$WTS
WATTS WATER TECHNOLOGIES INC

2024 Q3 Form 10-Q Financial Statement

#000155837024014022 Filed on October 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $543.6M
YoY Change 7.79%
Cost Of Revenue $286.5M
YoY Change 6.15%
Gross Profit $257.1M
YoY Change 9.68%
Gross Profit Margin 47.3%
Selling, General & Admin $159.0M
YoY Change 8.24%
% of Gross Profit 61.84%
Research & Development $17.60M
YoY Change 15.79%
% of Gross Profit 6.85%
Depreciation & Amortization $14.00M
YoY Change 33.33%
% of Gross Profit 5.45%
Operating Expenses $176.6M
YoY Change 8.95%
Operating Profit $93.20M
YoY Change 7.0%
Interest Expense -$1.500M
YoY Change -225.0%
% of Operating Profit -1.61%
Other Income/Expense, Net -$900.0K
YoY Change -190.0%
Pretax Income $92.30M
YoY Change 4.77%
Income Tax $23.20M
% Of Pretax Income 25.14%
Net Earnings $69.10M
YoY Change 5.02%
Net Earnings / Revenue 12.71%
Basic Earnings Per Share $2.07
Diluted Earnings Per Share $2.06
COMMON SHARES
Basic Shares Outstanding 33.50M
Diluted Shares Outstanding 33.50M

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $303.9M
YoY Change -16.21%
Cash & Equivalents $303.9M
Short-Term Investments
Other Short-Term Assets $49.70M
YoY Change 42.41%
Inventory $420.4M
Prepaid Expenses
Receivables $291.6M
Other Receivables $0.00
Total Short-Term Assets $1.066B
YoY Change 2.3%
LONG-TERM ASSETS
Property, Plant & Equipment $255.1M
YoY Change 31.49%
Goodwill $725.5M
YoY Change 22.78%
Intangibles $241.5M
YoY Change 130.44%
Long-Term Investments
YoY Change
Other Assets $76.50M
YoY Change 14.52%
Total Long-Term Assets $1.334B
YoY Change 36.63%
TOTAL ASSETS
Total Short-Term Assets $1.066B
Total Long-Term Assets $1.334B
Total Assets $2.399B
YoY Change 18.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.1M
YoY Change 16.42%
Accrued Expenses $276.4M
YoY Change 6.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $417.5M
YoY Change 9.78%
LONG-TERM LIABILITIES
Long-Term Debt $211.8M
YoY Change 115.68%
Other Long-Term Liabilities $69.10M
YoY Change -8.84%
Total Long-Term Liabilities $280.9M
YoY Change 61.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $417.5M
Total Long-Term Liabilities $280.9M
Total Liabilities $698.4M
YoY Change 26.0%
SHAREHOLDERS EQUITY
Retained Earnings $1.136B
YoY Change 20.86%
Common Stock $692.1M
YoY Change 3.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.689B
YoY Change
Total Liabilities & Shareholders Equity $2.399B
YoY Change 18.91%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $69.10M
YoY Change 5.02%
Depreciation, Depletion And Amortization $14.00M
YoY Change 33.33%
Cash From Operating Activities $90.70M
YoY Change -9.66%
INVESTING ACTIVITIES
Capital Expenditures $6.400M
YoY Change -13.51%
Acquisitions
YoY Change
Other Investing Activities $1.200M
YoY Change -400.0%
Cash From Investing Activities -$5.200M
YoY Change -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.30M
YoY Change 298.22%
NET CHANGE
Cash From Operating Activities 90.70M
Cash From Investing Activities -5.200M
Cash From Financing Activities -67.30M
Net Change In Cash 18.20M
YoY Change -75.96%
FREE CASH FLOW
Cash From Operating Activities $90.70M
Capital Expenditures $6.400M
Free Cash Flow $84.30M
YoY Change -9.35%

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dei Entity Registrant Name
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WATTS WATER TECHNOLOGIES INC
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dei Security12b Title
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the Watts Water Technologies, Inc. (the “Company”) Consolidated Balance Sheet as of September 29, 2024, the Consolidated Statements of Operations for the third quarters and nine months ended September 29, 2024 and September 24, 2023, the Consolidated Statements of Comprehensive Income for the third quarters and nine months ended September 29, 2024 and September 24, 2023, the Consolidated Statements of Stockholders’ Equity for the third quarters and nine months ended September 29, 2024 and September 24, 2023, and the Consolidated Statements of Cash Flows for the nine months ended September 29, 2024 and September 24, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date. The accounting policies followed by the Company are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The financial statements included in this report should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company operates on a <span style="-sec-ix-hidden:Hidden_2hJV6kc4B0yBN01uwfyV9A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">52</span></span>-week fiscal year ending on December 31, with each quarter, except the fourth quarter, ending on a Sunday. Any quarterly data contained in this Quarterly Report on Form 10-Q generally reflect the results of operations for a <span style="-sec-ix-hidden:Hidden_XRbgHQlkmkKHP4tLNcfBhw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">13</span></span>-week period. </p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;margin:0pt;"><span style="font-size:11pt;font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We are not aware of any specific event or circumstance that would require updates to the Company’s estimates or judgments, or require the Company to revise the carrying value of the Company’s assets or liabilities, as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ from those estimates.</p>
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CY2024Q3 wts Defined Benefit Plan Deferred Tax Liability Reversed
DefinedBenefitPlanDeferredTaxLiabilityReversed
200000
CY2024Q3 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
7800000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1900000
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1900000
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
7800000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-7800000
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-014022-index-headers.html Edgar Link pending
0001558370-24-014022-index.html Edgar Link pending
0001558370-24-014022.txt Edgar Link pending
0001558370-24-014022-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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R6.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
wts-20240929.xsd Edgar Link pending
wts-20240929x10q.htm Edgar Link pending
wts-20240929xex31d1.htm Edgar Link pending
wts-20240929xex31d2.htm Edgar Link pending
wts-20240929xex32d1.htm Edgar Link pending
wts-20240929xex32d2.htm Edgar Link pending
wts-20240929_cal.xml Edgar Link unprocessable
wts-20240929_def.xml Edgar Link unprocessable
wts-20240929_lab.xml Edgar Link unprocessable
wts-20240929_pre.xml Edgar Link unprocessable
wts-20240929x10q_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable