Watts Water Technologies, Inc. reported its fourth quarter 2018 results, beating adjusted earnings and net sales expectations.
The water management product maker’s adjusted net income of 88 cents per share for the quarter was higher than Zacks Consensus Estimate of 87 cents a share. Total adjusted net income came in at $30.1 million, and exceeded year-ago quarter’s $25.4 million.
The company’s quarterly net sales increased +5.8% year over year to touch $387.6 million, which also edged past analysts’ estimate of $383 million.
Watts Water’s organic sales in the quarter surged +7% from the year-ago quarter, largely driven by growth in the Americas and Europe. Weakness in China, however, was a drag on organic sales from the Asia Pacific Middle East and Africa regional category.
The company reportedly intends to launch improved smart/connected product strategies in 2019.