- Reported sales of $455 million, up 18%; up 17% on an organic
basis
- GAAP operating margin of 14.2%, up 170 bps; adjusted
operating margin of 14.4%, up 60 bps
- GAAP and adjusted EPS of $1.37 and $1.39, representing
increases of 41% and 32%, respectively
- Generated year-to-date operating cash flow of $135 million
and free cash flow of $120 million, approximately 6% and 26%
increases, respectively, over same period last year
- Increasing full year 2021 sales outlook; full year adjusted
margin expansion in line with previous outlook
Note: Current quarter performance relative to comparable
third quarter 2020
Watts Water Technologies, Inc. (NYSE: WTS) today announced third
quarter 2021 results.
Chief Executive Officer Robert J. Pagano Jr. commented, “As
expected, challenges from market demand and supply chain
disruptions continued into the third quarter, but our supply chain
and operations teams continued to support our customers’ needs. I
want to again thank them, and our entire team, for keeping a
customer focus under continuing challenging circumstances. Their
efforts resulted in another record quarter, with both consolidated
sales and operating margin higher than we had anticipated. We also
generated incremental free cash flow that, along with an already
strong balance sheet, provides us flexibility to execute on our
strategic priorities. We have increased our full year 2021 organic
sales growth outlook to be 14% to 17% and are maintaining our
previous expectations for adjusted operating margin expansion.”
A summary of third quarter financial results is as follows:
Third Quarter Ended
September 26,
September 27,
(In millions, except per share
information)
2021
2020
% Change
Sales
$
455.0
$
383.9
18
%
Net income
46.4
32.9
41
%
Diluted net income per share
$
1.37
$
0.97
41
%
Special items (1)
0.02
0.08
Adjusted earnings per share (1)
$
1.39
$
1.05
32
%
(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.
Third Quarter Financial Highlights
Third quarter 2021 performance relative to third quarter
2020
- Sales of $455 million increased 18% on a reported basis and 17%
on an organic basis, driven by double digit growth in all
regions.
- Operating margin increased 170 basis points on a reported basis
and 60 basis points on an adjusted basis, benefiting from price,
volume, productivity and cost savings, which more than offset
inflation, incremental investments, incentives and business
normalization costs. GAAP operating margin was also positively
impacted by lower restructuring charges year-over-year.
Regional Performance:
Americas
- Sales of $309 million increased 18% on a reported basis and 17%
on an organic basis, which included widespread growth in all major
product lines.
- Operating margin was flat on a GAAP basis and decreased 30
basis points on an adjusted basis, as benefits from price, volume,
cost reduction actions and productivity initiatives were offset by
inflation, incremental investments, incentives and business
normalization costs. GAAP operating margin was positively impacted
by lower restructuring charges year-over-year.
Europe
- Sales of $124 million increased 16% on a reported basis,
including a 14% organic increase, with growth in all platforms, and
a 2% positive foreign exchange impact.
- Operating margin increased 490 basis points on a GAAP basis and
increased 420 basis points on an adjusted basis. Both measures were
positively affected by price, volume and productivity initiatives
that more than offset inflation, incremental investments and
business normalization costs. GAAP operating margin was positively
impacted by lower restructuring charges year-over-year.
APMEA
- Sales of $22 million increased 39% on a reported basis,
including 6% from positive foreign currency impact. Organically,
sales increased 33% from growth in China, Australia and the Middle
East.
- Operating margin increased 1,970 basis points on a GAAP basis
and 400 basis points on an adjusted basis, both benefiting from
volume, productivity initiatives, restructuring savings as well as
higher affiliate volume, which were partially offset by inflation,
incentives and business normalization costs. GAAP operating margin
was positively impacted by lower restructuring charges
year-over-year.
Cash Flow and Capital Allocation
- For the first nine months of 2021, operating cash flow was
approximately $135 million, net capital expenditures were
approximately $15 million and free cash flow was approximately $120
million. In the comparable period last year, operating cash flow
was approximately $127 million, net capital expenditures were
approximately $32 million and free cash flow was approximately $95
million. The free cash flow increase was primarily driven by higher
net income and lower net capital expenditures. We expect continued
improvement in free cash flow through the fourth quarter of 2021,
due to normal seasonality.
- We repurchased approximately 25,000 shares of Class A common
stock at an investment of approximately $4 million during the third
quarter. For the first nine months of 2021, we repurchased
approximately 87,000 shares at an investment of approximately $12
million, primarily to offset dilution.
