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.

Sales 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 Exchange.

Source: Reuters 2009

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