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Watts Water Technologies Provides Q1 Outlook

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Watts Water Technologies, Inc. (WTS: Quote) announced preliminary results for the first quarter ended April 1, 2012. Net income on a GAAP basis for the first quarter is expected to range from $15.0 million to $16.0 million, or from $0.40 to $0.43 per share.

The company expects sales for the first quarter to be about $364 million, an increase of approximately 10%, compared to the first quarter of 2011. A majority of the sales increase is attributable to the acquisition of Socla, which was purchased in April 2011.

Analysts currently expect first quarter earnings of $0.59 per share and revenues of $370.40 million.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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