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 third quarter results for 2021 on
Thursday, November 4, 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 November 4, 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 within residential,
commercial, and institutional applications. Watts’s 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 expected sales and adjusted
operating margins for the full year 2021 and free cash flow for the
remainder of 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 vaccine mandates, implementations and
the impact of the virus variants; supply chain and logistical
disruptions or other workforce disruptions that could negatively
affect our supply chain, manufacturing, distribution, or other
business processes; 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)
Third Quarter Ended
Nine Months Ended
September 26,
September 27,
September 26,
September 27,
2021
2020
2021
2020
Net sales
$
455.0
$
383.9
$
1,335.3
$
1,105.2
Cost of goods sold
261.0
225.4
767.5
649.0
GROSS PROFIT
194.0
158.5
567.8
456.2
Selling, general and administrative
expenses
128.4
106.6
372.6
319.2
Restructuring
0.9
3.4
18.2
8.7
Other long-lived asset impairment
charges
—
—
—
1.0
Loss on disposition
—
0.6
—
0.6
OPERATING INCOME
64.7
47.9
177.0
126.7
Other (income) expense:
Interest income
—
—
—
(0.2
)
Interest expense
1.4
3.0
4.9
10.0
Other (income) expense, net
(0.2
)
1.1
(1.0
)
1.0
Total other expense
1.2
4.1
3.9
10.8
INCOME BEFORE INCOME TAXES
63.5
43.8
173.1
115.9
Provision for income taxes
17.1
10.9
47.5
30.8
NET INCOME
$
46.4
$
32.9
$
125.6
$
85.1
BASIC EPS
NET INCOME PER SHARE
$
1.38
$
0.97
$
3.72
$
2.51
Weighted average number of shares
33.7
33.8
33.8
33.9
DILUTED EPS
NET INCOME PER SHARE
$
1.37
$
0.97
$
3.70
$
2.50
Weighted average number of shares
33.9
33.9
33.9
34.0
Dividends declared per share
$
0.26
$
0.23
$
0.75
$
0.69
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Amounts in millions, except
share information)
(Unaudited)
September 26,
December 31,
2021
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
238.7
$
218.9
Trade accounts receivable, less reserve
allowances of $10.8 million at September 26, 2021 and $11.1 million
at December 31, 2020
243.2
197.6
Inventories, net:
Raw materials
119.8
79.6
Work in process
20.9
16.1
Finished goods
212.0
167.9
Total Inventories
352.7
263.6
Prepaid expenses and other current
assets
28.4
29.4
Total Current Assets
863.0
709.5
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost
612.9
608.6
Accumulated depreciation
(408.7
)
(396.3
)
Property, plant and equipment, net
204.2
212.3
OTHER ASSETS:
Goodwill
596.5
602.4
Intangible assets, net
130.2
141.8
Deferred income taxes
8.3
4.4
Other, net
61.0
67.8
TOTAL ASSETS
$
1,863.2
$
1,738.2
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
151.6
$
110.1
Accrued expenses and other liabilities
187.5
137.4
Accrued compensation and benefits
78.7
65.3
Total Current Liabilities
417.8
312.8
LONG-TERM DEBT
151.7
198.2
DEFERRED INCOME TAXES
45.2
51.1
OTHER NONCURRENT LIABILITIES
98.4
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: 27,565,116 shares at September 26, 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: 6,064,290 at September 26, 2021 and 6,144,290 at
December 31, 2020
0.6
0.6
Additional paid-in capital
625.0
606.3
Retained earnings
638.8
560.1
Accumulated other comprehensive loss
(117.1
)
(100.0
)
Total Stockholders' Equity
1,150.1
1,069.8
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
1,863.2
$
1,738.2
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Amounts in millions)
(Unaudited)
Nine Months Ended
September 26,
September 27,
2021
2020
OPERATING ACTIVITIES
Net income
$
125.6
$
85.1
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
23.5
23.3
Amortization of intangibles
10.5
11.4
Loss on disposal and impairment of
property, plant and equipment, and other
1.1
3.3
Stock-based compensation
16.8
8.8
Deferred income tax
(8.7
)
(2.3
)
Changes in operating assets and
liabilities:
Accounts receivable
(49.6
)
14.5
Inventories
(93.4
)
3.1
Prepaid expenses and other assets
(1.8
)
(3.8
)
Accounts payable, accrued expenses and
other liabilities
110.9
(16.0
)
Net cash provided by operating
activities
134.9
127.4
INVESTING ACTIVITIES
Additions to property, plant and
equipment
(19.6
)
(33.8
)
Proceeds from the sale of property, plant
and equipment
4.9
1.5
Proceeds from the sale of business
—
0.9
Business acquisitions, net of cash
acquired and other
—
(7.7
)
Net cash used in investing activities
(14.7
)
(39.1
)
FINANCING ACTIVITIES
Proceeds from long-term borrowings
35.0
407.5
Payments of long-term debt
(80.0
)
(467.5
)
Payments for tax withholdings on vested
stock awards
(9.6
)
(7.8
)
Payments for finance leases
(1.0
)
(1.5
)
Debt issuance costs
(2.4
)
(2.2
)
Payments to repurchase common stock
(11.8
)
(24.8
)
Dividends
(25.5
)
(23.2
)
Net cash used in financing activities
(95.3
)
(119.5
)
Effect of exchange rate changes on cash
and cash equivalents
(5.1
)
(0.2
)
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
19.8
(31.4
)
Cash and cash equivalents at beginning of
year
218.9
219.7
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
$
238.7
$
188.3
WATTS WATER TECHNOLOGIES, INC.
AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions)
(Unaudited)
Net Sales
Third Quarter Ended
Nine Months Ended
September 26, 2021
September 27, 2020
September 26, 2021
September 27, 2020
Americas
$
309.1
$
261.5
$
889.0
$
761.3
Europe
124.1
106.7
383.8
305.0
APMEA
21.8
15.7
62.5
38.9
Total
$
455.0
$
383.9
$
1,335.3
$
1,105.2
Operating Income
Third Quarter Ended
Nine Months Ended
September 26, 2021
September 27, 2020
September 26, 2021
September 27, 2020
Americas
$
55.9
$
47.3
$
159.6
$
120.2
Europe
18.3
10.4
43.2
33.3
APMEA
4.2
—
10.8
0.7
Corporate
(13.7)
(9.8)
(36.6)
(27.5)
Total
$
64.7
$
47.9
$
177.0
$
126.7
Intersegment Sales
Third Quarter Ended
Nine Months Ended
September 26, 2021
September 27, 2020
September 26, 2021
September 27, 2020
Americas
$
2.5
$
1.6
$
7.4
$
7.1
Europe
6.7
4.2
22.9
13.7
APMEA
32.2
19.2
95.6
53.7
Total
$
41.4
$
25.0
$
125.9
$
74.5
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
Third Quarter Ended
Nine Months Ended
September 26,
September 27,
September 26,
September 27,
2021
2020
2021
2020
Net sales
$
455.0
$
383.9
$
1,335.3
$
1,105.2
Operating income - as reported
$
64.7
$
47.9
$
177.0
$
126.7
Operating margin %
14.2
%
12.5
%
13.3
%
11.5
%
Adjustments for special items:
Restructuring
0.9
3.4
18.2
8.7
Footprint optimization
—
0.3
—
1.1
Other long-lived asset impairment
charge
—
—
—
1.0
Acquisition related costs
—
0.9
—
0.9
Loss on disposal
—
0.6
—
0.6
Total adjustments for special
items
$
0.9
$
5.2
$
18.2
$
12.3
Operating income - as adjusted
$
65.6
$
53.1
$
195.2
$
139.0
Adjusted operating margin %
14.4
%
13.8
%
14.6
%
12.6
%
Net income - as reported
$
46.4
$
32.9
$
125.6
$
85.1
Adjustments for special items - tax
effected:
Restructuring
0.7
2.5
13.5
6.5
Footprint optimization
—
0.2
—
0.8
Other long-lived asset impairment
charge
—
—
—
0.7
Acquisition related costs
—
0.7
—
0.7
Net gain on disposal
—
(0.7
)
—
(0.7
)
Total adjustments for special items -
tax effected
$
0.7
$
2.7
$
13.5
$
8.0
Net income - as adjusted
$
47.1
$
35.6
$
139.1
$
93.1
Diluted earnings per share - as
reported
$
1.37
$
0.97
$
3.70
$
2.50
Adjustments for special items
0.02
0.08
0.40
0.24
Diluted earnings per share - as
adjusted
$
1.39
$
1.05
$
4.10
$
2.74
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
September 26, 2021
September 27, 2020
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
309.1
124.1
21.8
—
455.0
$
261.5
106.7
15.7
—
383.9
Operating income (loss) - as
reported
$
55.9
18.3
4.2
(13.7
)
64.7
$
47.3
10.4
—
(9.8)
47.9
Operating margin %
18.1
%
14.7
%
19.1
%
14.2
%
18.1
%
9.7
%
(0.6
)%
12.5
%
Adjustments for special items
$
—
0.9
—
—
0.9
$
0.9
1.7
2.4
0.2
5.2
Operating income (loss) - as
adjusted
$
55.9
19.2
4.2
(13.7
)
65.6
$
48.2
12.1
2.4
(9.6)
53.1
Adjusted operating margin %
18.1
%
15.5
%
19.1
%
14.4
%
18.4
%
11.3
%
15.1
%
13.8
%
Nine Months Ended
Nine Months Ended
September 26, 2021
September 27, 2020
Americas
Europe
APMEA
Corporate
Total
Americas
Europe
APMEA
Corporate
Total
Net sales
$
889.0
383.8
62.5
—
1,335.3
$
761.3
305.0
