2023-05-03 17:29:02 ET
- Watts Water Technologies press release ( NYSE: WTS ): Q1 Non-GAAP EPS of $1.92 beats by $0.28 .
- Revenue of $472M (+1.9% Y/Y) misses by $1.29M .
- Year-to-date operating cash flow of $33 million and free cash flow of $28 million, a significant increase on prior year.
- Adjusted operating margin of 17.9%, up 220 bps.
- "As a result of our first quarter performance and our second quarter expectations, we are increasing our full year 2023 adjusted operating margin outlook to a range of 15.7% to 16.3% from our previous outlook of 15.4% to 16.0%, while maintaining our incremental investments. Although we continue to anticipate softer market conditions as 2023 progresses, we are maintaining our full year 2023 organic sales growth outlook of negative 5% to positive 2% vs. estimated decline of -0.36% Y/Y.
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Watts Water Technologies reports mixed Q1 earnings; updates FY23 outlook