conference call to discuss second quarter results for 2021 on
Thursday, August 5, 2021, at 9:00 a.m. Eastern Time. This press
release and the live webcast can be accessed by visiting the
Investors section of the Company's website at www.wattswater.com.
Following the webcast, an archived version of the call will be
available at the same address until August 5, 2022.
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 in residential,
commercial, and institutional applications. Watts’ expertise in a
wide variety of water technologies enables us 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 the impact of COVID-19 on our 2021
results; our expected revenue, organic revenue, operating margin
and adjusted operating margin for full year 2021; our expected cash
flow; and our expected liquidity position for 2021 . 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 effects of the 2017 Tax Act; the effectiveness, the timing and
the expected savings associated with our cost-cutting actions,
restructuring and transformation programs and initiatives; current
economic and financial conditions, 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; inflation; 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; the risks and uncertainties relating to the
COVID-19 pandemic, including supply chain issues, vaccine
implementations and the impact of the virus variants; 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, 2020, filed with the SEC, as well as risk factors
disclosed in 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)
Second Quarter Ended
Six Months Ended
June 27,
June 28,
June 27,
June 28,
2021
2020
2021
2020
Net sales
$
467.0
$
338.7
$
880.3
$
721.3
Cost of goods sold
266.9
203.8
506.5
423.6
GROSS PROFIT
200.1
134.9
373.8
297.7
Selling, general and administrative
expenses
130.4
97.6
244.2
212.6
Restructuring
17.0
5.3
17.3
5.3
Other long-lived asset impairment
charges
—
1.0
—
1.0
OPERATING INCOME
52.7
31.0
112.3
78.8
Other (income) expense:
Interest income
—
(0.1
)
—
(0.2
)
Interest expense
1.5
4.0
3.5
7.0
Other income, net
(0.5
)
(0.4
)
(0.8
)
(0.1
)
Total other expense
1.0
3.5
2.7
6.7
INCOME BEFORE INCOME TAXES
51.7
27.5
109.6
72.1
Provision for income taxes
14.2
7.3
30.4
19.9
NET INCOME
$
37.5
$
20.2
$
79.2
$
52.2
BASIC EPS
NET INCOME PER SHARE
$
1.11
$
0.60
$
2.34
$
1.54
Weighted average number of shares
33.8
33.8
33.8
33.9
DILUTED EPS
NET INCOME PER SHARE
$
1.11
$
0.59
$
2.34
$
1.53
Weighted average number of shares
33.9
34.0
33.9
34.0
Dividends declared per share
$
0.26
$
0.23
$
0.49
$
0.46
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Amounts in millions, except
share information)
(Unaudited)
June 27,
December 31,
2021
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
240.1
$
218.9
Trade accounts receivable, less reserve
allowances of $11.4 million at June 27, 2021 and $11.1 million at
December 31, 2020
256.7
197.6
Inventories, net:
Raw materials
108.4
79.6
Work in process
20.0
16.1
Finished goods
185.1
167.9
Total Inventories
313.5
263.6
Prepaid expenses and other current
assets
33.6
29.4
Total Current Assets
843.9
709.5
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost
612.2
608.6
Accumulated depreciation
(405.2
)
(396.3
)
Property, plant and equipment, net
207.0
212.3
OTHER ASSETS:
Goodwill
599.1
602.4
Intangible assets, net
133.9
141.8
Deferred income taxes
8.7
4.4
Other, net
62.7
67.8
TOTAL ASSETS
$
1,855.3
$
1,738.2
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
155.6
$
110.1
Accrued expenses and other liabilities
172.7
137.4
Accrued compensation and benefits
67.5
65.3
Total Current Liabilities
395.8
312.8
LONG-TERM DEBT
191.5
198.2
DEFERRED INCOME TAXES
49.7
51.1
OTHER NONCURRENT LIABILITIES
100.4
106.3
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;
120,000,000 shares authorized; 1 vote per share; issued and
outstanding: 27,577,110 shares at June 27, 2021 and 27,478,512
shares at December 31, 2020
2.8
2.8
Class B common stock, $0.10 par value;
25,000,000 shares authorized; 10 votes per share; issued and
outstanding: 6,074,290 at June 27, 2021 and 6,144,290 at December
31, 2020
0.6
0.6
Additional paid-in capital
618.1
606.3
Retained earnings
605.6
560.1
Accumulated other comprehensive loss
(109.2
)
(100.0
)
Total Stockholders' Equity
1,117.9
1,069.8