38.9
—
1,105.2
Operating income (loss) - as
reported
$
159.6
43.2
10.8
(36.6
)
177.0
$
120.2
33.3
0.7
(27.5
)
126.7
Operating margin %
18.0
%
11.3
%
17.1
%
13.3
%
15.8
%
10.9
%
1.6
%
11.5
%
Adjustments for special items
$
(0.7
)
18.8
0.1
—
18.2
$
7.3
1.4
3.3
0.3
12.3
Operating income (loss) - as
adjusted
$
158.9
62.0
10.9
(36.6
)
195.2
$
127.5
34.7
4.0
(27.2
)
139.0
Adjusted operating margin %
17.9
%
16.2
%
17.4
%
14.6
%
16.7
%
11.4
%
10.3
%
12.6
%
TABLE 3
SEGMENT INFORMATION -
RECONCILIATION OF REPORTED NET SALES TO ORGANIC SALES
(Amounts in millions)
(Unaudited)
Third Quarter Ended
Americas
Europe
APMEA
Total
Reported net sales September 26, 2021
$
309.1
$
124.1
$
21.8
$
455.0
Reported net sales September 27, 2020
261.5
106.7
15.7
383.9
Dollar change
$
47.6
$
17.4
$
6.1
$
71.1
Net sales % increase
18.2
%
16.3
%
38.9
%
18.5
%
Increase due to foreign exchange
(0.4)
%
(1.9)
%
(6.4)
%
(1.1)
%
Increase due to acquisition
(0.3)
%
—
%
—
%
(0.2)
%
Organic sales increase
17.5
%
14.4
%
32.5
%
17.2
%
Nine Months Ended
Americas
Europe
APMEA
Total
Reported net sales September 26, 2021
$
889.0
$
383.8
$
62.5
$
1,335.3
Reported net sales September 27, 2020
761.3
305.0
38.9
1,105.2
Dollar change
$
127.7
$
78.8
$
23.6
$
230.1
Net sales % increase
16.8
%
25.8
%
60.7
%
20.8
%
Increase due to foreign exchange
(0.6)
%
(8.2)
%
(8.8)
%
(3.0)
%
Increase due to acquisition/divestiture,
net
(0.4)
%
—
%
(11.1)
%
(0.7)
%
Organic sales increase
15.8
%
17.6
%
40.8
%
17.1
%
TABLE 4
RECONCILIATION OF NET CASH
PROVIDED BY OPERATIONS TO FREE CASH FLOW
(Amounts in millions)
(Unaudited)
Nine Months Ended
September 26,
September 27,
2021
2020
Net cash provided by operations - as
reported
$
134.9
$
127.4
Less: additions to property, plant, and
equipment
(19.6
)
(33.8
)
Plus: proceeds from the sale of property,
plant, and equipment
4.9
1.5
Free cash flow
$
120.2
$
95.1
Net income - as reported
$
125.6
$
85.1
Cash conversion rate of free cash flow to
net income
95.7
%
111.8
%
TABLE 5
RECONCILIATION OF LONG-TERM
DEBT (INCLUDING CURRENT PORTION) TO NET DEBT AND NET DEBT TO
CAPITALIZATION RATIO
(Amounts in millions)
(Unaudited)
September 26,
December 31,
2021
2020
Current portion of long-term debt
$
—
$
—
Plus: Long-term debt, net of current
portion
151.7
198.2
Less: Cash and cash equivalents
(238.7
)
(218.9
)
Net debt
$
(87.0
)
$
(20.7
)
Net debt
$
(87.0
)
$
(20.7
)
Plus: Total stockholders' equity
1,150.1
1,069.8
Capitalization
$
1,063.1
$
1,049.1
Net debt to capitalization ratio
(8.2
)%
(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
16.8% to 19.8%
Forecasted impact of acquisition / FX
(2.8)%
Organic sales growth
14.0% to 17.0%
Operating Margin
Operating margin range
12.8% to 13.3%
Forecasted restructuring / other costs
110 bps
Adjusted operating margin range
13.9% to 14.4%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211103006045/en/
Timothy M. MacPhee Treasurer, VP – Investor Relations Telephone:
(978) 689-6201 Fax: (978) 794-0353
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