Watts Q2 2024 Earnings Report
Key Takeaways
Watts Water Technologies reported a 12% increase in sales to $597 million, with flat organic sales growth. EPS increased by 8% to $2.44, and adjusted EPS rose by 5% to $2.46. The company is maintaining its full-year 2024 outlook.
Reported sales increased by 12%, reaching $597 million, however organic sales were flat.
Operating margin was 18.7%, a slight decrease of 10 bps, while adjusted operating margin was 18.8%, down 70 bps.
Reported EPS increased by 8% to $2.44, with adjusted EPS up 5% to $2.46.
The company amended and extended its existing credit facility, effective July 12, 2024, and is maintaining its full-year 2024 outlook.
Watts
Watts
Watts Revenue by Geographic Location
Forward Guidance
The Company is maintaining its previous full year outlook. We expect reported sales to increase +7% to +12% and organic sales to range from -4% to +1%. Full year adjusted operating margin is expected to be between 17.1% and 17.7%, or down 70 basis points to 10 basis points.
Revenue & Expenses
Visualization of income flow from segment revenue to net income