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
1,855.3
$
1,738.2
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Amounts in millions)
(Unaudited)
Six Months Ended
June 27,
June 28,
2021
2020
OPERATING ACTIVITIES
Net income
$
79.2
$
52.2
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
16.0
15.3
Amortization of intangibles
7.3
7.6
Loss on disposal and impairment of
property, plant and equipment, and other
0.7
1.3
Stock-based compensation
9.9
5.4
Deferred income tax
(4.8
)
1.9
Changes in operating assets and
liabilities:
Accounts receivable
(60.8
)
9.2
Inventories
(52.1
)
(14.3
)
Prepaid expenses and other assets
(7.5
)
(1.3
)
Accounts payable, accrued expenses and
other liabilities
85.3
(30.0
)
Net cash provided by operating
activities
73.2
47.3
INVESTING ACTIVITIES
Additions to property, plant and
equipment
(13.0
)
(23.8
)
Proceeds from the sale of property, plant
and equipment
4.9
1.5
Net cash used in investing activities
(8.1
)
(22.3
)
FINANCING ACTIVITIES
Proceeds from long-term borrowings
35.0
407.5
Payments of long-term debt
(40.0
)
(452.5
)
Payments for tax withholdings on vested
stock awards
(9.2
)
(7.8
)
Payments for finance leases
(0.6
)
(1.0
)
Debt issuance costs
(2.4
)
(2.2
)
Payments to repurchase common stock
(7.8
)
(21.1
)
Dividends
(16.7
)
(15.8
)
Net cash used in financing activities
(41.7
)
(92.9
)
Effect of exchange rate changes on cash
and cash equivalents
(2.2
)
(3.1
)
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
21.2
(71.0
)
Cash and cash equivalents at beginning of
year
218.9
219.7
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
$
240.1
$
148.7
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions)
(Unaudited)
Net Sales
Second Quarter Ended
Six Months Ended
June 27, 2021
June 28, 2020
June 27, 2021
June 28, 2020
Americas
$
307.1
$
237.4
$
579.9
$
499.8
Europe
136.8
88.1
259.7
198.3
APMEA
23.1
13.2
40.7
23.2
Total
$
467.0
$
338.7
$
880.3
$
721.3
Operating Income
Second Quarter Ended
Six Months Ended
June 27, 2021
June 28, 2020
June 27, 2021
June 28, 2020
Americas
$
55.2
$
29.5
$
103.7
$
72.9
Europe
5.4
9.2
24.9
22.9
APMEA
4.3
0.8
6.6
0.7
Corporate
(12.2)
(8.5)
(22.9)
(17.7)
Total
$
52.7
$
31.0
$
112.3
$
78.8
Intersegment Sales
Second Quarter Ended
Six Months Ended
June 27, 2021
June 28, 2020
June 27, 2021
June 28, 2020
Americas
$
2.5
$
2.9
$
4.9
$
5.5
Europe
8.5
5.3
16.2
9.5
APMEA
37.1
21.0
63.4
34.5
Total
$
48.1
$
29.2
$
84.5
$
49.5
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, cash conversion rate of free cash flow to net
income and net debt to capitalization ratio) 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 enhance the overall understanding of
our historical financial performance and give insight into our
future prospects. Adjusted operating income, adjusted operating
margins, adjusted net income and adjusted earnings per share
eliminate certain expenses incurred and benefits recognized in the
periods presented that relate primarily to our global restructuring
programs, footprint optimization costs, other long-lived asset
impairment charges and the related income tax impacts on these
items. 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, and
allows for a more complete understanding of underlying sales trends
by providing sales growth on a consistent basis. Free cash flow,
cash conversion rate of free cash flow to net income, and the net
debt to capitalization ratio, 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. 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
Second Quarter Ended
Six Months Ended
June 27,
June 28,
June 27,
June 28,
2021
2020
2021
2020
Net sales
$
467.0
$
338.7
$
880.3
$
721.3
Operating income - as reported
$
52.7
$
31.0
$
112.3
$
78.8
Operating margin %
11.3
%
9.2
%
12.8
%
10.9
%
Adjustments for special items:
Restructuring
17.0
5.3
17.3
5.3
Footprint optimization
—
0.4
—
0.8
Other long-lived asset impairment
charge
—
1.0
—
1.0
Total adjustments for special
items
$
17.0
$
6.7
$
17.3
$
7.1
Operating income - as adjusted
$
69.7
$
37.7
$
129.6
$
85.9
Adjusted operating margin %
14.9
%
11.1
%
14.7
%
11.9
%
Net income - as reported
$
37.5
$
20.2
$
79.2
$
52.2
Adjustments for special items - tax
effected:
Restructuring
12.6
4.0
12.8
4.0
Footprint optimization
—
0.3
—
0.6
Other long-lived asset impairment
charge
—
