(RTTNews) - Tuesday,Watts Water Technologies, Inc.(WTS: News ) reported decline in profit for the third quarter compared to last year, reflecting a decrease in revenue across the segments.

Watts Water Tech's third quarter net income was down to $3.4 million or $0.09 per share from $16.7 million or $0.45 per share in the prior-year period.

Income from continuing operations attributable to the company decreased to $11.6 million or $0.31 per share from $16.3 million or $0.44 per share in the same quarter last year.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share. Analysts' estimates typically exclude one-time items.

Net sales for the quarter declined 18% to $303.8 million from $372.0 million in the same period last year. Twelve analysts expected revenues of $304.17 million for the quarter.
Patrick O' Keefe, chief executive officer said, "Our top line continued to be challenged by the global recession. The $68.2 million decrease in consolidated sales includes a decrease in organic sales of $61.1 million, or 16%, and unfavorable changes in foreign exchange rates of $5.1 million, or 1%."

In North America segment, revenue declined to $182.6 million from $218.5 million. In Europe, revenue was $116.4 million compared with $144.6 million a year ago, and in China revenue declined to $4.8 million from $8.9 million in the prior-year.

Operating income was $24.3 million compared with $30.2 million in the same quarter last year.

For the nine months, net income was $3.2 million or $0.09 per share, down from $50.2 million or $1.36 per share last year. Income from continuing operations attributable to the company declined to $30.9 million or $0.83 per share from $48.9 million or $1.32 per share in the prior-year. Net sales decreased 17% to $902.7 million from $1.09 billion last year.

WTS closed Tuesday's regular trading at $30.61, down $0.24 or 0.78%, on a volume of 0.29 million shares on the NYSE.

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by RTT Staff Writer

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