(RTTNews) - Watts Water Technologies, Inc. (WTS) Monday reported second-quarter net income of $20.2 million or $0.59 per share, down from $36.4 million or $1.06 per share last year.
Adjusted earnings for the quarter were $0.74 per share, down from $1.09 per share last year.
Revenues for the quarter dropped 19% to $338.7 million from $416.8 million last year.
Analysts polled by Thomson Reuters estimated earnings of $0.39 per share on revenues of $315.64 million.
Regarding second quarter results, CEO Robert Pagano noted, "Although the COVID-19 pandemic continued to negatively impact year-over-year comparisons, second quarter sales and adjusted operating margin were both better than we had anticipated, with order rate declines moderating as the quarter progressed and as government restrictions eased."
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