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Watts Water Technologies Q2 Results Beat Street View

(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."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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