0.7
—
0.7
Total adjustments for special items -
tax effected
$
12.6
$
5.0
$
12.8
$
5.3
Net income - as adjusted
$
50.1
$
25.2
$
92.0
$
57.5
Diluted earnings per share - as
reported
$
1.11
$
0.59
$
2.34
$
1.53
Adjustments for special items
0.37
0.15
0.37
0.16
Diluted earnings per share - as
adjusted
$
1.48
$
0.74
$
2.71
$
1.69
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)
Second Quarter Ended
Second Quarter Ended
June 27, 2021
June 28, 2020
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
307.1
136.8
23.1
—
467.0
$
237.4
88.1
13.2
—
338.7
Operating income (loss) - as
reported
$
55.2
5.4
4.3
(12.2)
52.7
$
29.5
9.2
0.8
(8.5)
31.0
Operating margin %
18.0
%
3.9
%
18.9
%
11.3
%
12.4
%
10.4
%
6.4
%
9.2
%
Adjustments for special items
$
(0.7)
17.9
(0.2)
—
17.0
$
6.0
(0.3)
0.9
0.1
6.7
Operating income (loss) - as
adjusted
$
54.5
23.3
4.1
(12.2)
69.7
$
35.5
8.9
1.7
(8.4)
37.7
Adjusted operating margin %
17.7
%
17.1
%
17.9
%
14.9
%
15.0
%
10.1
%
13.3
%
11.1
%
Six Months Ended
Six Months Ended
June 27, 2021
June 28, 2020
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
579.9
259.7
40.7
—
880.3
$
499.8
198.3
23.2
—
721.3
Operating income (loss) - as
reported
$
103.7
24.9
6.6
(22.9)
112.3
$
72.9
22.9
0.7
(17.7)
78.8
Operating margin %
17.9
%
9.6
%
16.0
%
12.8
%
14.6
%
11.5
%
3.2
%
10.9
%
Adjustments for special items
$
(0.7)
17.9
0.1
—
17.3
$
6.4
(0.3)
0.9
0.1
7.1
Operating income (loss) - as
adjusted
$
103.0
42.8
6.7
(22.9)
129.6
$
79.3
22.6
1.6
(17.6)
85.9
Adjusted operating margin %
17.8
%
16.5
%
16.4
%
14.7
%
15.9
%
11.4
%
7.1
%
11.9
%
TABLE 3
SEGMENT INFORMATION -
RECONCILIATION OF REPORTED NET SALES TO ORGANIC SALES
(Amounts in millions)
(Unaudited)
Second Quarter Ended
Americas
Europe
APMEA
Total
Reported net sales June 27, 2021
$
307.1
$
136.8
$
23.1
$
467.0
Reported net sales June 28, 2020
237.4
88.1
13.2
338.7
Dollar change
$
69.7
$
48.7
$
9.9
$
128.3
Net sales % increase
29.4
%
55.3
%
75.0
%
37.9
%
Increase due to foreign exchange
(1.1)
%
(14.0)
%
(9.8)
%
(4.8)
%
Increase due to acquisition/divestiture,
net
(0.4)
%
—
%
(14.2)
%
(1.0)
%
Organic sales increase
27.9
%
41.3
%
51.0
%
32.1
%
Six Months Ended
Americas
Europe
APMEA
Total
Reported net sales June 27, 2021
$
579.9
$
259.7
$
40.7
$
880.3
Reported net sales June 28, 2020
499.8
198.3
23.2
721.3
Dollar change
$
80.1
$
61.4
$
17.5
$
159.0
Net sales % increase
16.0
%
31.0
%
75.4
%
22.0
%
Increase due to foreign exchange
(0.6)
%
(11.7)
%
(10.3)
%
(4.0)
%
Increase due to acquisition/divestiture,
net
(0.5)
%
—
%
(17.9)
%
(1.0)
%
Organic sales increase
14.9
%
19.3
%
47.2
%
17.0
%
TABLE 4
RECONCILIATION OF NET CASH
PROVIDED BY OPERATIONS TO FREE CASH FLOW
(Amounts in millions)
(Unaudited)
Six Months Ended
June 27,
June 28,
2021
2020
Net cash provided by operations - as
reported
$
73.2
$
47.3
Less: additions to property, plant, and
equipment
(13.0
)
(23.8
)
Plus: proceeds from the sale of property,
plant, and equipment
4.9
1.5
Free cash flow
$
65.1
$
25.0
Net income - as reported
$
79.2
$
52.2
Cash conversion rate of free cash flow to
net income
82.2
%
47.9
%
TABLE 5
RECONCILIATION OF LONG-TERM
DEBT (INCLUDING CURRENT PORTION) TO NET DEBT AND NET DEBT TO
CAPITALIZATION RATIO
(Amounts in millions)
(Unaudited)
June 27,
December 31,
2021
2020
Current portion of long-term debt
$
—
$
—
Plus: Long-term debt, net of current
portion
191.5
198.2
Less: Cash and cash equivalents
(240.1
)
(218.9
)
Net debt
$
(48.6
)
$
(20.7)
Net debt
$
(48.6
)
$
(20.7
)
Plus: Total stockholders' equity
1,117.9
1,069.8
Capitalization
$
1,069.3
$
1,049.1
Net debt to capitalization ratio
(4.5
)%
(2.0
)%
TABLE 6
2021 FULL YEAR OUTLOOK -
RECONCILIATION OF REPORTED NET SALES TO ORGANIC SALES AND OPERATING
MARGIN TO ADJUSTED OPERATING MARGIN
(Unaudited)
Total Watts
Full Year
2021 Outlook
Approximately
Net Sales
Reported net sales growth
12.5% to 16.5%
Forecasted impact of acquisition
(2.5)%
Organic sales growth
10.0% to 14.0%
Operating Margin
Operating margin growth
(15) to 35 bps
Forecasted restructuring / other costs
115 bps
Adjusted operating margin growth
100 to 150 bps
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210804006007/en/
Timothy M. MacPhee Treasurer, VP – Investor Relations Telephone:
(978) 689-6201 Fax: (978) 794-0353
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