Plumbing products supplier Watts Water Technologies Inc posted a lower profit, due to a steep slump in sales across its key markets North America and Europe, according to analysts.
For the third quarter, the company reported net
income of $3.4 million, or 9 cents a share, compared with $16.7 million, or 45
cents a share, a year ago. Excluding items, it earned 31 cents a share. The
company said the results included a net after-tax charge of 16 cents a share
related to footprint reduction and restructuring programs.
fell 18 percent to $303.8 million. Sales in Europe and North America fell by 20
percent and 16 percent, respectively.
Shares of the North
Andover, Mass.-based company were down more than 5 percent in trading after
thet bell. They had closed at $30.61 Tuesday on the New York Stock
Source: Reuters 2009
Watts Water Posts Lower Q3 Profit
October 28, 2009