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Watts Water Technologies Q3 Profit Up

Watts Water Technologies Inc. (WTS) Friday said its third-quarter profit increased from a year ago, as revenues increased 7% driven largely by higher price and volume productivity.

Third-quarter profit rose to $31.5 million or $0.92 from $26.5 million or $0.77 per share from the same period last year.

Adjusted earnings were $0.99 per share, up from $0.80 per share last year. On average, 10 analysts polled by Thomson Reuters estimate earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude one-time items.

Profit for the three month period increased largely due to higher price, volume, productivity, a lower effective tax rate and reduced non-operating expenses.

Sales for the third quarter grew 7% of $390.9 million from $364.7 million last year. Analysts had a consensus revenue estimate of $380.35 million for the quarter.

CEO Robert Pagano said, "I am very pleased with our overall results for the third quarter as we continued to drive top-line growth and productivity, led by a strong performance in the Americas. We again delivered records for sales, adjusted operating margin and adjusted EPS in the quarter."

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